seb8072
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Post by seb8072 on Apr 1, 2018 9:50:56 GMT
Think I'm getting the COLlywobbles!
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mason
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Post by mason on Apr 1, 2018 9:59:00 GMT
If you re-read the post carefully, you'll note that he states a challenge is to be placed before the judge on that day. All unverified of course, but likely to have come from within COL or RR. I too question the wisdom of taking the action he suggests and have taken no such action. If you re-read the report carefully you'll note that on page 15, the date 6 April is the deadline by which the administrator requires written communication from creditors regarding any non approval of his proposals. I did notice that. It could be a coincidence. Alternatively stu has seriously got the wrong end of the stick, because the action he is suggesting we take is quite different to what is required to claim as a creditor and object to the administrator's proposals, and doing the latter would lead to an outcome that is the opposite to the one he is advocating.
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blender
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Post by blender on Apr 1, 2018 12:41:03 GMT
Istm that stubs is the messenger from the administrator/Coll here and that he has provided a valuable service by passing on this information, while not being responsible for the content. Probably best to consider the recommended action from stubs to be that which the Admin/Col would like members to take, and to respond ask you think best as if asked directly by them.
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Post by dualinvestor on Apr 1, 2018 14:09:44 GMT
Why?
The FCA is not going to be influenced by anything here
The incumbent Administrator is not going to be influenced by anything written here (nor for that matter is the FCA proped replacement)
Information which may aid Collateral borrowers is well and truly out of the bag
The judge will probably not even know of this forums existence let alone allow it to influence his judgement. He will only consider matters properly presented to him as by law he is required to.
Just seems you wish to stifle discussion @magenta14
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 1, 2018 14:15:22 GMT
WARNING to those lenders with investments in loans that have NOT drawn-down
I estimate there is at least £40,000 worth of pre-drawdown interest owed to lenders. It is unlikely these loans will drawdown, and therefore the pre-drawdown interest may not be ring fenced. If you want to claim the pre-drawdown interest then I think you should claim as a creditor and probably before April 6th.
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Post by dualinvestor on Apr 1, 2018 14:27:46 GMT
WARNING to those lenders with investments in loans that have NOT drawn-down
I estimate there is at least £40,000 worth of pre-drawdown interest owed to lenders. It is unlikely these loans will drawdown, and therefore the pre-drawdown interest may not be ring fenced. If you want to claim the pre-drawdown interest then I think you should claim as a creditor and probably before April 6th. Having considered posts on the separate thread concerning the possible undran loan those involved are almost certainly unsecured creditors of Collateral and sqh is entirely correct in recommending you register your interest and whether you agree with the Administrator's proposals or require him to hold a creditors meeting. Accroding to the report and statement of Affairs there are no 3rd party creditors and information regarding the undrawn loan which, IMO, is a fundamental error in omitting an item of c.£1.5 million, so 10% of the interest on the undrawn loan will be sufficient to have a meeting andates vote on the proposals acceptence or otherwise and who should be the Administrator possibly obviating the need for a court hearing if the majority vote for replacement of Mr Craig, either in person or by proxy.
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mason
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Post by mason on Apr 1, 2018 14:32:41 GMT
I estimate there is at least £40,000 worth of pre-drawdown interest owed to lenders. It is unlikely these loans will drawdown, and therefore the pre-drawdown interest may not be ring fenced. If you want to claim the pre-drawdown interest then I think you should claim as a creditor and probably before April 6th. Interesting, thanks. I did buy 1 loan part in early Feb and therefore should be owed somewhere between £3 and £3.50 assuming interest ceased to accrue when COL entered administration. Now clearly getting the administrator bogged down in piddly claims such as mine would be counterproductive, but it raises the question whether those with a more significant claim could contribute to the requisite "deposit for costs" mentioned in the administrator's report and buy themselves a little influence over proceedings.
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Post by dualinvestor on Apr 1, 2018 14:34:54 GMT
Why? The FCA is not going to be influenced by anything here The incumbent Administrator is not going to be influenced by anything written here (nor for that matter is the FCA proped replacement) Information which may aid Collateral borrowers is well and truly out of the bag The judge will probably not even know of this forums existence let alone allow it to influence his judgement. He will only consider matters properly presented to him as by law he is required to. Just seems you wish to stifle discussion @magenta14 The less said the better mended mayhap as applicable to wee mortals; skilled Lawyers too. Today my friend you may have the last word, I have painted Easter Egg's to roll.  You have painted yoourself into a corner haven't you @magenta14? Your damned if you do and damned is you don't explain your reasons. I've eaten all my Easter Eggs time to get out for a stroll to walk them off!
