mason
Member of DD Central
Posts: 666 
Likes: 641
|
Post by mason on Apr 12, 2018 17:30:09 GMT
I'm in the one-pot-to-feed-them-all camp. It kind of makes sense that we are now creditors and why we were still getting paid when the loans were not drawn down. This would mean that investing in specific loans was all an "illusion" and we'll end up with a % of the total pot.  I still consider that an unlikely event, but I suppose it would make life easier. There would be no valid loan contract between us and the borrowers. Proof of debt would be reduced to bank statements showing movement of money in and out of the client account. Who knows how interest would be treated in that scenario.
|
|
amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
Posts: 56
Likes: 76
|
Post by amanda373 on Apr 12, 2018 18:26:20 GMT
I'm in the one-pot-to-feed-them-all camp. It kind of makes sense that we are now creditors and why we were still getting paid when the loans were not drawn down. This would mean that investing in specific loans was all an "illusion" and we'll end up with a % of the total pot.
|
|
amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
Posts: 56
Likes: 76
|
Post by amanda373 on Apr 12, 2018 18:27:02 GMT
I'm in the one-pot-to-feed-them-all camp. It kind of makes sense that we are now creditors and why we were still getting paid when the loans were not drawn down. This would mean that investing in specific loans was all an "illusion" and we'll end up with a % of the total pot.
|
|
amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
Posts: 56
Likes: 76
|
Post by amanda373 on Apr 12, 2018 18:32:53 GMT
I believe that at the first creditors meeting....of which there was none as far as I am aware...we should have been offered the opportunity to vote for an appointment of a Commitee of Inspection which would oversee the actions of the liquidator ...which they do not like.this would protect us. Maybe we can request this now?
|
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on Apr 12, 2018 18:36:38 GMT
I'm not convinced that RR still understand the difference between Creditors and Lenders. Also, IF we are Creditors, are we not Secured Creditors? (Assuming there's a difference to Unsecured Creditors) Still many clarifications to be made and tbh I think RR are not the best to make them, whilst BDO will probably be more knowledgeable? Not looking good as the days go by is it? Roll on the 27th. Why would BDO be more knowledgable? Do they have any involvement with P2x that we know of? They would just love to be paid a zillion to mug up I'm sure. Re creditors - my guess is that it's standard language, being not brilliant they haven't yet fixed their vocab. Don't forget the FCA said that lenders were investors in COL (which I hope is the same sort of error)
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on Apr 12, 2018 18:59:27 GMT
Look at it this way ,
However well meaning Jessica is it doesn't change the fact that If RR hadn't contested the FCA request to put a new administrator in we could be moving forward by now and not waiting for 27 April and whatever else after that ... Or look at it another way if the FCA hadn't contested RR's appointment we would be potentially even further ahead than the other way round
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on Apr 12, 2018 19:02:39 GMT
Keep phoning and/or writing to RR folks and running up our bill. Needlessly. Why can't everyone just sit tight and wait for the 27th? What bill....if they aren't appointed they don't get paid? They don't get paid for any work currently even if they are allowed to (according to my convo with JH)
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on Apr 12, 2018 19:03:39 GMT
I'm not convinced that RR still understand the difference between Creditors and Lenders. Also, IF we are Creditors, are we not Secured Creditors? (Assuming there's a difference to Unsecured Creditors) Still many clarifications to be made and tbh I think RR are not the best to make them, whilst BDO will probably be more knowledgeable? Not looking good as the days go by is it? Roll on the 27th. Why would BDO be more knowledgable? Do they have any involvement with P2x that we know of? They would just love to be paid a zillion to mug up I'm sure. Re creditors - my guess is that it's standard language, being not brilliant they haven't yet fixed their vocab. Don't forget the FCA said that lenders were investors in COL (which I hope is the same sort of error) Agreed....much ado about nothing at times
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on Apr 12, 2018 19:04:45 GMT
I believe that at the first creditors meeting....of which there was none as far as I am aware...we should have been offered the opportunity to vote for an appointment of a Commitee of Inspection which would oversee the actions of the liquidator ...which they do not like.this would protect us. Maybe we can request this now?Request from who?
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on Apr 12, 2018 19:46:53 GMT
Or look at it another way if the FCA hadn't contested RR's appointment we would be potentially even further ahead than the other way round While I can't say I know the full details, I don't think the FCA had much of a choice unless they wanted to make a mockery of their regulations. It makes perfect sense that if you tell a company to stop trading because they are carrying on a regulated activity without permission, you can hardly allow administrators without permission to carry on that activity themselves. Give them permission then?
|
|
chris1200
Member of DD Central
Posts: 827
Likes: 508
|
Post by chris1200 on Apr 12, 2018 19:49:32 GMT
While I can't say I know the full details, I don't think the FCA had much of a choice unless they wanted to make a mockery of their regulations. It makes perfect sense that if you tell a company to stop trading because they are carrying on a regulated activity without permission, you can hardly allow administrators without permission to carry on that activity themselves. Give them permission then? Surely you realise it's not that simple from the context of this entire situation...?!
|
|
Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
|
Post by Greenwood2 on Apr 12, 2018 19:52:08 GMT
While I can't say I know the full details, I don't think the FCA had much of a choice unless they wanted to make a mockery of their regulations. It makes perfect sense that if you tell a company to stop trading because they are carrying on a regulated activity without permission, you can hardly allow administrators without permission to carry on that activity themselves. Give them permission then? Give them permission, if they do not feel they need permission and do not intend to apply for permission? How does that work?
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on Apr 12, 2018 19:57:36 GMT
Give them permission then? Give them permission, if they do not feel they need permission and do not intend to apply for permission? How does that work? Well if you put it in that obtuse way it is going to sound daft....but the FCA still had the opportunity to work in ‘investors’ interests and use the existing administrators ...as in appoint them....and make use of the work done so far ...rather than delay matters and bring in another firm...it’s not quite as obtuse as you make it sound
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on Apr 12, 2018 19:58:37 GMT
Give them permission then? Surely you realise it's not that simple from the context of this entire situation...?! Erm yes I do realise
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 12, 2018 20:17:24 GMT
RR were paid before the co. went into administration. There is no way that will come back. There will be costs in defending the court action, as well as in the Administration.
|
|
