michaelc
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Say No To T.D.S.
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Post by michaelc on Aug 20, 2018 18:32:02 GMT
I am led to believe that platitudes are often used as a 'thought-terminating cliché, aimed at quelling social, emotional, or cognitive unease' so can offer the following No news is good news. Further reinforcement if required might be found in All's well that ends well. I think we'd rather have money than platitudes.  Many a mickle makes a muckle.  Having first hand experience of that, I can confirm you are correct.
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Post by Butch Cassidy on Aug 20, 2018 19:02:46 GMT
BREAKING NEWS: BDO are just self serving, pedantic, over paid, pen pushers & will charge £500/hr for shuffling papers around, arranging talking shop committees, instigating thorough investigations & issuing reports for as long as they can get away with doing so - the grand sum total of which will be they get very rich at the expense of lenders, creditors & anyone else who are owed money in this sorry saga. Many of us warned that this would happen & nothing has changed in the subsequent few months to change my mind. Their performance in what should have been a routine loanbook liquidation has been nothing short of disgraceful & until I see some actual money returned to lenders I won't be persuaded otherwise.
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Post by df on Aug 20, 2018 21:08:20 GMT
I was hoping you might have the inside info on what is or isn't happening. Clearly not.... I am in the same position as everyone else right now.... waiting for an update from BDO of when the Creditors Committee has been formed and who the members are. It is almost 2 weeks since voting was closed. I'm curious if stage 1 (opening envelopes) has already started or postponed? I can't recall any deadline set for appointment in BDO communications.
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archie
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Post by archie on Aug 21, 2018 4:38:39 GMT
I am in the same position as everyone else right now.... waiting for an update from BDO of when the Creditors Committee has been formed and who the members are. It is almost 2 weeks since voting was closed. I'm curious if stage 1 (opening envelopes) has already started or postponed? I can't recall any deadline set for appointment in BDO communications. On 07/08/18 anyone who hadn't voted yet was sent an email reminder. That would suggest they may have been recording the votes as they arrived.
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travolta
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Post by travolta on Aug 21, 2018 7:16:59 GMT
The most likely explanation is that the Creditors Cabal is already established under an ND, representing themselves. We fellow mushrooms will continue to speculate,in the dark, until fed compost in the form of an Xmas email.
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empirica
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Post by empirica on Aug 21, 2018 7:55:36 GMT
The most likely explanation is that the Creditors Cabal is already established under an ND, representing themselves. We fellow mushrooms will continue to speculate,in the dark, until fed compost in the form of an Xmas email. That's the least likely obligation explanation given the Administrators' obligation to confirm the Committee has been constituted and who its' members are. The 'most likely explanation' is that it is presently unable to do so. The reason why that may be would be idle speculation, which may be fine for the idle, but otherwise pointless. Agree on timescales, though. Most Administration updates are on a six monthly cycle. Expectations should be set accordingly.
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Greenwood2
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Post by Greenwood2 on Aug 21, 2018 8:49:24 GMT
Idly speculating,  proposed committee member(s) on holiday so committee cannot be finalised. The creditors wanted a committee and voted for it. I had some reservations in that it would be an extra layer of bureaucracy likely to slow things down. But I guess the alternative would be repeated votes by all creditors as things unfold, which would also slow things down. Choose your poison. |
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Aug 21, 2018 10:29:19 GMT
All loans should have repaid by now either in the normal course of things or by the borrowers refinancing.
They admistrators should make at least 50% pay back to those participating in the loans that have been repaid, that should still leave sufficient funds to cover any administrative costs and it would go a long way to helping those struggling with having their cash unavailable It should never get to the stage where masses of money is being held and not released by the administrators because they are chasing a small amount of money meanwhile Costs are out of control. We should write off money that will cost us more to collect that can be recovered
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Aug 21, 2018 17:17:19 GMT
All loans should have repaid by now either in the normal course of things or by the borrowers refinancing. They admistrators should make at least 50% pay back to those participating in the loans that have been repaid, that should still leave sufficient funds to cover any administrative costs and it would go a long way to helping those struggling with having their cash unavailable It should never get to the stage where masses of money is being held and not released by the administrators because they are chasing a small amount of money meanwhile Costs are out of control. We should write off money that will cost us more to collect that can be recovered Things are a bit slow when administrators come in. At present not even the creditor's committee (which will discus all issues surrounding distributions) is formed. As for costs: don't give up your rights even before knowing the truth. For the moment the judge has ordered all BDO costs to be covered by the C. brothers. I remember a report from the court hearing saying explicitly that one of the brothers had opposed the choice of BDO talking about high costs for them. So they know very well this administration will heavily rely on their personal funds. It is also clear from the reports we have that BDO itself understands that the lenders' money is to be considered in a trust and not to be used for administrative costs at all. So, I expect my nominee to fight in the creditor's committee for having zero costs on the lenders' shoulders. I think I must’ve hit my head I find myself agreeing with you LOL Collateral always had a reasonably good selection of loans and was good For those requiring a monthly return unfortunately that tended to be people who actually needed the monthly return. You’re correct about fees not being our responsibility it is a pity a good platform was ruined by diffident management. let us hope all gets resolved soon before the capital and interest returns push people who thought interest would be in last years tax liabilities.
