We have been asked to create a pinned thread to record the current state of play on the Administration process – whilst a great idea the forum staff aren’t necessarily the best people to maintain it, so a volunteer is needed. If there is one please step up and PM me/us.
In the interim what is more easily done and will allow multiple contributors is if we create a pinned locked thread with the important information gleaned so far and move relevant posts to it.
I shall start off with a post containing a number of links to useful information/posts, and then add one of particular interest. I will also create a few blank posts at the top (above this) so that if someone does volunteer to create a ‘state of play’ the information can be posted there as well.
Going forward I suggest post’s members feel could be moved here as useful reference in the evolving situation are reported to the staff in the usual way, and we will move. Please only report posts with significant/ new / or well surmised information.
This one really will have to stay in DDC - copies of all of the images (mainly photos) and downloads (VRs, QS reports, brochures etc) for the property loan book in a downloadable file - a round of applause for dan1 for providing it.
Last Known Position On The Bolton Loan BL00026 and Tranches:
Information from a conversation with a Collateral Director on 26th February provided by @leopardcat , and information on latter unfilled undrawn tranches DL00034-39 for £600k with approximately £175k funded by 25th February according to my analysis for this post and the Loan Book file provided by dan1 for the same date – links here.
Latest information on and pictures of the build 21/03/2018 courtesy of (and thanks to) in2tensehere.
Has anyone figured what the overhang of (so far unfunded) later tranches might be?
With respect to the Bolton loan, I had telephoned COL on Monday lunchtime and got straight through to Peter and had a reasonable (and in hindsight, remarkably unstressed) conversation.
In addition to the one fully funded but not drawndown tranche and the 5 partially funded tranches, there were to be 6 further tranches amounting to 600K. These would be essential to fund completion.
I have bought heavily into the earlier tranches, and sort of against my better judgement, have put a considerable amount gradually into these later tranches, as I see it in my own best interests that the loan completes; hence my phoning up, as I will need cash this summer, and I was becoming concerned at the slow filling. I would have been prepared to put in a bit extra if I could be "guaranteed" (effectively a 95% probability) of completion by July.
He admitted that the loan investor base seemed at the limits of investment ( we discussed money tied up in defaults on Lendy and MT) and that they were exploring alternative funding re the final 600K.
This long preamble is to show how I got to the information , in a thread full of speculation. If there indeed has been no mal-intent, then it would seem to me to be encouraging re this particular loan, that significant inroads have already been made into obtaining funding to complete; this may now need to be doubled if the the monies on the most recent 6 tranches are returned to investors (no doubt without our 2%).
One question that may need posed by the administrator, given that most people in the latest tranches will also have considerable amounts in the earlier tranches, if the company is being actively run, is whether investors would be agreeable to that money being drawndown to help complete the project, which may be able to pay back in a matter of months.
I say this because although individual units are still on marketing sites, I have been informed (by Peter) that 2 separate large funds are wanting to buy this, at a price that is significantly more than the total value of individual units being flogged off plan. One of these funds is Japanese according to Peter.
Please do not think that I am being an apologist for COL, just want my investments back safely, and thought it fair to put what little information I have in the public domain. Whilst I cannot guarantee that the information is fact, I can guarantee that it is what I was told.
He also told me re the 3 Lancashire loans that he had seen evidence of the refunding, with HoT on 2 developments and that they were waiting for HoT on the 3rd which had been promised to be with them last week.
I was not in COL when the possibly dubious loans referred to were on and if I had been, perhaps I would not have gone in so heavily......
"Financial Conduct Authority Information for investors in the Collateral Companies News stories Published: 04/04/2018 Last updated: 04/04/2018
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."
Shane Crooks & Mark Shaw were appointed as Joint Administrators of the Companies by order of the Court on 27 April 2018. Please see the below attached notices of appointment for reference.
Under the provisions of paragraph 100(2) of Sch. B1 to the Insolvency Act 1986 the Joint Administrators carry out their functions jointly and severally and neither Administrator has exclusive power to exercise any function."
Full text of the BDO Notice to Investors Below:
Notice to investors Collateral (UK) Limited Collateral Sales Limited Collateral Security Trustee Limited (together, ‘the Collateral Companies’) – All in Administration Shane Crooks and Mark Shaw of BDO LLP, 55 Baker Street, London W1U 7EU, were appointed as Joint Administrators (referred to below as ‘the BDO Administrators’) in respect of the Companies by the High Court of Justice in Manchester (‘the High Court’) on 27 April 2018.The appointment of Messrs Crooks and Shaw has taken place with immediate effect.
