tx
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Post by tx on Apr 27, 2018 14:18:12 GMT
From what I'm hearing on the grapevine, the FCA won and BDO have now been appointed. Any formal communication yet? Thanks.
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investibod
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Post by investibod on Apr 27, 2018 14:20:27 GMT
The British Darts Organisation? Wow, things are worse than I thought! Might be an improvement
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locutus
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Post by locutus on Apr 27, 2018 14:46:01 GMT
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insideout
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Post by insideout on Apr 27, 2018 14:54:56 GMT
Excellent indeed - so many different sources of information for P2P!!
Now let's begin the serious business of keeping a very close eye on the appointed administrators and on the FCA.
1. As individual loans are repaid - can investors have at least some of their money back asap? Many may be repaying soon??
2. Is consideration to be given to maintaining the status of 'senior' (low risk) loans especially in the student flats (loan 00026 from memory)?
3. Is the Collateral website going to be restored as 'read only' so we can all have a record of where things were on the date of shutdown?
4. Is a very close eye going to be kept on the costs of winding down this trivially simple operation (compared to many where fees are eye watering)
5. Did any money vanish from the company accounts in the days before lock-down, and if so where is it?
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Mike
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Post by Mike on Apr 27, 2018 14:55:40 GMT
Wow. So thats where all the top posters went?
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james21
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Post by james21 on Apr 27, 2018 15:09:44 GMT
extracts;
"Curries say anticipate full return of investment"
"Fca say they doubt the 100% return of investment stated by GC".
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Apr 27, 2018 15:44:56 GMT
The British Darts Organisation? Wow, things are worse than I thought! Might be an improvement You mean a lot of barbs, was going to say prixxs, being slung at targets? But I resisted.
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elliotn
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Post by elliotn on Apr 27, 2018 16:16:39 GMT
Wow. So thats where all the top posters went? 3-400k taken from the client accounts ahead of the administration? Surely not. That would not curry favour with the regulator insideout , no mention in GC's full reconciliation.
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blink
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Post by blink on Apr 27, 2018 16:33:44 GMT
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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jj
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Jolly Jammy
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Post by jj on Apr 27, 2018 16:37:14 GMT
Another thing if they had succeeding in Making us creditors I don't think there would have been any money left by the end of it !
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Post by williamg on Apr 27, 2018 16:48:06 GMT
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Post by Deleted on Apr 27, 2018 16:48:50 GMT
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invester
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Post by invester on Apr 27, 2018 16:53:59 GMT
Wonder if RR will be billing us anything for the 'work' they have done.
Surely there should be nothing uncomplicated about it now, although it'll probably rumble on for quite a while.
Either the borrowers will have to refinance, or the asset will be repossessed and sold. Maximising % return seems secondary to just ensuring everything squares up.
It'll be interesting to find out just how expensive an orderly wind-down will cost, which might have further ramifications.
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averageguy
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Post by averageguy on Apr 27, 2018 16:55:30 GMT
Well I’ll put my hands up to say I wasnt keen on FCA ‘controlling’ things and from what I’ve read about today, those feelings were misplaced. Hopefully those appointed can now get on with the job of returning our money (no idea how long that will take)
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tx
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Post by tx on Apr 27, 2018 16:57:02 GMT
Thank you so much for your info, wish I could be there, if the 390k is true then FCA is absolutely right to reject RR. There is absolutely no profit they can take as they go into admin.
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