agent69
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Post by agent69 on Apr 28, 2018 7:51:33 GMT
BDO assured the judge that they are primmed and ready to go. I have a close family member who is a director at PWC. I remember him recounting a story where he took his wife out to dinner on Saturday evening, and part way through the meal he got phone call from the office. Drop everything and get straight into the office, there's a mess that needs sorting out. The experts definitely don't hang about.
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elliotn
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Post by elliotn on Apr 28, 2018 8:11:44 GMT
stub8535, first thoughts after your complicit scaremongering? Might be time for a trip to Thailand to get away from it all. insideout , yours after being a last minute, single issue account? I have learned more about the type of activity our directors may have carried out in fca/bdo's very first utterances than RRs supposedly complete administrator's proposal and reconciliation that failed to mention potential mis-representation over fca permissions and millions of undrawn funds nor hundreds of thousands that may have been moved from the client to company bank accounts (I didn't even know that was possible ie either to the payers' bank accounts or borrowers' client accounts only). Directors' asset discovery already underway seems the perfect starting point, as well as RR returning their payment and the legal costs to date to be borne by our directors, not innocent lenders. God speed your work fca and bdo _/|\_
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Post by elephantrosie on Apr 28, 2018 8:42:24 GMT
Im also pleased with the court results today.
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rzys
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Post by rzys on Apr 28, 2018 9:25:32 GMT
Thank you to those who attended and reported.
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mikeymike
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Post by mikeymike on Apr 28, 2018 9:56:44 GMT
@stub3585, first thoughts after your complicit scaremongering? Might be time for a trip to Thailand to get away from it all. insideout , yours after being a last minute, single issue account? I have learned more about the type of activity our directors may have carried out in fca/bdo's very first utterances than RRs supposedly complete administrator's proposal and reconciliation that failed to mention potential mis-representation over fca permissions and millions of undrawn funds nor hundreds of thousands that may have been moved from the client to company bank accounts (I didn't even know that was possible ie either to the payers' bank accounts or borrowers' client accounts only). Directors' asset discovery already underway seems the perfect starting point, as well as RR returning their payment and the legal costs to date to be borne by our directors, not innocent lenders. God speed your work fca and bdo _/|\_ Which raises the questions of: 1. How to prevent this blog from being used for nefarious purposes. 2. Identifying those who have or would do so.
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blender
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Post by blender on Apr 28, 2018 12:27:41 GMT
@stub3585, first thoughts after your complicit scaremongering? Might be time for a trip to Thailand to get away from it all. insideout , yours after being a last minute, single issue account? I have learned more about the type of activity our directors may have carried out in fca/bdo's very first utterances than RRs supposedly complete administrator's proposal and reconciliation that failed to mention potential mis-representation over fca permissions and millions of undrawn funds nor hundreds of thousands that may have been moved from the client to company bank accounts (I didn't even know that was possible ie either to the payers' bank accounts or borrowers' client accounts only). Directors' asset discovery already underway seems the perfect starting point, as well as RR returning their payment and the legal costs to date to be borne by our directors, not innocent lenders. God speed your work fca and bdo _/|\_ Which raises the questions of: 1. How to prevent this blog from being used for nefarious purposes. 2. Identifying those who have or would do so. Hindsight is a bit dangerous. I would not rush to criticise stub, who might have been taken in by the operators. He owes lenders an answer imo. Personally, as an observer, I thought the administration process was good for lenders, until seeing that leaked report caused alarm bells to ring. Did the forum not vote Collateral the second best platform in 2017? Only one person was really looking hard at Coll before the crash.
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p2pmark
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Post by p2pmark on Apr 28, 2018 13:01:21 GMT
@stub3585, first thoughts after your complicit scaremongering? Might be time for a trip to Thailand to get away from it all. insideout , yours after being a last minute, single issue account? I have learned more about the type of activity our directors may have carried out in fca/bdo's very first utterances than RRs supposedly complete administrator's proposal and reconciliation that failed to mention potential mis-representation over fca permissions and millions of undrawn funds nor hundreds of thousands that may have been moved from the client to company bank accounts (I didn't even know that was possible ie either to the payers' bank accounts or borrowers' client accounts only). Directors' asset discovery already underway seems the perfect starting point, as well as RR returning their payment and the legal costs to date to be borne by our directors, not innocent lenders. God speed your work fca and bdo _/|\_ Has stub8535 revealed who leaked the RR report? I imagine the FCA would be interested and it may even be relevant if there is a criminal case.
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mason
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Post by mason on Apr 28, 2018 13:26:11 GMT
Hindsight is a bit dangerous. I would not rush to criticise stub, who might have been taken in by the operators. He owes lenders an answer imo. If he was ever under any illusion about what was at play, then presumably he's under no illusion now. Has stub8535 revealed who leaked the RR report? I imagine the FCA would be interested and it may even be relevant if there is a criminal case. There's the matter of the report itself, and then there's the matter of the additional information disclosed to the forum, which has turned out to be false. He has not entered into any discussion about them or their source up to now, presumably out of a sense of loyalty. One would imagine said loyalty has now evaporated if he has been played along with the rest of us.
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Post by dan1 on Apr 28, 2018 15:23:52 GMT
/Mod hat on
This thread has been locked.
Please do not attempt to name users, any such attempt will lead to you being banned from the forum.
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Post by dan1 on Apr 28, 2018 18:25:45 GMT
/Mod hat on
This thread has been unlocked.
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james21
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Post by james21 on Apr 28, 2018 18:31:13 GMT
How did we fall for the chuckle brothers; I for one thought COL was fine
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averageguy
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Post by averageguy on Apr 28, 2018 23:36:51 GMT
/Mod hat on This thread has been unlocked. Thank goodness it wasn't another weekend shut down.....thank you once again for your Mod duties
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jhma
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Post by jhma on Apr 29, 2018 7:52:06 GMT
How did we fall for the chuckle brothers; I for one thought COL was fine It just suggests, again, that 'if it looks too good to be true, it probably is....' And; that we are in the wild (north) west. A good reminder, to me at least. Pity the sum at risk that this reminder involves doesn't have one 'nought' less! Finally another sincere thanks to all that were able to report back from the Court last week.
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james21
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Post by james21 on Apr 29, 2018 8:22:57 GMT
How did we fall for the chuckle brothers; I for one thought COL was fine The other thought is that COL had the makings of a profitable long term business for the owners but they screwed it up. I cant see it was that difficult to have conformed with the FCA requirements from the start or later, if they didn't have the brains surely they could have brought the skills in. Many other lenders appear to have successfully complied
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mikeymike
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Post by mikeymike on Apr 29, 2018 8:32:09 GMT
p2pindependentforum.com/thread/5850/risk-mitigation-investors-collateralstevio Avatar Jun 28, 2016 12:58:09 GMT 1 stevio said: Hi collateral
I'm considering investing and would like to know how you might alleviated the following risks
- Default of individual loans - eg quality of asset valuation, Buy back garantees etc - Fraud within you platform - both borrower and employee of Collateral - Collapse and closure of your platform - eg how are the borrower agreements written
If anyone else see's other risks, please feel free to add and hopefully Collateral may reply
Thanks!
Jun 28, 2016 at 5:17pm stevio and fp like this QuotelikePost Options Post by Collateral Rep on Jun 28, 2016 at 5:17pm Hi stevio ,
Section 10.1 of our T&C’s covers off your concerns regarding a third party taking on the obligations of the Company -“If Collateral or Collateral Security Holdings cease trading, a third party back up service provider will take on the service obligations.”
There are different routes for the exit of the loans in default. For example, we have a property receiver in place to work alongside Collateral in the event of default on property loans, this receiver would work alongside a 3rd party administrator that would be appointed in the event of Collateral ceasing to trade. The administrator would also work in conjunction with our other exit partners such as jewellery retailers/dealers, vehicle traders etc that have underwritten the value of each of the loans in their respective asset classes.
We are continually working with our legal and compliance advisors to ensure that we cover off every legal and compliance requirement to protect both the lenders and borrowers positions.
Hope this helps,
GordonDidn't that sound so reassuring!!
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