Please note that the High Court has also declared that the attempted appointment of Mr Gordon Craig, of Refresh Recovery Limited, West Lancashire Investment Centre, White Moss Business Park, Skelmersdale, Lancs WN8 9TG as Administrator of the Collateral Companies on 28 February 2018 is invalid.
The BDO Administrators have the sole and exclusive power to control and manage the assets, business and affairs of the Collateral Companies.
The BDO Administrators are independent of the Collateral Companies, their directors and Mr Craig/his firm. The BDO Administrators are under the overall control of the High Court and were appointed following an application to the High Court by the Financial Conduct Authority, the UK’s financial services regulator.
All contact with the Collateral Companies must now be made through the BDO Administrators, whose contact details are below.
The BDO Administrators will be carrying out an immediate review of and investigation into the affairs of the Collateral Companies and will be liaising with investors in respect of their investments in due course.
Further information will shortly be set out on this website page, including a Frequently Asked Questions section and a copy of the court order appointing the BDO Administrators.
Investors who wish to obtain further information in relation to the BDO Administrators’ appointment may contact them directly as follows:
Post: BDO LLP, 55 Baker Street, London W1U 7EU (quoting “Collateral UK” as the reference)
Hi I attended the court hearing today form 10.30 to finish at approx. 15.15 pm. Judge was Judge Pelling Court number 40 Case number 2168/2018 obtained by Leopard cat,
who was also present along with Micky who both arrived just before dinner.
I am going to commence backwards as a lot of the information is in my head after talking to the people from the FCA and also BD0.
Points FCA and BDO are now acting on our behalf.
FCA stated the court transcripts will be available and can be obtained on form ex107.. see above for case number etc. I am unsure where to obtain these forms, though sure someone will know.
FCA told us the transcripts will be enlightening, as much is there that was not said in court.
FCA have frozen the all the bank accounts of the Curry brothers and explored all their other assets. Including checking offshore.
FCA were unaware of anything untoward until THEY where alerted to this forum.. The website was taken down by the Curry brothers before the FCA requested it.
£390,000.00 was taken from the client accounts on 13th and 26th February.. Stated for business profits.
Costs awarded against the Curry brothers. They are asking for 28 days to pay..
They and their solicitor did not prepare a defence.. stating they did not have enough time and it was prohibitively too expensive.
They were requesting an adjournment.
FCA stating BDO will set up 5 workstreams 1. A website to deal with all queries, as they stated telephone queries etc will not allow them to get on with the job in hand.
2. Securing the Platform and ascertaining the investor details. 3 Securing all the assests. 4 Checking out all legal issues 5 Looking at Legal procedures.
Judge and FCA have stated courts exercise control over charges incurred. "Investors/Creditors can be assured control mechanisms are in place to control cost.
FCA have stated they will be posting on there website updates as to how things are progressing etc.
BDO have offices in London and Manchester and a lot of the work will be done by Manchester staff.
Main contacts at BDO are Sarantis Chiotis Manager who will be first poing of contact and Shane Crooks Partner.
One on other thing. They was another investor there (high worth) who stated to us that he had telephoned one of the Curry brothers 2 weeks ago and was given access to the
website. So it was still there then.
I was there for the morning, but much of those arguments are not really necessary now, as the final outcome is set. BDO with FCA overseeing things.
Hope this helps.
It's perfectly normal to have some bad loans, so I expect them on all platforms consequently I'm prepared to lose a certain %age of what I p2pinvest. I'm a mini A.C. shareholder, lender on A.C. & Zopa260
THIS DOCUMENT IS PUBLISHED BY THE JOINT ADMINISTRATORS ON BEHALF OF THE COMPANIES. THE JOINT ADMINISTRATORS ACT AS AGENTS OF THE COMPANIES AND WITHOUT PERSONAL LIABILITY Collateral (UK) Limited Collateral Sales Limited Collateral Security Trustee Limited (together, ‘the Companies’) – All in Administration
Frequently Asked Questions
Why have the Companies been placed into Administration?
