victors
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Post by victors on Jun 14, 2018 19:02:26 GMT
Can we have half time now and wait for the second half to kick off on 22nd June.
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iren
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Post by iren on Jun 14, 2018 19:35:54 GMT
Appalling though I find it that we are being classified as creditors, I guess the upside is that interest theoretically “paid” by Collateral was not actually legally paid to us unless we withdrew it from the platform, and it is therefore non taxable i.e. to be classified as paid to the investor, it must be paid to a client account, which if we follow through on BDO’s logic, never existed.
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DeafEater
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Post by DeafEater on Jun 14, 2018 19:58:25 GMT
Good grief if I 'get my capital back and even a little interest' I'll be doing naked cartwheels and devoting my life to the church. I think you may need to adjust your expectations of where this clusterf**k is going. Just for my curiosity, would they be two separate forms of activity, or is their an 'interesting religion' I am unaware about? I'd envisaged them being consecutive actions rather than concurrent but I'm told the baptists are no strangers to fresh air.
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jlend
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Post by jlend on Jun 15, 2018 8:20:37 GMT
Not sure the statement of affairs (which many directors never provide in any case) is necessarily the (only) trigger for the publication of a list of creditors - at some point be it in the administrators proposals document (due shortly) or in the six monthly progress reports thereafter I'd expect there to be a full list of creditors. (Non corporate creditors details may be partially readacted now due to GDPR, or aggregated into one line.)
That is certainly my experience of having my full name and address published in a statement of administrators proposal six weeks after an administrator was appointed along with another 972 individual's in 2015 by Grant Thornton. This was also a financial investment. They published the amount of capital each person invested. It was posted on the companies house website. So i would not be surprised if they published an initial draft list at the next update containing everyone's name and address and the amount of capital they think each person is owed at that point. In this case Grant Thornton have never asked for any proof from investors to date at least. I don't know how things are handled with GDPR.
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jcm9000
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Post by jcm9000 on Jun 15, 2018 8:35:38 GMT
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Post by dan1 on Jun 15, 2018 8:48:33 GMT
Not sure the statement of affairs (which many directors never provide in any case) is necessarily the (only) trigger for the publication of a list of creditors - at some point be it in the administrators proposals document (due shortly) or in the six monthly progress reports thereafter I'd expect there to be a full list of creditors. (Non corporate creditors details may be partially readacted now due to GDPR, or aggregated into one line.)
That is certainly my experience of having my full name and address published in a statement of administrators proposal six weeks after an administrator was appointed along with another 972 individual's in 2015 by Grant Thornton. This was also a financial investment. They published the amount of capital each person invested. It was posted on the companies house website. So i would not be surprised if they published an initial draft list at the next update containing everyone's name and address and the amount of capital they think each person is owed at that point. In this case Grant Thornton have never asked for any proof from investors to date at least. I don't know how things are handled with GDPR. Do we know of any precedents of P2P companies going into administration and investors being classed as creditors with their names and addresses published in the statement of affairs and/or proposals to creditors? It seems possible/likely that come 22 June the investors names, addresses and total amount owing will be published. Also worth remembering that Collateral accepted ltd company lenders so even if the individual investors details were masked (GDPR?) those of the ltd company lenders would still be published.
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Mike
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Post by Mike on Jun 15, 2018 9:18:03 GMT
I don't know how things are handled with GDPR. *edit : this quote wasn't meant to single out one comment/user in particular. "but..but..but GDPR! GDPR! what about GDPR!!" This forum appears obsessed with GDPR. If that were an issue, then the administrators would have purged all lender details already since processing them (perhaps even having them) would be a problem. But clearly that is not the case, and I don't see why publication without any kind of consent would be a problem either since that would form a necessary part of the administration process. GDPR does NOT mean consent is always required. That's only one route to being able to handle personal data. Is publication of details necessary as part of the administration process? The law says yes, so I'm not sure what your basis for GDPR panic-station is?
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jlend
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Post by jlend on Jun 15, 2018 9:40:27 GMT
I don't know how things are handled with GDPR. "but..but..but GDPR! GDPR! what about GDPR!!" This forum appears obsessed with GDPR. If that were an issue, then the administrators would have purged all lender details already since processing them (perhaps even having them) would be a problem. But clearly that is not the case, and I don't see why publication without any kind of consent would be a problem either since that would form a necessary part of the administration process. GDPR does NOT mean consent is always required. That's only one route to being able to handle personal data. Is publication of details necessary as part of the administration process? The law says yes, so I'm not sure what your basis for GDPR panic-station is? Just for information. I am not panicing about GDPR. I was just trying to be helpful in posting an example about what happened to me, but making it clear I have no knowledge of GDPR at all. I am not invested in Col, just trying to be helpful.
