star dust
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Post by star dust on Mar 1, 2018 15:19:23 GMT
Mod Hat On/
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.
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star dust
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Post by star dust on Mar 1, 2018 15:21:24 GMT
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star dust
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Post by star dust on Mar 4, 2018 20:19:17 GMT
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) in2tense here. 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......
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Post by dan1 on Mar 13, 2018 17:02:54 GMT
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star dust
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Post by star dust on Mar 29, 2018 14:21:37 GMT
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Post by GSV3MIaC on Apr 4, 2018 15:43:09 GMT
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star dust
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Post by star dust on Apr 4, 2018 16:25:10 GMT
And the full text for ease of viewing/reference.
"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."
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star dust
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Post by star dust on Apr 27, 2018 17:16:56 GMT
BDO appointed as Administrators by the High Court in Manchester on 27th April 2018 Link to FCA notice: www.fca.org.uk/news/news-stories/information-investors-collateral-companiesThe FCA page states "Creditors seeking information on the administration should contact BDO at investorcollateral@bdo.co.uk ( for investors) or borrowercollateral@bdo.co.uk (for borrowers)" Link to notice and web-area/address that BDO say will be available to Collateral Investors in due course. www.bdo.co.uk/en-gb/collateral-companies-in-administration-investor-information"Investor information 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:
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Post by Ton ⓉⓞⓃ on Apr 27, 2018 17:46:50 GMT
Summary of court appearance by 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.
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star dust
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Post by star dust on May 2, 2018 20:03:39 GMT
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star dust
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Post by star dust on May 23, 2018 16:55:26 GMT
Email sent to INVESTORCOLLATERAL on Wednesday 23rd May 17:10 pm (my bold)
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star dust
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Post by star dust on May 23, 2018 17:11:58 GMT
Email sent to INVESTORCOLLATERAL on Wednesday 23rd May 17:10 pm
Please see the attached statutory notice of appointment to creditors & investors.
Also attached were Proof of Debt/Claim Form for Collateral (UK) Limited - In Administration Company No: 09314729
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Post by mrclondon on Jun 11, 2018 11:46:42 GMT
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star dust
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Post by star dust on Jun 12, 2018 11:58:42 GMT
Offer of support from Ed - MoneyThing . Morning, 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. Kind regards, Ed
Afternoon 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. Regards Moorfields Advisory Ltd
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Post by Admin on Jun 12, 2018 12:35:24 GMT
In view of recent events, it seems worth echoing this post from up of a couple of month ago here in case it assists anyone. 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: dkim:collateraluk.com:mandrill v=DKIM1; k=rsa; p=MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQCr LHiExVd55zd/IQ/J/mRwSRMAocV/hMB3jXwaHH36 d9NaVynQFYV8NaWi69c1veUtRzGt7yAioXqLj7Z4 TeEUoOLgrKsn8YnckGs9i3B3tVFB+Ch/4mPhXWiN fNdynHWBcPcbJ8kjEQ2U8y78dHZj1YeRXXVvWob2 OaKynO8/lQIDAQAB; (public info retrieved by every mail system when verifying mail)
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