The directors’ of the Companies took steps to place the Companies into Administration on 28 February 2018, considering that the Companies were unable to meet their debts as they fell due. Mr Gordon Craig of Refresh Recovery Limited was purportedly appointed administrator over the Companies.
By law, in respect of a company carrying out regulated activities, the UK Financial Conduct Authority’s (the ‘FCA’) consent to the proposed appointment of an administrator is required. There had historically been a dispute between the Companies and the FCA as to whether the Companies were carrying out a regulated activity.
The FCA’s consent was neither sought nor provided in relation to the directors’ proposed appointment of an administrator. The FCA was unwilling to provide retrospective consent to Mr Craig’s purported appointment and, consequently, applied to Court for (i) a declaration that the purported appointment of Mr Craig was invalid; and (ii) an order appointing Shane Crooks and Mark Shaw of BDO LLP as Joint Administrators, with effect from 27 April 2018. The Court made an order in these terms.
Were the Companies not already in Administration?
The Court Order of 27 April 2018 states that the purported appointment of Mr Gordon Craig as administrator of the Companies on 28 February 2018 was and is invalid.
The Joint Administrators will liaise with Mr Craig to understand what steps he has taken in the period between 28 February and 27 April 2018.
Are the directors still in charge of the Companies?
No, the Joint Administrators now have the exclusive power to control and manage the affairs, business and property of the Companies.
In whose interests do the Joint Administrators act?
The Joint Administrators are officers of the English court. They are subject to the overall supervision and control of the English court and the Companies’ creditors.
This places very high standards of care on the Joint Administrators to act objectively and in good faith in the interests of the Companies, its investors and its other creditors and stakeholders.
Both of the Joint Administrators are regulated as English Chartered Accountants and are authorised insolvency practitioners.
Does this mean I will not get back all of the money I have invested in the Companies?
At the current time, the Joint Administrators are unable to comment on the prospects of recovery.
The Joint Administrators are meeting with the directors and Mr Craig to obtain the Companies’ books and records. They will then review the company’s financial position and the terms of various legal and contractual documentation between the Companies, the investors and the borrowers. We will update investors and other creditors in respect of our findings in due course.
How will the Joint Administrators communicate with the investors and other creditors?
The Joint Administrators have set up a dedicated website that provides initial information to both investors/creditors and borrowers of the Collateral Companies. Please note the website link below:
The Joint Administrators appreciate the importance of securing the electronic data of the Companies. In this respect meetings have been arranged with the directors of the Companies and Mr Craig to understand what data is held, where it is held, how the platform was operated and managed and to arrange for the collection and safe-keeping of that data and information.
Will the Collateral website be restored as 'read only' so that all investors can access their account information?
The Joint Administrators will, if possible, consider making available to investors a ‘read-only’ version of the online platform. At this stage, it is not possible to comment on the feasibility of this option.
Are the Joint Administrators considering the sale of the loan book to another company?
The Joint Administrators will explore the feasibility and appropriateness of such a sale (should there be expressions of interest) and will act according to the best interests of the Companies and their creditors. The initial focus of the Joint Administrators, however, is to recover the books and records and understand the nature of the outstanding loan book.
What is the legal status of the investors in the Administration? How will the Joint Administrators calculate the amounts due to them and how will they administer repayments?
The Joint Administrators intend to review the books and records of the Companies to understand the contractual and legal relationship between the Companies, the investors and the borrowers. Where appropriate, the Joint Administrators will seek legal advice to assist in their determination.
The court papers make reference to funds being paid out of the Companies’ accounts in February. Will the Joint Administrators be pursuing those funds?
The Joint Administrators will be carrying out investigations into the affairs of the Companies, the reasons for their failure and the conduct of the directors. The administrators will consider any appropriate action once those investigations are complete. They are unable to make any further comment at this stage.
Email sent to INVESTORCOLLATERAL on Wednesday 23rd May 17:10 pm (my bold)
Collateral (UK) Limited Collateral Sales Limited Collateral Security Trustee Limited (together, ‘the Companies’) – All in Administration
Please see the attached statutory notice of appointment to creditors & investors.
Please note investors are not required to complete the attached proof of debt form at this time.
Please continue to direct all correspondence to this email address. We will also shortly be updating the FAQ section on the investor website - www.bdo.co.uk/en-gb/collateral-companies-in-administration - which will serve as an interim update on the progress of the administrations, prior to the publishing of the Joint Administrators’ Proposals.
