Monetus
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Post by Monetus on Jun 11, 2018 12:00:44 GMT
It sounds to me that this occurred after RR were kicked off and just before BDO were appointed. There were reports from the BDO appointment court case that the IT platform was still active because some high-level investors had allegedly received access to it. The site was also still up and running until recently.
My feeling is that the Currie's conveniently decided to let all of the staff go and de-commission the IT servers just prior to BDO being appointed - presumably to either cover their tracks or at least make the incoming administrators job significantly harder out of spite.
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archie
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Post by archie on Jun 11, 2018 12:02:54 GMT
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keystone
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Post by keystone on Jun 11, 2018 12:02:59 GMT
Well most of my funds were in cash as I was selling out of my holdings. It looks like we will be treated as creditors and therefore I have little hope of recovering any significant amount of my investment. This will wipe out all my P2P interest to date and a significant amount of capital. I think the financial authorities have to take a serious look at how online platforms operate and documents they provide to clients if they can just go and delete the online platform and destroy any backups. I would be absolutely livid with the conduct here if I wasn't so depressed about the situation.  |
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IFISAcava
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Post by IFISAcava on Jun 11, 2018 12:03:09 GMT
I think this all makes: 1) a significant haircut more likely 2) a quick wind up less likely 3) dodgy play by the directors more likely More worried about my free cash and non-drawdown loans now. Bling seems fine at least. I think this also significantly increases the chance of a "one pot for all creditors" outcome and individual tranches/loans being ignored. One of the many routes to my point 1)
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huxs
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Post by huxs on Jun 11, 2018 12:03:17 GMT
I think this all makes: 1) a significant haircut more likely 2) a quick wind up less likely 3) dodgy play by the directors more likely More worried about my free cash and non-drawdown loans now. Bling seems fine at least. The key issue from my point of view is that if they do not have sufficient info to see which investments and tranches we are in and only how much total you had on Collateral then we have big problems as my invested amount (regardless if it was in non-drawn down or sitting in cash) sits in the same big bucket as everything invested in all loans.
It must be illegal for a company to delete it records like that ? Up until I had given the Collateral directors the benefit of the doubt but if this information is true then I am very angry with their actions, they have totally disregarded our trust we placed in them.
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Post by mrclondon on Jun 11, 2018 12:06:16 GMT
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Post by mrclondon on Jun 11, 2018 12:12:14 GMT
Grim news for those of us in what we believed to be the just the "safer" loans if it does indeed turnout to be one big bucket (which feels the most likely outcome at this point).
This is also going to raise some serious questions with respect to BondMason's due dilligence of COL if BondMason have to take a haircut on their loans as part of a big bucket distribution.
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Monetus
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Post by Monetus on Jun 11, 2018 12:17:07 GMT
Quote from Refresh Recovery "leaked" Investor Report March 23rd:
"The Group had 5 full time employees who were retained to assist the Administrator with the winding up of the loan book. These employees may now have to be made redundant in the current situation due to the Administrator’s inability to pay the wages due to the restrictions detailed above."
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GeorgeT
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Post by GeorgeT on Jun 11, 2018 12:19:22 GMT
Picking up on one point, it is comforting to read that they know who all the investors are and they know how much each investor had on the platform. That is a piece of information that I don't know myself other than having a guess which will be right to within a couple of thousand. It would be reassuring if they could at least contact each investor/creditor to confirm the size of their investment. It would be a great comfort to me if I least had something from BDO saying we confirm the records show you had £***** invested.
I'm slightly confused as to how they have the above mentioned information when they have no access to the IT platform and individual loan exposure details.
You would expect one of the first things that even the previous Administrators would have done would be to take control of the ownership and hosting of the IT platform to ensure its survival. Hopefully whoever was hosting the website will have been competent enough to have made regular backups of the content and will be reachable and cooperative as regards providing a copy of the data.
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IFISAcava
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Post by IFISAcava on Jun 11, 2018 12:21:30 GMT
It must be illegal for a company to delete it records like that ?
[/p][/quote]
Maybe, but a bit besides the point; if it's been done we're screwed.
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Steerpike
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Post by Steerpike on Jun 11, 2018 12:23:52 GMT
This appears to be destined for the worst possible outcome, unsecured creditors with no option for tax write off as P2P losses, receiving pennies in the £ sometime about 12 months from now. Nothing to see here move on.
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IFISAcava
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Post by IFISAcava on Jun 11, 2018 12:24:26 GMT
Picking up on one point, it is comforting to read that they know who all the investors are and they know how much each investor had on the platform. That is a piece of information that I don't know myself other than having a guess which will be right to within a couple of thousand. It would be reassuring if they could at least contact each investor/creditor to confirm the size of their investment. It would be a great comfort to me if I least had something from BDO saying we confirm the records show you had £***** invested. I'm slightly confused as to how they have the above mentioned information when they have no access to the IT platform and individual loan exposure details. You would expect one of the first things that even the previous Administrators would have done would be to take control of the ownership and hosting of the IT platform to ensure its survival. Hopefully whoever was hosting the website will have been competent enough to have made regular backups of the content and will be reachable and cooperative as regards providing a copy of the data. That they say the backups are gone too suggests someone making sure there's no trace. If you are taking spare cash out of the company (as we know they did) then making it hard to tell what's ours and what's theirs makes sense...
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Post by spareapennyor2 on Jun 11, 2018 12:27:46 GMT
can`t see how we can possibly get a tax statement now?
so what happen`s now?
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mary
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Post by mary on Jun 11, 2018 12:36:20 GMT
Picking up on one point, it is comforting to read that they know who all the investors are and they know how much each investor had on the platform. That is a piece of information that I don't know myself other than having a guess which will be right to within a couple of thousand. It would be reassuring if they could at least contact each investor/creditor to confirm the size of their investment. It would be a great comfort to me if I least had something from BDO saying we confirm the records show you had £***** invested. I'm slightly confused as to how they have the above mentioned information when they have no access to the IT platform and individual loan exposure details. The information most likely comes from having control of the Bank Accounts, this should easily show the source of all investor funds, but not its destination due to the lack of Platform information, therefore everyone is in the same creditor boat, which is certainly not a happy place to be.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 11, 2018 12:38:20 GMT
Looks like the FCA has excelled itself again ... protecting investors by potentially costing them money.
Asleep for months, woke up, smelt the coffee and trashed the joint through hyperactivity.
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