keystone
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Post by keystone on Jun 11, 2018 13:56:21 GMT
I don't see how the directors had the authority to lay off staff and de-commission the IT platform, after they had appointed RR, surely it was RR's responsibility as Administrators as they had control?
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Post by Butch Cassidy on Jun 11, 2018 14:12:25 GMT
Well nothing unexpected in that update, the establishment (FCA, courts, lawyers, BDO) have conspired to shaft the lenders & authorise the theft of our money; to class all lenders as creditors & imply that all assets & cash be combined into a single pot, that coincidently can be legally “stolen” in legitimate £500/hr administration fees, which will be supervised as “reasonable” by the courts simply demonstrates that BDO are totally unsuitable to have been appointed as the administrators. I wonder if it was decided on the Golf course or over dinner after the lodge meeting?
They clearly don’t understand the business model that they are dealing with & have already succumbed to corporate greed & self interest by earmarking specific, asset backed loans that were contracted between lenders & borrowers (ONLY facilitated by the platform as an intermediary) as a suitable cash pot for them to claim their own expenses from, crucially before any money is returned to it’s lawful owners, us the lenders. I guess the fact that can’t find enough evidence that lenders had individual loan holdings is just a happy coincidence. All that remains is to decide how long they can string this sorry saga out for, which I guess will equate approximately to how much is recovered into that pot divided by £500/hr.
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ozboy
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Post by ozboy on Jun 11, 2018 14:14:45 GMT
I'm no Legal Eagle but as far as I know A Contract Is A Contract, regardless of any "Status" of COLL and/or whether or not they had "Appropriate Authorisations" etc. etc when we invested in COLL's Loans. AFAIK a Loan Contract exists between Borrowers and us, Lenders, which is binding and totally separate to being treated as standard Creditors. It's the complete cornerstone of P2P isn't it? There will be a massive, bloody & VERY ugly bunfight if The FCA/BDO try to pull this utter BS, the BHs won't take it lying down nor will us minnows. Ladies and Gentlemen, gird your loins!  "Will investors be treated as creditors?
- From the information currently available, the initial view of the Joint Administrators’ lawyers is that investors will be treated as creditors of the Companies as a consequence of s26 of the Financial Services and Markets Act 2000. A further update will be provide in the Joint Administrators’ proposals to creditors, which are due to be issued on or before 22 June 2018." |
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SteveT
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Post by SteveT on Jun 11, 2018 14:19:50 GMT
AFAIK a Loan Contract exists between Borrowers and us, Lenders, which is binding and totally separate to being treated as standard Creditors. It's the complete cornerstone of P2P isn't it? The question is, did it only exist on a computer server that's been rendered inaccessible to the Administrators?
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11025
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Post by 11025 on Jun 11, 2018 14:21:20 GMT
AFAIK a Loan Contract exists between Borrowers and us, Lenders, which is binding and totally separate to being treated as standard Creditors. It's the complete cornerstone of P2P isn't it? The question is, did it only exist on a computer server that's been rendered inaccessible to the Administrators? I think everyone knows the true answer to that question
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Monetus
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Post by Monetus on Jun 11, 2018 14:21:53 GMT
Another major concern is that if they are going down the route of "one pot for all creditors" then we'll likely be forced to wait until every single loan is closed down before any funds are distributed.
Any bets on how long that'll take at £500 an hour?
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Post by angrykittens on Jun 11, 2018 14:28:25 GMT
Another major concern is that if they are going down the route of "one pot for all creditors" then we'll likely be forced to wait until every single loan is closed down before any funds are distributed. Any bets on how long that'll take at £500 an hour? Twice as many hours as there are thousand pounds?
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jj
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Jolly Jammy
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Post by jj on Jun 11, 2018 14:49:32 GMT
I don't agree with the "to class all lenders as creditors" but if Collaterial were not a legal P2P platform and using fund to suit themselves then how can a contact between lender and a borrower be certain ?
Everthing in the update was as I expected. A legal case against the C. bros is probably the only way to get back all your money back. So if you are in deep you should be compiling your evidence now.
(I feel a new thread coming on)
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ozboy
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Post by ozboy on Jun 11, 2018 15:05:51 GMT
It's all complete and utter BS, The FCA/BDO are trying it on, and I for one won't stand for it. Nor will the many Barristers, Solicitors, and Other Legal Bod Lenders out there who will undoubtedly challenge ANY attempt by The FCA/BDO to diminish our status and get us treated as normal Creditors. We are Secured Creditors with a Loan Contract. If the Contracts Records have vaporised then that does obviously queer the pitch somewhat.  |
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Monetus
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Post by Monetus on Jun 11, 2018 15:18:38 GMT
Surely we are at the very least secured creditors?
I wonder if any of the offers to purchase the loan book still stand (if they ever really existed)? This must surely be considered as one of the best options for maximising the value of the company for creditors and it would also be in the interests of other platforms given that many are struggling to fill loans as it stands....
If all investors end up taking a massive haircut while BDO manage to line their pockets, the damage to the wider P2P industry as a whole would be staggering.
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r00lish67
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Post by r00lish67 on Jun 11, 2018 15:22:30 GMT
Surely we are at the very least secured creditors? I wonder if any of the offers to purchase the loan book still stand (if they ever really existed)? This must surely be considered as one of the best options for maximising the value of the company for creditors and it would also be in the interests of other platforms given that many are struggling to fill loans as it stands.... If all investors end up taking a massive haircut while BDO manage to line their pockets, the damage to the wider P2P industry as a whole would be staggering. BL00073 currently 88% filled on FundingSecure...1 nearly down, errr...lots more to go 
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11025
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Post by 11025 on Jun 11, 2018 15:30:30 GMT
It's all complete and utter BS, The FCA/BDO are trying it on, and I for one won't stand for it. Nor will the many Barristers, Solicitors, and Other Legal Bod Lenders out there who will undoubtedly challenge ANY attempt by The FCA/BDO to diminish our status and get us treated as normal Creditors. We are Secured Creditors with a Loan Contract. If the Contracts Records have vaporised then that does obviously queer the pitch somewhat. "Based on the information currently available there is no reason to doubt the validity of the security documentation, which the Joint Administrators note was originally prepared by the Companies’ lawyers" quote form BDO update today So certain information is available , It would be interesting to see copies
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hazellend
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Post by hazellend on Jun 11, 2018 15:42:52 GMT
Worse than I was hoping for. The “creditors “ bit particularly.
If anybody knows a good lawyer maybe we should all think about grouping together.
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11025
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Post by 11025 on Jun 11, 2018 15:45:48 GMT
Worse than I was hoping for. The “creditors “ bit particularly. If anybody knows a good lawyer maybe we should all think about grouping together. I am inclined to agree , I kept decent records of correspondence from day 1 and also copies of the FCA web etc , etc I now feel like someone is trying to take advantage
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ilmoro
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Post by ilmoro on Jun 11, 2018 15:52:24 GMT
I'm no Legal Eagle but as far as I know A Contract Is A Contract, regardless of any "Status" of COLL and/or whether or not they had "Appropriate Authorisations" etc. etc when we invested in COLL's Loans. Nope, a contract is a contract until it is shown not to be. Which is what in essence BDO lawyers have done. Unfortunately what you didnt know was the important bit, that this wasnt P2P as Collateral had no permission to offer article 36H loan agreements, so your cornerstone has fallen out and the binding has rotted away. Sounds expensive. [/quote] Note initial view. More fees to be earnt providing a subsequent view
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