Tel: +44 (0)20 7486 5888 Fax: +44 (0)20 7935 3944 DX 9025 West End W1
www.bdo.co.uk Business Restructuring 55 Baker Street London W1U 7EU
BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members’ names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Conduct Authority to conduct investment business
Shane Michael Crooks and Mark James Shaw both of BDO LLP, 55 Baker Street, London W1U 7EU were appointed Joint Administrators of the Companies on 27 April 2018
TO ALL KNOWN CREDITORS AND INVESTORS 22 May 2018 Dear Sir(s) Collateral (UK) Limited Collateral Sales Limited Collateral Security Trustee Limited (together “the Companies”) – All in Administration
I give you notice, per Paragraph 46 of Schedule B1 to the Insolvency Act 1986, that on 27 April 2018 Shane Michael Crooks and Mark James Shaw, both authorised by the Institute of Chartered Accountants in England & Wales in the UK and both of BDO LLP, 55 Baker Street, London, W1U 7EU, were appointed Joint Administrators of the Companies.
Notice of the Joint Administrators’ appointment has been delivered to the Registrar of Companies.
The affairs, business and property of the Companies are being managed by the Joint Administrators. During the Administrations, the Companies cannot normally be wound up and no Administrative Receiver can be appointed. Similarly, a creditor cannot enforce security, repossess goods or commence any legal proceedings against the Companies without the consent of the Joint Administrators or the permission of the Court. These restrictions are statutory restrictions which the Joint Administrators will enforce rigorously.
If it is necessary to place orders with you for goods or services, such orders must bear the signature of the Joint Administrators or an authorised representative, whose signatures are shown below. Goods or services will only be paid for where such orders have been issued. The Joint Administrators are currently undertaking a review of the Companies’ financial position and the terms of the various legal and contractual documents between the Companies, the investors and the borrowers. Where appropriate, the Joint Administrators will seek legal advice to assist in their determination.
Once all of the Companies’ books and records have been recovered and the various legal and contractual positions ascertained, the Joint Administrators will seek to reconcile the position of all investors, other creditors and borrowers. It is recognised that, without access to the Companies’ online platform, many investors will not presently be able to confirm the amounts that they consider are owed to them. At this stage, the Joint Administrators do not, therefore, require investors to provide a proof of debt form.
Any other creditors of the Companies should let me have a detailed account of the amount owing to them as at the date of the Administrations, together with details of any security they may hold, and of any claim they may have to be treated as a preferential creditor. A proof of debt form is attached.
If you claim retention of title in respect of goods delivered to the Companies, please notify me in writing within seven days from the date of this letter. Such claims should be supported by relevant documentation and an indication of how such stocks may be identified to specific unpaid invoices.
Creditors who are registered for VAT should be able to obtain VAT bad debt relief in respect of unpaid supplies, six months after the date that payment was due for the supply. Bad debt relief is subject to compliance with HMRC requirements (see VAT Notice 700/18).
Investor, borrower and creditor communications Given the volume of investors, we do not believe that it is cost effective to deal with investor enquiries by telephone. We have, however, set up a dedicated email address for investors to which any enquiries should be sent: [email protected] Please also note that all proposals and reports in relation to the Administrations will be available online at:
All proposals and reports will be published on this website. If you would prefer to receive a hard copy of any proposals or reports you may request them and we will be obliged to send them to you within 5 days. You may also request hard copies of any reports or documents previously published on the website. The website already includes information for both investors and borrowers of the Companies and a frequently asked questions schedule, which will be updated periodically to advise stakeholders on the progress of the Administrations.
If you have any difficulty in accessing the website please report them to my colleagues at the email address above.
If any creditor wishes to receive advance notification of future documents and reports in respect of these Administrations via email, please provide details of the relevant email address to me in writing, to the address at the top of this letter.
Creditors have the right to opt-out of receiving notifications in respect of these Administrations. If a creditor opts out they will still receive notices regarding any notices of dividend or any change in officeholder, but no other documents. Opting out will not affect a creditor’s entitlement to dividends (subject to proving their debt), and they may still vote in any future decision procedure, although the creditor will not receive notice in this latter respect. A creditor may elect to opt-out by writing to me at the address at the top of this letter. To opt back into communications a creditor must notify me in writing.
