mary
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Post by mary on Jun 12, 2018 10:51:06 GMT
Morning, Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide. We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know. Kind regards, Ed Thank you. I think we are in a position that no one considered possible. Looking forward it would be useful for MT, and in fact all Platforms, to document how they are (or will) protect their electronic records using independent (off-site, 3rd party protected) mechanisms so that this is unlikely to occur again.
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jcm9000
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Post by jcm9000 on Jun 12, 2018 11:00:44 GMT
Morning, Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide. We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know. Kind regards, Ed A very kind offer from our MT friends, thanks Ed. I wonder if that person could sit on the creditor committee?
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james21
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Post by james21 on Jun 12, 2018 11:12:29 GMT
Anyway we wait to see what they say next its not too far away
"""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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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 12, 2018 11:23:11 GMT
Absolutely spot ON insideout.
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blender
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Post by blender on Jun 12, 2018 11:23:22 GMT
Morning, Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide. We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know. Kind regards, Ed This is a considerate offer. It has been clear for a while that lenders may be creditors in respect of interest received and monies collected for loans not drawn down. The suggestion now is that lenders may be creditors in respect of loans made, if the data related to the lending and repayments by loan is not available. You would think that the directors/RR would have ensured that they had this information to manage the insolvency, if permitted to proceed. RR was the nominee for the living will, and normal contingency planning would avoid being totally reliant on third parties for access to the data. It may well be that this data is not lost, but that the process of recovering/transferring it has become complicated by the outcome of the FCA intervention, and what might follow. Solicitors will be advising. However, the stated purpose of the FCA intervention was to protect investors (lenders), and if that intervention might turn out to have the opposite effect, then the FCA should not be allowed to exit quietly. Personally, by sheer good fortune, I am not a lender, but this proposal and the creditors' committee look like valuable initiatives, given the BDO statements.
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investibod
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Post by investibod on Jun 12, 2018 11:36:44 GMT
Morning, Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide. We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know. Kind regards, Ed Thank you Ed. It is starting to look like it may be necessary to take this proposed course of action.
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p2pete
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Post by p2pete on Jun 12, 2018 11:41:32 GMT
Morning, Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide. We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know. Kind regards, Ed Sounds useful. Maybe they can represent a Creditor's Commitee. stevefindlay are BondMason interested in getting involved?
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Post by d_saver on Jun 12, 2018 11:50:29 GMT
Morning, Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide. We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know. Kind regards, Ed I've not been keeping up to date on this, but I find it next to impossible to believe that this data does not exist. If there is no physical record, then their would be some backups, somewhere. Presumably offsite. Even in the event the provider quickly killed off and wiped the client server, they'd not have cleared down any backups, if they existed. If collateral were maintaining their own backups, they would likely be off site. Having worked for well over a decade in data centres and providing servers/developing platforms in scenarios similar to this, I think it, unthinkable, that a recoverable backup is not somewhere... I'd be more than happy to volunteer my time to liaise with any providers and extract usable data from a database backup. fwiw - whilst in these situations in the past, I have been asked by clients to specifically delete and purge data held on servers. You can I expect draw conclusions from this. Either should be investigated imo, because either intent to commit fraud or yet more blatant incompetence and thus possible grounds for further legal action could be gained.
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star dust
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Post by star dust on Jun 12, 2018 12:00:30 GMT
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p2pete
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Post by p2pete on Jun 12, 2018 12:01:53 GMT
I've not been keeping up to date on this, but I find it next to impossible to believe that this data does not exist. If there is no physical record, then their would be some backups, somewhere. At the moment it doesn't make any difference whether the data exists or not. BDO have "details of the investors and their total loan exposure" and have said "investors will be treated as creditors of the Companies as a consequence of s26 of the Financial Services and Markets Act 2000". BDO have not said that they are treating us as creditors because of missing data, so finding the data wouldn't change anything.
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ablender
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Post by ablender on Jun 12, 2018 12:08:30 GMT
I would like to know if the data they have about my monies in Collateral matches my numbers. As at present there seem to be no way to find out.
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seb8072
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Post by seb8072 on Jun 12, 2018 12:18:06 GMT
Morning, Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide. We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know. Kind regards, Ed Many thanks Ed. Would you kindly keep us informed of your IP's assessment and any proposed way forward.
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averageguy
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Post by averageguy on Jun 12, 2018 12:18:59 GMT
Yes please to any help MoneyThing can offer
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jun 12, 2018 12:21:33 GMT
Morning, Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide. We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know. Kind regards, Ed This is certainly welcome and yes I am interested in this type of solution. Should we contact you via MT or perhaps the weight of comments here might suffice? Clearly providing some support is of benefit to the p2p industry widely and it is notable that MT alone so far have realised this and so far have offered anything. More generally, the whole premise of p2p has been somewhat blown out of the water. How can any investor really know they are investing directly to the borrower? Regarding the FCA, my understanding is that their main raison d'etre is ultimately to protect consumer investors and depositors. How are they doing that by appointing an administrator who first of all relegates us to the status of a mere creditor? Regarding the lost accounts. This is simply incredible. Even a normal bog standard company has to keep records for (6 years I think). For these records to "disappear" suggest criminal activity. I would like to know who the IT provider(s) was and some more detail about when the instances were shut down, were they deleted etc? Finally is the business model of a company like BDO to extract as much cash as possible from the company they are plundering administrating? If not, what is it?
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Monetus
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Post by Monetus on Jun 12, 2018 12:29:14 GMT
Regarding the lost accounts. This is simply incredible. Even a normal bog standard company has to keep records for (6 years I think). For these records to "disappear" suggest criminal activity. I would like to know who the IT provider(s) was and some more detail about when the instances were shut down, were they deleted etc? I find it simply staggering that the Currie's thought it'd be just fine to not maintain the electronic system/database for the platform - the only copy of the loan book in known existence - regardless of the administration or any other events taking place. Unless of course they were trying to cover something up....
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