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travolta
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Post by travolta on Aug 21, 2018 17:27:48 GMT
The most likely explanation is that the Creditors Cabal is already established under an ND, representing themselves. We fellow mushrooms will continue to speculate,in the dark, until fed compost in the form of an Xmas email. That's the least likely obligation explanation given the Administrators' obligation to confirm the Committee has been constituted and who its' members are. The 'most likely explanation' is that it is presently unable to do so. The reason why that may be would be idle speculation, which may be fine for the idle, but otherwise pointless. Agree on timescales, though. Most Administration updates are on a six monthly cycle. Expectations should be set accordingly. Oh, so Christmas is a bit early? I query your complacency, or are you an Administrator by trade? No one can be THAT idle , can they?
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empirica
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Post by empirica on Aug 21, 2018 20:07:23 GMT
That's the least likely obligation explanation given the Administrators' obligation to confirm the Committee has been constituted and who its' members are. The 'most likely explanation' is that it is presently unable to do so. The reason why that may be would be idle speculation, which may be fine for the idle, but otherwise pointless. Agree on timescales, though. Most Administration updates are on a six monthly cycle. Expectations should be set accordingly. Oh, so Christmas is a bit early? I query your complacency, or are you an Administrator by trade? No one can be THAT idle , can they? Forgive me if I have misunderstood, but I am unsure as to where / how I have been complacent?
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travolta
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Post by travolta on Aug 22, 2018 7:48:34 GMT
Oh, so Christmas is a bit early? I query your complacency, or are you an Administrator by trade? No one can be THAT idle , can they? Forgive me if I have misunderstood, but I am unsure as to where / how I have been complacent? In your calm acceptance of low expectations of our worthy admin who are working to wind up and hopefully repay some of our savings(for which some of us, have slaved in 'The Galleys of Life' ). I feel that their work ethos does not match the expectations of one who has restrained and imparted knowledge into 40 feral fifteen year olds on a Friday afternoon or worked for 36 hours nonstop in A&E on bank holiday weekends. My reaction to masterly inactivity of office staff is some what more forceful.
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empirica
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Post by empirica on Aug 22, 2018 9:35:05 GMT
Forgive me if I have misunderstood, but I am unsure as to where / how I have been complacent? In your calm acceptance of low expectations of our worthy admin who are working to wind up and hopefully repay some of our savings(for which some of us, have slaved in 'The Galleys of Life' ). I feel that their work ethos does not match the expectations of one who has restrained and imparted knowledge into 40 feral fifteen year olds on a Friday afternoon or worked for 36 hours nonstop in A&E on bank holiday weekends. My reaction to masterly inactivity of office staff is some what more forceful. Not low expectations. Realistic expectations. Re: announcement of the CC - the more realistic appraisal of the situation is that 'they would, if they could, but they can't'. Not that there is a "Cabal" in operation. Re: work ethos - they are probably just as diligent and attentive as your average teacher or hospital worker. Possibly even more so as they are likely to be better incentivised than (sadly) either of those vocations are. Just like the school teacher, they will know there are regulations in place that means outcome 'B' can't be delivered unless input 'A' is in place. And just like the hospital worker, they will realise that their time is split across multiple 'patients' and therefore any individual patient may not get a level of attention that patient feels they deserve. FWIW (not much, I appreciate that): my view is that if an increased frequency of communications were to directly foreshorten the date of resolution of this unfortunate episode, then I'd be demanding daily updates. My opinion is that the only result of increased communications would be to increase the costs and (potentially) reduce our returns. And a thought: when eventually formed, the CC might have some influence over frequency of comms. They would, if they asked, likely be provided with an insight as to what the 'per announcement' cost would be and may take a view on what level of frequency represents 'reasonable' value. Just thinking 'out loud'.
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kaya
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Post by kaya on Aug 22, 2018 9:47:49 GMT
Five months in, and we do not even know if BDO are in possession of our full individual account details. Now I call that poor/appalling communication.
Nor do we have any idea who was/is/is going to be held responsible for this situation or what led to it.
Yes administration work takes time, but this is basic information.
Will the Curry brothers be made to empty their every bank account, if necessary, to pay for BDO costs? I like the sound of that. I certainly hope so.
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Post by Badly Drawn Stickman on Aug 22, 2018 11:25:25 GMT
Five months in, and we do not even know if BDO are in possession of our full individual account details. Now I call that poor/appalling communication.
Nor do we have any idea who was/is/is going to be held responsible for this situation or what led to it.
Yes administration work takes time, but this is basic information.
Will the Curry brothers be made to empty their every bank account, if necessary, to pay for BDO costs? I like the sound of that. I certainly hope so.
Whilst I have no problem with you wishing them discomfort, arguably at some point the money in those accounts may be needed to top up our returns. BDO holding out an empty honey pot with sticky fingers would not be good.
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proposed committee member(s) on holiday so committee cannot be finalised. 
