guff
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Post by guff on Apr 3, 2018 11:51:37 GMT
See my post above yours ..I think he’s referring to that It's on DDC. If you'd like a copy PM me. Thanks averageguy, I have the letter and found the leaked report online.
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averageguy
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Post by averageguy on Apr 3, 2018 11:52:48 GMT
See my post above yours ..I think he’s referring to that It's on DDC. If you'd like a copy PM me. Thanks but it was all about clarifying what the poster was referring to...which he is now and i’m In receipt of both 
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bugs4me
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Post by bugs4me on Apr 3, 2018 11:53:12 GMT
I have received a response from the Administrator concerning the report dated 23rd March.
Appears to be a typical FCA response. Full of advice but often little action until the horse has well and truly bolted.
I'm currently inclined to not believe a great deal about the events leading up to the collapse of COL - the reasoning behind it, who was ultimately responsible, etc. None of the stories add up and are often contradictory. In my book however, the buck stops at the top and that means the Directors until they prove otherwise.
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guff
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Post by guff on Apr 3, 2018 11:54:57 GMT
I have received a response from the Administrator concerning the report dated 23rd March.
In engineering, a draft report would be stamped as such on every page and a formal report would not be signed off until ready for release: Do similar practices not exists in financial circles?
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Post by dualinvestor on Apr 3, 2018 12:29:23 GMT
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, That was not a report it was notification of the appointment of an Administrator.
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adrianc
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Post by adrianc on Apr 3, 2018 12:47:29 GMT
I have received a response from the Administrator concerning the report dated 23rd March.
I've had that same first line back from Jessica today, in reply to an email over the weekend asking to be formally flagged as a creditor, and asking whether/when we'll be able to get access to our balances and positions.
The second line of her reply was...
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Post by riddler on Apr 3, 2018 12:50:20 GMT
Hello
I have trawled throughout my mails, but do not seem to have received anything from Collateral UK, neither the generic update of 28-Feb, nor any mails thereafter. I am at a loss, and hoping that the stalwarts on this forum can guide me on the best possible course of action for me to take this up please.
I am not heavily invested (around £1,100), but I am still concerned that I haven't had the update that all investors seem to have received.
Thanks
Riddler
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averageguy
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Post by averageguy on Apr 3, 2018 12:53:53 GMT
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, That was not a report it was notification of the appointment of an Administrator. He has already clarified what he meant ..ease off
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p2pmark
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Post by p2pmark on Apr 3, 2018 13:05:01 GMT
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 - __________________________________________ Dear Sir, ... 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 hope this doesn't seem too pedantic, but AIUI you are a lender not an investor. It might be helpful to be precise on this given the potential for confusion regarding a firm in administration. I imagine the true investors in COL will likely get nothing back. (I appreciate you are simply using the same terminology as RR, and so the blame really lies with them.)
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cb25
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Post by cb25 on Apr 3, 2018 13:15:17 GMT
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Post by dualinvestor on Apr 3, 2018 13:23:22 GMT
I have received a response from the Administrator concerning the report dated 23rd March.
In engineering, a draft report would be stamped as such on every page and a formal report would not be signed off until ready for release: Do similar practices not exists in financial circles? It's usual practice for a draft report to be stamped draft it is also usual practice for it not to be signed until it is finalised and distributed.
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Post by dualinvestor on Apr 3, 2018 13:25:38 GMT
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 - __________________________________________ Dear Sir, ... 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 hope this doesn't seem too pedantic, but AIUI you are a lender not an investor. It might be helpful to be precise on this given the potential for confusion regarding a firm in administration. I imagine the true investors in COL will likely get nothing back. (I appreciate you are simply using the same terminology as RR, and so the blame really lies with them.) True Mark but throughout the Administrator has referred to you as investors.
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Greenwood2
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Post by Greenwood2 on Apr 3, 2018 13:29:39 GMT
I have received a response from the Administrator concerning the report dated 23rd March.
So where did it come from? It would be interesting to know exactly who sent it to stub8535.
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seb8072
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Post by seb8072 on Apr 3, 2018 13:34:54 GMT
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, You refer to a written letter which may be ok but just as a word of warning I should be very careful about including such a lot of personal information in an un-encrypted email.
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guff
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Post by guff on Apr 3, 2018 13:46:14 GMT
In engineering, a draft report would be stamped as such on every page and a formal report would not be signed off until ready for release: Do similar practices not exists in financial circles? It's usual practice for a draft report to be stamped draft it is also usual practice for it not to be signed until it is finalised and distributed. Interestingly, the signature in the letter and the signature in the leaked report appear to be identical (ignoring resolution and compression artifacts) which could lead one to speculate about how and why…
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