Creditors may access information setting out creditors’ rights in respect of the approval of the Joint Administrators’ remuneration at www.r3.org.uk/what-we-do/publications/professional/fees. The Insolvency Service has established a central gateway for considering complaints in respect of Insolvency practitioners. In the event that you make a complaint to me but are not satisfied with my response, you should visit www.gov.uk/complain-about-insolvency-practitioner where you will find further information on how you may pursue the complaint.
The Joint Administrators invite creditors and investors to provide any information that they have which may assist in the administration of the Companies. Relevant questionnaires are enclosed.
Under Paragraph 49 of Schedule B1 to the Insolvency Act 1986 we will prepare proposals which will be submitted to the Companies’ creditors within eight weeks of the commencement of the Administrations, or such longer period as the Court may order. The Joint Administrators’ Proposals will be published on the website in due course. Progress reports will also be published at 6 monthly intervals. If you have any further queries please contact [email protected] Please note that the Joint Administrators are agents of the Companies and act without personal liability. Yours faithfully For and on behalf of The Companies Shane Michael Crooks Joint Administrator Specimen Signatures: Shane Michael Crooks ....................................................... Mark James Shaw ....................................................... 23 May 2018 Rule 14.4 Insolvency (England and Wales) Rules 2016
Also attached were Proof of Debt/Claim Form for Collateral (UK) Limited - In Administration Company No: 09314729
Last Edit: May 25, 2018 18:38:32 GMT by star dust: To note the notice now in the public domain and move from DDC
THIS DOCUMENT IS PUBLISHED BY THE JOINT ADMINISTRATORS ON BEHALF OF THE COMPANIES. THE JOINT ADMINISTRATORS ACT AS AGENTS OF THE COMPANIES AND WITHOUT PERSONAL LIABILITY
Collateral (UK) Limited Collateral Sales Limited Collateral Security Trustee Limited (together, ‘the Companies’) – All in Administration
Frequently Asked Questions
What steps have been taken in relation to the Companies’ bank accounts?
The Joint Administrators have secured control of the Companies pre-administration bank accounts, which can still accept credits in the case of borrower repayments.
Have borrowers continued to service the loans?
Since the business ceased trading, there have been a limited number of receipts into the Companies’ bank accounts in respect of the outstanding loans. The Joint Administrators have now obtained a significant volume of documentation in respect of the outstanding loans, which will enable them to take steps to recover the loans as they fall due.
Some loans should now be past their redemption date. Have they been repaid by the borrowers?
According to the Companies’ records available to the Joint Administrators, a significant portion of the loans are now past their redemption date. Now that the loan documentation has been obtained, the Joint Administrators have written to the borrowers seeking repayment of the loan amounts together with any additional interest as may be applicable. Most loans are secured by a first charge against the property/development. Are these charges legally binding to the borrowers?
Based on the information currently available there is no reason to doubt the validity of the security documentation, which the Joint Administrators note was originally prepared by the Companies’ lawyers.
What action will the Joint Administrators take in relation to borrowers who do not pay their debts to the Companies?
We will work closely with our solicitors in such cases but, in the event that borrowers do not repay the loans as they fall due, the Joint Administrators will take all steps available to them to recover the amounts due including, where applicable, taking enforcement action under the security held in relation to the loans.
Have chattel assets held as security been located?
All chattel assets taken as physical security are held in a safe at a specialist third party secure facility. The Joint Administrators have inspected the contents of the safe, and have taken steps to ensure that the safe is under their sole control.
Have the Joint Administrators retained any of the Companies’ staff to assist in the administration?
The Joint Administrators have been advised that the directors made all five members of staff redundant prior to their appointment. Where appropriate, the Joint Administrators are liaising with the directors in relation to the Companies’ affairs.
The Companies’ online platform allowed the investors to choose specific loans to invest into and awarded different interest rates and/or priority for different loans or different tranches of loans. Will I be receiving repayment in respect of each loan/tranche of loan that is being repaid in the same priority?
Whilst the information that has been retrieved by the Joint Administrators to date contains details of the investors and their total loan exposure, it does not provide sufficient detail to extract an analysis of each investor’s investments into specific loans or tranches of loans. The Joint Administrators’ investigations to recover further information are continuing, and we will update investors in due course.
