JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Aug 23, 2018 18:07:35 GMT
Very pleased to see they are investors.
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Post by df on Aug 23, 2018 21:16:08 GMT
It looks a very well balanced Creditors Committee. We have: - Monetus (frequent user of this forum and good lender in Collateral itself) - Dualinvestor (former user of the forum, expert insolvency practitioner and follower of many P2P platforms) - BondMason (company expert in P2P investments with large Investments in Collateral) - Woz (expert scientist with large investments in Collateral) - Win (business analyst with personal investments in collateral) Good luck to everyone and let's bring 100% CAPITAL back home. I like the outcome. If there was a multiple vote allowed I'd vote for 1.Monetus (which I did), 2.BM, 3.Dualinvestor.
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TitoPuente
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Post by TitoPuente on Aug 23, 2018 21:25:37 GMT
Still it’s been months since the company went into administration and little progress has been made. At this point the loan book has seriously deteriorated and the probability of recovery has been diminished. All this by actions of entities that are supposed to protect us. Shame on them.
A creditors committee should have been established within weeks of starting the administration. The system is corrupted to the bones and milked by rent seekers with nice offices centrally located.
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kaya
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Post by kaya on Aug 24, 2018 8:26:37 GMT
Whilst I remain unconvinced that the CC will have any real influence, I wish them all well and hope that they can at least let us know what is happening.
We also have to hope that BDO have not been doing nothing these last few months and have actually made some real progress. Presumably our CC will be able to inform us in due course.
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Post by brightspark on Aug 24, 2018 9:48:52 GMT
I can understand the non-disclosure agreement from the perspective of the Administrators but how does the committee intend to formulate a view if their ability to consult is hamstrung in respect to being able to flag up issues and to provide feedback on progress (until it is all done and dusted) ? The committee provides a respectable collection of experienced professionals but they are being asked and expected to represent the views of investors rather than themselves.
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Godanubis
Member of DD Central
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 Aug 24, 2018 10:44:43 GMT
It looks a very well balanced Creditors Committee. We have: - Monetus (frequent user of this forum and good lender in Collateral itself) - Dualinvestor (former user of the forum, expert insolvency practitioner and follower of many P2P platforms) - BondMason (company expert in P2P investments with large Investments in Collateral) - Woz (expert scientist with large investments in Collateral) - Win (business analyst with personal investments in collateral) Good luck to everyone and let's bring 100% CAPITAL back home. I like the outcome. If there was a multiple vote allowed I'd vote for 1.Monetus (which I did), 2.BM, 3.Dualinvestor. No reason not to get capital and interest if funds are ringfenced and “the brothers” pay the admin costs as ordered by the court.
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ceejay
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Post by ceejay on Aug 24, 2018 11:26:30 GMT
I can understand the non-disclosure agreement from the perspective of the Administrators but how does the committee intend to formulate a view if their ability to consult is hamstrung in respect to being able to flag up issues and to provide feedback on progress (until it is all done and dusted) ? The committee provides a respectable collection of experienced professionals but they are being asked and expected to represent the views of investors rather than themselves. I'm not so worried about the restrictions imposed by an NDA - all important information should be sent out directly by the administrators, so that it gets to ALL stakeholders and not just those who happen to have a communication channel to the committee.
This forum is a fine place to raise questions and concerns, which we have to trust the committee members will pick up and feed into the discussions. For them to do their job, the administrators have to be able to trust them with confidential information so that options can be fully discussed, hence the NDA.
But the answers must, in the end, come directly from BDO.
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archie
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Post by archie on Aug 24, 2018 14:11:35 GMT
Just one request from me, Monetus , if that’s ok. How likely is it that all monies would be returned by deadline for personal tax returns (end of January) Tax certificates (or relevant information) for last year/this year (when administration completed) too.
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blender
Member of DD Central
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Post by blender on Aug 24, 2018 15:43:58 GMT
I can understand the non-disclosure agreement from the perspective of the Administrators but how does the committee intend to formulate a view if their ability to consult is hamstrung in respect to being able to flag up issues and to provide feedback on progress (until it is all done and dusted) ? The committee provides a respectable collection of experienced professionals but they are being asked and expected to represent the views of investors rather than themselves. Presumably the members are representatives of all lenders and not delegates of forumites. You would not expect your MP to consult all his/her constituents when deciding how to vote. The point of having a representative is to avoid having to consult all, imo. In any case, various forumites hold various levels of debt, and Monetus would have difficulty in giving appropriate weight to each opinion.
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michaelc
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Post by michaelc on Aug 24, 2018 17:14:54 GMT
I see the first meeting is face to face. Low down in the scheme of things but what is the travel and expenses policy for committee members? Some of them may already only travel 1st on trains for example and are any attending from overseas? Perhaps if you dine with the BDO administrators, you'll get a sense of how careful or carefree they are being?
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empirica
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Post by empirica on Aug 24, 2018 18:16:41 GMT
I see the first meeting is face to face. Low down in the scheme of things but what is the travel and expenses policy for committee members? Some of them may already only travel 1st on trains for example and are any attending from overseas? Perhaps if you dine with the BDO administrators, you'll get a sense of how careful or carefree they are being? Very low ... (and worth remembering these guys are giving up their time gratis on our behalf which, considering their combined knowledge and experience, is worth an upgrade to 1st class, in my humble opinion.)
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Monetus
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Post by Monetus on Aug 24, 2018 18:32:50 GMT
I see the first meeting is face to face. Low down in the scheme of things but what is the travel and expenses policy for committee members? Some of them may already only travel 1st on trains for example and are any attending from overseas? Perhaps if you dine with the BDO administrators, you'll get a sense of how careful or carefree they are being? The BDO office is less than five miles from my house so I will potentially cycle free of charge
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blender
Member of DD Central
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Post by blender on Aug 24, 2018 18:44:50 GMT
I see the first meeting is face to face. Low down in the scheme of things but what is the travel and expenses policy for committee members? Some of them may already only travel 1st on trains for example and are any attending from overseas? Perhaps if you dine with the BDO administrators, you'll get a sense of how careful or carefree they are being? The BDO office is less than five miles from my house so I will potentially cycle free of charge I think you deserve a chauffeured limo and a personal assistant, but I am not a creditor.
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Monetus
Member of DD Central
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Post by Monetus on Aug 24, 2018 18:46:58 GMT
From what I understand committee members will also be able to attend remotely should they not wish/be able to attend in person.
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mason
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Post by mason on Aug 24, 2018 21:19:18 GMT
For the record, whilst I have low six figures in p2p I have a relatively modest pile in Colateral and I was one of the first people on this forum to publicly support Dominus Monetus so there is no way I would have said or meant anything that was "very low" regarding him. Presumably, 'very low' was in reference to "Low down in the scheme of things but what is the travel and expenses policy for committee members?" I'd tend to agree.
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