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Post by tony1974 on Jun 15, 2018 9:42:39 GMT
Sadly I have to agree with you. I'm normally a glass half-full person but currently I'm struggling to convince myself that the bottom of this glass is even damp. I'm not filled with confidence either, who would be given the progress so far, but when I see posts from COL lenders already conceding a massive hit to their capital it winds me up. COL lenders are being screwed, by the Chuckle brothers, by the FCA, by RR and now by BDO. I'd rather see posts like ozboy and other similar posts showing some fight that the outcome of this debacle will not be accepted by passive lenders but will be challenged every step of the way and errors made by those involved will be fully aired for all to see. I joined this forum only recently as i have 19K invested with Collatertal and i only just found out this place existed so i have been worrying all on my own. Its took me quite a while to read through the 132 pages and i must say a quite a bit of it goes over my head but its really good to know we have a lot of very clever people amoungst us who will certainly not let the wool be pulled over their eyes so that reassures me a lot. I tend to agree with Carters post. I cant really understand why people are presuming we are going to get nothing back. A lot of the money is allocated to the bling and we know that it is all there. As long as all the loans pay back eventually then we get our money back from those. I know people feel we are getting shafted by the FCA and BDO but someone has to sort this mess out and from what i have read about RR i would not have wanted them onboard. If we dont get a penny from this at the end of the day then who does get all the money? Who gets the bling and cars. Who gets the properties if the loans default or even pay up. I just dont understand how we can get nothing. I cant see how that is possible. It took me a while but i went through all my bank statements and added up money in and out from Colleteral and its near as damn it what i have on my spreadsheets. I also kept all of my emails and the money also tallys off against these so i also know what loans i am in and how much. This will surely help things when the time comes. I havent seen anything terribly negative as of yet so i hope the next update on the 22nd gives us all a boost.
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averageguy
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Post by averageguy on Jun 15, 2018 9:52:17 GMT
I'm not filled with confidence either, who would be given the progress so far, but when I see posts from COL lenders already conceding a massive hit to their capital it winds me up. COL lenders are being screwed, by the Chuckle brothers, by the FCA, by RR and now by BDO. I'd rather see posts like ozboy and other similar posts showing some fight that the outcome of this debacle will not be accepted by passive lenders but will be challenged every step of the way and errors made by those involved will be fully aired for all to see. I joined this forum only recently as i have 19K invested with Collatertal and i only just found out this place existed so i have been worrying all on my own. Its took me quite a while to read through the 132 pages and i must say a quite a bit of it goes over my head but its really good to know we have a lot of very clever people amoungst us who will certainly not let the wool be pulled over their eyes so that reassures me a lot. I tend to agree with Carters post. I cant really understand why people are presuming we are going to get nothing back. A lot of the money is allocated to the bling and we know that it is all there. As long as all the loans pay back eventually then we get our money back from those. I know people feel we are getting shafted by the FCA and BDO but someone has to sort this mess out and from what i have read about RR i would not have wanted them onboard. If we dont get a penny from this at the end of the day then who does get all the money? Who gets the bling and cars. Who gets the properties if the loans default or even pay up. I just dont understand how we can get nothing. I cant see how that is possible. It took me a while but i went through all my bank statements and added up money in and out from Colleteral and its near as damn it what i have on my spreadsheets. I also kept all of my emails and the money also tallys off against these so i also know what loans i am in and how much. This will surely help things when the time comes. I havent seen anything terribly negative as of yet so i hope the next update on the 22nd gives us all a boost. Welcome for starters.....June 22nd is when I am looking for information and direction ..whether it gives ''a boost'' is another matter
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Post by Please turn me over on Jun 15, 2018 10:03:07 GMT
<snip> I havent seen anything terribly negative as of yet so i hope the next update on the 22nd gives us all a boost. Welcome to the forum, tony1974. The most negative thing is that BDO has been unable (so far) to extract an analysis of each investor's investments into specific loans or tranches of loans, and that investors may be treated as creditors. As someone who's carefully hand-picked his loans/tranches, I regard this as very negative.
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jcm9000
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Post by jcm9000 on Jun 15, 2018 10:07:10 GMT
I'm ok with one big pot, but not being treated as a creditor. They will (probably) have millions due to other creditors based on their last accounts which was a couple of million on much lighter activity figures and no administrator fees...
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am80
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Post by am80 on Jun 15, 2018 10:11:21 GMT
I too am grateful to be amongst such a bunch of folk if / when the time comes to form an alliance to battle any wrongdoings.
I have too much invested in P2P and this whole situation is exposing how daft this may be, especially considering that I (wrongly) believed that the FCA regulated the industry to a much better extent than my recent research suggests. Best of luck to everyone who is eagerly awaiting June 22nd.
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empirica
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Post by empirica on Jun 15, 2018 10:22:51 GMT
The data is there in one way or another and will be become available to the administrators if not already to hand which I believe is the case. The issue is "game play" for reasons unclear at this time says who? BDO said it has managed to extract information on investors and their total loan exposure but said Collateral’s IT platform had been decommissioned prior to its appointment so it does not have sufficient detail to extract an analysis of each investor’s investments into specific loans or tranches of loans.
There is a glimmer of light at the end of this particular tunnel. From the BDO June 11th FAQ (my emphasis): - Whilst the information that has been retrieved by the Joint Administrators to date contains details
of the investors and their total loan exposure, it does not provide sufficient detail to extract an
analysis of each investor’s investments into specific loans or tranches of loans. The Joint
Administrators’ investigations to recover further information are continuing, and we will update
investors in due course.
and - The Joint Administrators’ have been advised that the electronic Collateral platform, and all the
data which it hosted (including back-ups of the platform), was held on third party servers which
had been decommissioned prior to our appointment, and was therefore not available to the
Companies. We have identified the third party server provider, however, and we are currently in
correspondence with the provider to determine what action, if any, can be taken to recover the
data. A further update will be provided in due course.
Like I said, a glimmer and just a week to go before the next scheduled announcement _ although I do half expect an extension to be requested through the courts.
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11025
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Post by 11025 on Jun 15, 2018 10:40:34 GMT
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