What has happened to the IT platform?
The Joint Administrators’ have been advised that the electronic Collateral platform, and all the data which it hosted (including back-ups of the platform), was held on third party servers which had been decommissioned prior to our appointment, and was therefore not available to the Companies. We have identified the third party server provider, however, and we are currently in correspondence with the provider to determine what action, if any, can be taken to recover the data. A further update will be provided in due course.
The domain name has expired. What steps will be taken by the Joint Administrators?
The Companies’ website and trading platform had been taken down prior to the Joint Administrators’ appointment. We were aware that the domain name from which the Companies traded, www.collateraluk.com, was being offered for sale at an online auction. Acquiring the domain name itself would not assist with the orderly wind down of the Companies’ affairs, so the Joint Administrators did not attempt to purchase the domain name.
As an investor with the Companies, what do I have to do to ensure that my interest is registered in the administrations? Do I have to submit a proof of debt?
The Joint Administrators emailed a letter to all investors on 23 May 2018 containing statutory information and a proof of debt form. This letter has also been uploaded at the dedicated website for the administrations. At this stage, the Joint Administrators do not require the investors to complete a proof of debt form. If any investors did not receive the letter of 23 May 2018, they should send an email to [email protected] providing their contact details.
What return can investors expect from the administrations in respect of their outstanding investments?
It is too early to provide any estimate of the likely return to investors, which will depend to a very significant extent on the level of recoveries from the loan book. Will investors be treated as creditors?
From the information currently available, the initial view of the Joint Administrators’ lawyers is that investors will be treated as creditors of the Companies as a consequence of s26 of the Financial Services and Markets Act 2000. A further update will be provide in the Joint Administrators’ proposals to creditors, which are due to be issued on or before 22 June 2018.
Last Edit: Jun 11, 2018 11:52:37 GMT by mrclondon: Formatting
Disclosure: I'm a shareholder in Assetz Capital Limited
Given that the administrator yesterday determined that Collateral lenders would be classified as creditors to the business and that platform data may no longer be available, this places Collateral lenders in a somewhat difficult position. While this is not our concern, we do have considerable sympathy for lenders involved and we have been considering what practical help we may be able to provide.
We have made contact with an insolvency practitioner that may be prepared to act on behalf of any individual lenders to give them a collective voice. While they would not be the IP of course, since one has already been appointed, they are familiar with the P2P set up as they have acted for us before and they are an experienced administrator themselves. We have sent them some information and they are currently reviewing this to assess whether they can assist. In the meantime, if any lenders are interested in this type of solution, please let me know.
Here at Moorfields Advisory Ltd, a firm of Insolvency Practitioners who have experience in advising P2P firms, we have been contacted by MoneyThing and have been discussing internally the difficulties lenders / creditors potentially face following the administration of Collateral UK Ltd. We are advised that the current Administrators, BDO, are proposing to circulate a report on 22 June 2018 and from the posts we have seen to date, creditors will be taking a keen interest in their latest update. We would be willing in the first instance to review the report, then answer questions that might arise as common themes. Therefore, please raise your queries via this thread between 22 June 2018 and 29 June 2018, after which we will be happy to summarise the report and answer those common concerns raised during that period.
We join MoneyThing in expressing our sympathy for the lenders’ situation and we hope to be able to provide some practical assistance. We can confirm that we will not charge for conducting this review.
To share a technical detail re our Collateral account records: each the website originated contract-note emails were digitally signed via DKIM-Signature. Thus each note has a unique cryptographic signature covering date/time contents etc that only collateraluk could have authored.
The purpose of these is for mail systems to prevent spam. But the signatures stand and are separately verifiable at any time against the email even when extracted from an email client.
I verified a couple of sample mails (23-Feb-2018 and 01-Aug-2016).
Thus we each potentially hold non-falsifiable history of amounts/datetime our deposits/withdrawals/loan-part purchase and sales. Except for interest payments and allowing that occasional contract notes were not delivered that would allow fairly accurate account statement to be reconstructed and stronger than any retained statements exported from the website. The company should already hold correct records but they should also know that many their investors have this audit-trail.
I rely on this as excuse to not contact & assert a creditor claim with the administrator.
One weakness with ongoing verification would be if collateraluk.com domain server lapsed or ceased to publish the DKIM public key - so we can preserve a copy here: