Monetus
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Post by Monetus on Apr 27, 2018 16:59:47 GMT
"£390,000.00 was taken from the client accounts on 13th and 26th February. Stated for business profits."
Wow. Talk about convenient timing, huh?
And also interestingly just after they'd changed the website terms to say that the client account was no longer ring-fenced or protected! Perhaps so they could dip into it?
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mason
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Post by mason on Apr 27, 2018 17:00:18 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) Ditto. Based on the great summaries provided by those who could attend, I feel somewhat reassured by proceedings. That's a better outcome than I was expecting.
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blink
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Post by blink on Apr 27, 2018 17:04:13 GMT
BTW.. Refresh Recovery and Mr. Craig had bowed out prior to the court hearing.. The Curry brothers wanted another firm to take over, whom they claim would be less expensive.. It was very telling that one of the brothers failed to return after lunch, and the other left way before the final summing up. My spidy senses were tingling from the outset of the case.
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elliotn
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Post by elliotn on Apr 27, 2018 17:14:43 GMT
blink , brilliant work, many thanks. 390k... 😱 The 88k they tried to take out pales into significance. I have a feeling they won't have much left by the end of this now the real Crooks* is in charge. (*BDO partner)
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tx
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Post by tx on Apr 27, 2018 18:11:53 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) When I saw the leaked report and saw I only about 340k left in client account I smelled foul play immediately with all the yet drawn down loan outstanding. I feel FCA stepping in is completely justified. But why not earlier! They should have stepped in Feb when they notify COL lost their reg.
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Post by mrclondon on Apr 27, 2018 18:20:44 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
[...]
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. [...]
Unfortunately not simple nor cheap, as the first person applying pays for the actual transcription, and others then pay a cheaper copy rate. Normally used to obtain a transcription of a small part of a hearing, not the entire proceedings. hmctsformfinder.justice.gov.uk/HMCTS/GetForms.do?court_forms_num=ex107 has both the form, and a guidance notes document which includes the cost (per 72 words is £1.11 for 12 day service, £1.33 for 48 hr service, and 30p for copy service if already transcribed.) And I seriously doubt there would be any info that was not stated verbally during the hearing - these transcription services are working off the court audio recordings.
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scubabeer
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Post by scubabeer on Apr 27, 2018 18:41:49 GMT
Many thanks to blink and the others who attended this hearing and reported back. Lets hope the new administrators can start to sort things out after the wasted month or more so far.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Apr 27, 2018 18:47:02 GMT
Another few weeks to wait. Thanks to all who went to the court and made other representations on our (investors) behalf. Looks like costs etc. will be regulated. Let’s all sit back for at least another week and let the new boys find their feet without hindrance. They will be aware of the scrutiny they will be under and the general interest of p2p investors. So folks a little break again and hope the only chilling effect is the snow forecast for the weekend. Glass half full is a reasonable position.
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moogman
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Post by moogman on Apr 27, 2018 18:50:28 GMT
I'm beside myself with excitement here, can't wait for the next thrilling installment of "The Collateral Saga" by close of court today. It's an entertaining - yet (potentially) expensive - TV series to say the least.
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michaelc
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Post by michaelc on Apr 27, 2018 18:56:22 GMT
I'm slightly encouraged by this extract within BDO's notice to borrowers:
Until further notice, borrowers should continue to make all payments of interest and capital as
they fall due. Failure to do so may result in recovery proceedings being taken against you
My guess is they won't mess around for months/years before taking action unlike certain platforms I could mention...
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misscas
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Post by misscas on Apr 27, 2018 19:02:07 GMT
Thank you blink, an excellent summary. Prognosis probably not good unless some or all of the monies taken for 'business profits' can be found and returned. I still can't decide if the brothers are a couple of chancers who realising they were out of their depth decided to get what they could out when they saw the axe poised above their heads or if they were systematically extracting monies all along and deliberately grabbed two large chunks in February, possibly to ensure the company was insolvent, thinking they could eventually walk away from the whole mess if they put the company into administration. At least c£400k off-shore to provide 'resettlement' monies will have been a comfort during the past difficult weeks.
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blink
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Post by blink on Apr 27, 2018 19:22:32 GMT
Thank you blink , an excellent summary. Prognosis probably not good unless some or all of the monies taken for 'business profits' can be found and returned. I still can't decide if the brothers are a couple of chancers who realising they were out of their depth decided to get what they could out when they saw the axe poised above their heads or if they were systematically extracting monies all along and deliberately grabbed two large chunks in February, possibly to ensure the company was insolvent, thinking they could eventually walk away from the whole mess if they put the company into administration. At least c£400k off-shore to provide 'resettlement' monies will have been a comfort during the past difficult weeks. Spoke with FCA.. they stated that they will be pursuing all avenues to try to locate all monies... there main priority is to return funds to investors/creditors I stated "tongue in cheek" to Jail.. and was given an odd look....with the remark above. My distinct impression is this is a good thing. Gut feeling is something very untoward was happening.. which the FCA alluded to, but they were unaware until after the website was taken down. This is just my feeling though, but I am confident it will come out in the end what the truth of the matter is.
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mason
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Post by mason on Apr 27, 2018 19:24:24 GMT
Thank you blink , an excellent summary. Prognosis probably not good unless some or all of the monies taken for 'business profits' can be found and returned. I still can't decide if the brothers are a couple of chancers who realising they were out of their depth decided to get what they could out when they saw the axe poised above their heads or if they were systematically extracting monies all along and deliberately grabbed two large chunks in February, possibly to ensure the company was insolvent, thinking they could eventually walk away from the whole mess if they put the company into administration. At least c£400k off-shore to provide 'resettlement' monies will have been a comfort during the past difficult weeks. This might actually be a silver lining. If true, it should be easy to hold the pair of them personally liable and I imagine they have property and assets in excess of the £400k they took. Hopefully that's an avenue that the new administrator will be pursuing with some urgency.
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Post by beepbeepimajeep on Apr 27, 2018 19:52:11 GMT
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.
Interesting, so that is why we went over 48 hrs before being told it was administration. I wonder what would have happened had the FCA not noticed what was going on for a few more days?
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Post by beepbeepimajeep on Apr 27, 2018 19:53:41 GMT
Thanks blink for the summary and attending. Thanks also to mickey, leopard cat and anyone else that represented us today.
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