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Post by brightspark on Apr 3, 2018 10:56:24 GMT
If the intentions of Collateral and/or its successor are honourable then in months or possibly years investors will hopefully get their money back poorly performing loans permitting. If they are not honourable then flagging up now an interest by e-mail and or letter will probably gain nothing. I am a relatively small lender via Collateral so will wait for the machinery of Administration to churn out whatever it will. If I had a large sum invested I would probably seek independent legal advice. I think it likely that FCA will prevail, their Administrator will be appointed because the Collateral appointed Administrator cannot take forward the positions of lenders or borrowers and that on balance investors will eventually require to be treated as creditors to an unregulated operation. Time will tell.
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Post by dualinvestor on Apr 3, 2018 10:59:29 GMT
To be clear, in my post above yours I stated acknowledging receipt of the first report and not the leaked report. Have you received it then, no-one else seems to have?
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mason
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Post by mason on Apr 3, 2018 11:07:39 GMT
I've received a response to email I sent yesterday with my creditor claim and query regarding the missing money. It states that there is a formal report that has been prepared to update all investors, but the FCA has advised it cannot be released. I'm assuming its another boilerplate reply.
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Monetus
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Post by Monetus on Apr 3, 2018 11:13:05 GMT
I think it likely that FCA will prevail, their Administrator will be appointed because the Collateral appointed Administrator cannot take forward the positions of lenders or borrowers and that on balance investors will eventually require to be treated as creditors to an unregulated operation. Time will tell. I agree. And I feel that it's not going to be a positive outcome for investors. 
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dandy
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Post by dandy on Apr 3, 2018 11:15:16 GMT
I've received a response to email I sent yesterday with my creditor claim and query regarding the missing money. It states that there is a formal report that has been prepared to update all investors, but the FCA has advised it cannot be released. I'm assuming its another boilerplate reply. I would assume this is the report we have all seen and the FCA have objected to its release because it is incoherent, inaccurate and totally misleading. Same reasons they want them removed. It is abundantly obvious (at least to me) they do not understand CASS and so are not capable of handling this. It is also impossible that there are no creditors unless payments continue to be made to landlords, staff, utility suppliers etc in contravention of insolvency law
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macro
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Post by macro on Apr 3, 2018 11:17:55 GMT
I've received a response to email I sent yesterday with my creditor claim and query regarding the missing money. It states that there is a formal report that has been prepared to update all investors, but the FCA has advised it cannot be released. I'm assuming its another boilerplate reply. It seems so. Similarly sent RR the proof of debt document with covering query and received the boilerplate reply. At least it serves as tacit acknowledgement that the current appointed administrators have received my formal claim.
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mason
Member of DD Central
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Post by mason on Apr 3, 2018 11:22:06 GMT
I've received a response to email I sent yesterday with my creditor claim and query regarding the missing money. It states that there is a formal report that has been prepared to update all investors, but the FCA has advised it cannot be released. I'm assuming its another boilerplate reply. I would assume this is the report we have all seen and the FCA have objected to its release because it is incoherent, inaccurate and totally misleading. Same reasons they want them removed. It is abundantly obvious (at least to me) they do not understand CASS and so are not capable of handling this. It is also impossible that there are no creditors unless payments continue to be made to landlords, staff, utility suppliers etc in contravention of insolvency law This is a distinct possibility. If so, then the 6th April deadline to object to the proposals would not apply. On the absence of creditors, even ignoring investors, if there were no known creditors at the time the report was prepared, there surely are by now.
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GeorgeT
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Post by GeorgeT on Apr 3, 2018 11:32:43 GMT
To be clear, in my post above yours I stated acknowledging receipt of the first report and not the leaked report. Have you received it then, no-one else seems to have? All investors received the first report. I did not receive the leaked report. I have prepared a draft letter of response. I will fine tune it after lunch but this is the sort of thing I am going to write - __________________________________________ Full name Date of birth Postal address Email address Telephone No. Your ref: GC/PJH/JAH/ADM309/C144 Dear Sir, RE: COLLATERAL (UK) LIMITED - IN ADMINISTRATION I confirm receipt of your 'Notice to Investors' letter dated 28 February 2018 in which you advise that Collateral (UK) Limited has entered Administration and that you have been appointed Administrator of the Company. I wish to place on record that I was an investor through Collateral (UK) Limited and that I have monies in excess of £1,000 invested through the online Collateral platform, which is no longer accessible. I note your assertion that, as an 'investor', I am not a creditor of the company. However I hereby reserve all my rights in respect of this matter. My full details, which I trust are safely in your possession, are set out at the head of this letter. I have also seen a more recent report circulating on the internet, and dated 23 March 2018, that purports to be prepared by you pursuant to paragraph 49 of Schedule B1 of the Insolvency Act 1986. This advises that your appointment is being challenged by the FCA. I should be obliged if you would keep me fully informed - insofar as you are able given the legal position. Yours faithfully,
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radar
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Post by radar on Apr 3, 2018 11:35:29 GMT
I've received a response to email I sent yesterday with my creditor claim and query regarding the missing money. It states that there is a formal report that has been prepared to update all investors, but the FCA has advised it cannot be released. I'm assuming its another boilerplate reply. It seems so. Similarly sent RR the proof of debt document with covering query and received the boilerplate reply. At least it serves as tacit acknowledgement that the current appointed administrators have received my formal claim. I will wait to see if the administrators are replaced before taking any action, and either way I expect to be properly served with more detailed information whoever is the deemed administrator, as what I have received up to now I consider to be inappropriate in the circumstances.
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averageguy
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Post by averageguy on Apr 3, 2018 11:35:59 GMT
To be clear, in my post above yours I stated acknowledging receipt of the first report and not the leaked report. When you say ‘report’ do you mean the emailed letter back at the beginning of March?
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guff
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Post by guff on Apr 3, 2018 11:40:26 GMT
To be clear, in my post above yours I stated acknowledging receipt of the first report and not the leaked report. Have you received it then, no-one else seems to have? Similarly bemused. I've been back and checked all e-mails from RR and all I received was a letter on 28th February but no report. Am I missing something?
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averageguy
Member of DD Central
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Post by averageguy on Apr 3, 2018 11:43:44 GMT
Have you received it then, no-one else seems to have? Similarly bemused. I've been back and checked all e-mails from RR and all I received was a letter on 28th February but no report. Am I missing something? See my post above yours ..I think he’s referring to that
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bugs4me
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Post by bugs4me on Apr 3, 2018 11:44:42 GMT
Similarly bemused. I've been back and checked all e-mails from RR and all I received was a letter on 28th February but no report. Am I missing something? See my post above yours ..I think he’s referring to that It's on DDC. If you'd like a copy PM me.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Apr 3, 2018 11:45:38 GMT
Have you received it then, no-one else seems to have? Similarly bemused. I've been back and checked all e-mails from RR and all I received was a letter on 28th February but no report. Am I missing something? I meant the letter dated 28/2 which was a PDF file. I considered it to be a report. It did, after all, run to 9 pages and set out lots of questions and answers. Sorry for any confusion. There is : Notice to Investors dated 28/2/18 Leaked report dated 23/3/18. No other formal stuff I am aware of.
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Post by easteregg on Apr 3, 2018 11:46:30 GMT
I have received a response from the Administrator concerning the report dated 23rd March.
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