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Post by dualinvestor on Apr 1, 2018 14:42:05 GMT
I estimate there is at least £40,000 worth of pre-drawdown interest owed to lenders. It is unlikely these loans will drawdown, and therefore the pre-drawdown interest may not be ring fenced. If you want to claim the pre-drawdown interest then I think you should claim as a creditor and probably before April 6th. Interesting, thanks. I did buy 1 loan part in early Feb and therefore should be owed somewhere between £3 and £3.50 assuming interest ceased to accrue when COL entered administration. Now clearly getting the administrator bogged down in piddly claims such as mine would be counterproductive, but it raises the question whether those with a more significant claim could contribute to the requisite "deposit for costs" mentioned in the administrator's report and buy themselves a little influence over proceedings. The right to accrue interest does not cease with the appointment of the administrator only whether you will be paid it i.e. whether unsecured creditors will be paid in full. If I were you would be worried where the capital was, the client's accont allegedly contains c.£390,000 the loan, presumed undrawn down, amounts to c.£1.5million.
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Greenwood2
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Post by Greenwood2 on Apr 1, 2018 14:42:34 GMT
I've been thinking, something that I do from time to time. A few thoughts if I may?: Ongoing theorising by respected members may not prove helpful to our collective position considering circumstances vs Collateral's pre-shutdown regulatory position, our loans and the apparent desire of the FCA to replace the current Collateral appointed Administrator with one appointed by themselves. It may seem reasonable to suggest that further discussion here may be unhelpful to bringing about progress toward returning our invested funds, in all essence our theorising may prejudice this process to our lesser greater detriment. Please consider carefully what you are writing before you post or better still not posting at all until we have been provided with a clear statement about the future direction of the Collateral Administration process particularly as it relates to our lent funds and the contracts associated with these. In desiring 'best outcome' for ourselves we may need to remain silent for now. Trying to shut the stable door after the horse has bolted? Every crumb available has been well picked over here already.
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m2btj
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Post by m2btj on Apr 1, 2018 14:43:04 GMT
I have zero confidence in anything the FCA is associated with. It is a toothless tiger, promoting its own self interest & that of its City based chums. I am not expecting any outcome in this matter until at least 2019.
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Post by dualinvestor on Apr 1, 2018 14:45:01 GMT
I have zero confidence in anything the FCA is associated with. It is a toothless tiger, promoting its own self interest & that of its City based chums. I am not expecting any outcome in this matter until at least 2019. Ever the optimist 
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mason
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Post by mason on Apr 1, 2018 15:01:37 GMT
Interesting, thanks. I did buy 1 loan part in early Feb and therefore should be owed somewhere between £3 and £3.50 assuming interest ceased to accrue when COL entered administration. Now clearly getting the administrator bogged down in piddly claims such as mine would be counterproductive, but it raises the question whether those with a more significant claim could contribute to the requisite "deposit for costs" mentioned in the administrator's report and buy themselves a little influence over proceedings. The right to accrue interest does not cease with the appointment of the administrator only whether you will be paid it i.e. whether unsecured creditors will be paid in full. If I were you would be worried where the capital was, the client's accont allegedly contains c.£390,000 the loan, presumed undrawn down, amounts to c.£1.5million. To be honest, if that's the only capital I lose as a result of this situation, then I'll be very pleased indeed. Fortunately, I withdrew my cash balance after placing the bid in question. It's the 95% of my capital in drawn down loans that's my primary concern. On the subject of the apparently missing sums of money, perhaps having access to the forensic accounting and asset tracing services of B** could come in handy, if the FCA gets its way.
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11025
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Post by 11025 on Apr 1, 2018 15:10:14 GMT
WARNING to those lenders with investments in loans that have NOT drawn-down
I estimate there is at least £40,000 worth of pre-drawdown interest owed to lenders. It is unlikely these loans will drawdown, and therefore the pre-drawdown interest may not be ring fenced. If you want to claim the pre-drawdown interest then I think you should claim as a creditor and probably before April 6th. Ok thanks , so cash in account and investment in pre-drawn down loans should be treated as ring fenced ?
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mason
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Post by mason on Apr 1, 2018 15:18:15 GMT
Ok thanks , so cash in account and investment in pre-drawn down loans should be treated as ring fenced ? No, I don't think so. There's nothing to suggest the clients account does not contain enough to cover the cash balances held by investors at this time, but it definitely does not contain enough to account for the investments made into pre-drawn down loans - based on our understanding of which these were from the snapshot taken on 25th Feb. So we don't know where that money is or whether it could be considered ring fenced. The "cash at bank" figure suggests it is not in the collateral group bank accounts.
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