dermot
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Post by dermot on Mar 3, 2018 20:32:42 GMT
Current hourly fees (Ex VAT) for liquidators time spent on an investment trust I have that is in the process of being wound up: Partner £510
Associate Director £445
Manager £340
Executive £260
Administrator £200
Treasury £180
Assistant £150
So I guess we shouldn't clutter up the administrator's phone line or inbox too much. Did any selfless soul step up to act as a conduit for collating enquiries?
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Post by elephantrosie on Mar 3, 2018 20:37:33 GMT
But if collateral ever make a come back, I am not going to have anything to do with it. I took that view after the events of 11/10/2016 and pulled out then. There have been times since when I have regretted missing out on juicy interest and wondered whether I was over-reacting. But p2p is risky enough without investing in a platform which has lost your trust, and C certainly forfeited my trust over the Bootle fiasco. what happened on 11th oct 16?
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seeingred
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Post by seeingred on Mar 3, 2018 22:33:55 GMT
"So I guess we shouldn't clutter up the administrator's phone line or inbox too much."
NOT AT ALL until they produce something worth commenting on, I would suggest.
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rrrupert
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Post by rrrupert on Mar 3, 2018 23:54:59 GMT
Apologies if this has been posted elsewhere on the forum already. But if not then it should be of interest. It is a quote from Citywire money. They appear to have talked directly to the administrators who sound positive on recoveries.
"Gordon Craig of administrators Refresh Recovery said the move was necessary due to the regulatory breach.
'They said they were FCA regulated and they are not,' he said. 'The firm thought it was acting on permissions from the FCA.'
He added the assets had been ring-fenced and that investors should receive their money back.
'As long as the repayments [on the loans] come through there won't be any shortfall,' he said.
Senior case administrator Jessica Hodgson added: 'We are still in the early stages of the administration, however present investigations lead us to believe that investors should receive 100p in the pound of their investment.' "
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macro
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Post by macro on Mar 4, 2018 4:00:53 GMT
Dont keep uninvested cash on any trading platforms. And don't keep cash invested on some trading platforms.
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elliotn
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Post by elliotn on Mar 4, 2018 4:08:58 GMT
They have made very positive noises so far about returns to "investors" so the point of how much their hourly rate is should be of no concern. The hopes of a COL2 are imo fanciful bit never say never. I am more concerned how to identify this Collateral 2! So that I can avoid. The brothers could let another director to join as new partner and as director. Association between companies and they FCA authorisation has proven very hard to keep track of. It’s almost like watch Dark on Netflix and trying to keep track of all then people in the episodes. I want to ask advice from other users, how do you do your on-going due diligence? I search company house, director detault history and company opening closing history, AND verify FCA authorisation. But this is point of time checks, and I, as well as many, still got caught out by Collateral because they lost their approval but chose not to tell us, none of us. Any advice? On-going checks are vital, but how? The main difference is that Coll 2 would have to be now fully authorised before they launched as interim permissions (essentially a holding position whilst switching over to fca regulation) are no longer available so this would not be repeated. They could be re-authorised by another authorised co (think HC) but again permsissions would already be in place. Your DD seems sound, when you're on CH, check accounts for timeliness and any going concern issues (ie what funding lines do they have in place during start-up years)...and yes if the chuckle bros later turned up as dir's!
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tx
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Post by tx on Mar 4, 2018 12:58:17 GMT
Are there any service that individuals and companies can subscribe to can give notifications if related person(s) has started new business that satisfy my criteria? Like the Currie brothers, of they start a new companies, either in the p2p space, or their company becomes a borrower on other p2p platform?
Some people will say why keep avoiding them when we don’t know the situation yet etc. But the fact that they put me under stress in the past week, and in the next 8 weeks, and with potential loss, is more than enough for me to avoid them forever.
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bugs4me
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Post by bugs4me on Mar 4, 2018 14:04:56 GMT
Are there any service that individuals and companies can subscribe to can give notifications if related person(s) has started new business that satisfy my criteria? Like the <snip>, of they start a new companies, either in the p2p space, or their company becomes a borrower on other p2p platform? Some people will say why keep avoiding them when we don’t know the situation yet etc. But the fact that they put me under stress in the past week, and in the next 8 weeks, and with potential loss, is more than enough for me to avoid them forever. I would suggest you modify your post - remove names. Personally I wish we could stop posting anything about COL. Appreciate their demise has caused possible sleepless nights but the Administrators will follow the usual path and what will be will be. Our posts will frankly influence close to zero if at all. We have a section - State of Play & Significant Information created by star dust for specific information rather than speculation.
