In Administration (Col)

When I spoke with her a few weeks back she sounded dreadful so i’m not surprised she’s been off work

If only the same were true for the humble investor..

From DD


2. In terms of this court case, what is it in relation too?



Companies which have carried on regulated activities without authorisation from the FCA are required to obtain the FCA’s written consent before appointing an administrator. Neither the Collateral Companies nor the administrator (Mr Craig) sought this consent and we believe that this rendered the appointments of Mr Craig invalid. It is on this basis that we have made our application to appoint new administrators

Information for investors in the Collateral Companies

News stories Published: 04/04/2018 Last updated: 04/04/2018

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On 16 March 2018, the FCA made applications to the High Court in Manchester to appoint new administrators in respect of Collateral (UK) Ltd (Collateral UK), Collateral Sales Ltd and Collateral Security Trustee Ltd (together, the Collateral Companies). The Collateral Companies had been placed into administration by their directors on 28 February 2018.



The Collateral Companies operated a peer-to-peer lending platform through a website (collateraluk.com) and Collateral UK Ltd purported to hold an interim permission from the FCA to carry on regulated activities. In fact, none of the Collateral Companies held any valid authorisation or permission to carry on regulated activities. When challenged by the FCA, the Collateral Companies agreed to cease their lending activities and, on 26 February 2018, the lending platform became inoperative.



The Collateral Companies were required to obtain the approval of the FCA when appointing an administrator. This is designed to protect investors by ensuring an independent person conducts the administration in the best interests of the investors. This did not happen. Accordingly the FCA has intervened to ensure investors are protected as the law requires.



On 16 March 2018, the High Court adjourned the FCA’s applications to 27 April 2018. Until then, the Court ordered that, barring incoming payment of loan interest and repayments and certain other administrative steps, the substantive progress of the administration should be paused.



The FCA will continue to work in the best interests of investors in the Collateral Companies. The case will return to the High Court in Manchester on 27 April 2018.

This may  help any new investors looking for answers

It's a report in DD central. There is a 1, the 2 you see, and another 2.

There is no reason for that post, and several others, to be in DD central rather than here, and it seems to me to be in breach of the forum rules.

I have to admit it was disappointing to read this post.  After all the discussion that has taken place concluding that there is actually no reason to have the COL board currently running in DD Central holding information that is not being immediately reported onto the COL open board.  

AS 'blender' also acknowledges, it clearly states in the rules of DD Central that "DD Central should primarily be a repository of background due diligence material", unless I am missing something that is not a current scenario that springs to mind when I think of COL at the moment.

I just hope that the Administrators of this board realise that us 0-50 posters are in it as much as the 50+ posters and desperately need this board to have up to the minute information as it is released.  I don't mind admitting that i am in COL for just shy of £50K and without the £600 interest payments which pay my bills each month I am collapsing into a hole that I hope I can crawl out of soon.  I am sure there are many others in a similar predicament who are also not currently a member of DD Central and are relying on this board for their up to date daily COL information.

Can I make a seemingly simple suggestion.  Unless the administrators feel there is a reason that the DD Central COL board is currently required. Could it not be temporarily closed to posts, whereby ensuring all up to date COL information is posted here without the unnecessary delays or even worse the possibility that certain posts may never appear here and we totally miss some critical information.