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elliotn
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Post by elliotn on Mar 4, 2018 14:49:39 GMT
Are there any service that individuals and companies can subscribe to can give notifications if related person(s) has started new business that satisfy my criteria? Like the Currie brothers, of they start a new companies, either in the p2p space, or their company becomes a borrower on other p2p platform? Some people will say why keep avoiding them when we don’t know the situation yet etc. But the fact that they put me under stress in the past week, and in the next 8 weeks, and with potential loss, is more than enough for me to avoid them forever. Register on Comoanies House and follow any companies you're interested in - this may throw up related companies that share directors. However, you cannot follow individual directors on there, I'm not sure if a google alert would help? Otherwise watch on here, related/dir co's are normally picked up quickly.
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andy1
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Post by andy1 on Mar 4, 2018 18:46:20 GMT
Some people will say why keep avoiding them when we don’t know the situation yet etc. But the fact that they put me under stress in the past week, and in the next 8 weeks, and with potential loss, is more than enough for me to avoid them forever. Does that not maybe suggest to you that you have invested beyond your risk tolerance? Some sort of shock event will always happen eventually. It might be a macro factor like the GFC or it might be a localised thing like this but if it's causing a load of stress then you've taken on too much risk. We're all in the same boat. We all have money at stake but I think COL were genuinely trying to run a reputable business. There is no suggestion of fraud that I've seen. The cash on account still seems to be in the bank and the loans still exist. The whole thing seems to be being managed professionally and while I think it's likely that the default rates might rise a bit during the winding down I'm not going to lose any sleep over it. It's just one of those sort of things that will inevitably happen whatever level of DD you conduct up front. That's one of the reasons they were paying 15% interest.
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angrysaveruk
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Post by angrysaveruk on Mar 4, 2018 18:46:35 GMT
Although I am not an investor I will be following the developments here closely. If other platforms can buy some of the loans this will be interesting. The idea that if one platform closes down other platforms will buy the loans (perhaps at a discount) would reduce platform risk on P2P. How much of a discount would people accept right now to sell out their loan book?
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angrysaveruk
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Say No To T.D.S
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Post by angrysaveruk on Mar 4, 2018 19:12:52 GMT
Although I am not an investor I will be following the developments here closely. If other platforms can buy some of the loans this will be interesting. The idea that if one platform closes down other platforms will buy the loans (perhaps at a discount) would reduce platform risk on P2P. How much of a discount would people accept right now to sell out their loan book? I'm sure your empathetic view is appreciated by investors who do have funds tied up at this sensitive time. Do people a favour and stop following developments closely.  Never take investing personally.
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hazellend
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Post by hazellend on Mar 4, 2018 19:19:36 GMT
I'm sure your empathetic view is appreciated by investors who do have funds tied up at this sensitive time. Do people a favour and stop following developments closely. Never take investing personally. Maybe you'd be better off trolling other threads.
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boundah
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Post by boundah on Mar 4, 2018 19:20:43 GMT
Although I am not an investor I will be following the developments here closely. If other platforms can buy some of the loans this will be interesting. The idea that if one platform closes down other platforms will buy the loans (perhaps at a discount) would reduce platform risk on P2P. How much of a discount would people accept right now to sell out their loan book? I have a few loans in COL and think a selloff to one or several other platforms would be a good way out. A new company (COL2 or whatever) taking over the whole lot would be a marketing nightmare. As far as I can make out the loanbook is pretty sound, esp in comparison to 'another well-known competitor'. I for one would take a haircut in return for the ability to sell down my loans as I wish.
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michaelc
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Post by michaelc on Mar 4, 2018 19:31:36 GMT
The outstanding loans are not going to be "sold" because most platforms incl COL are not in the business of owning loans - that's our job. They manage them.
Perhaps another platform might be interested if the spread is good enough.
In any case, I definitely think its too early to be talking about going to the hairdressers.
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