empirica
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Post by empirica on Aug 24, 2018 21:40:14 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. Spot on mason, thank you. Absolutely no misunderstanding on my part.
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elliotn
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Post by elliotn on Aug 25, 2018 3:20:10 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 Hopefully not all admin will have to be done at expensive Head Office, those that could not manage the Tysonesque cycle to the northern provinces may be able to telecommute once the mason handshakes are over .
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btc
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Post by btc on Aug 28, 2018 21:21:25 GMT
Why is there a focus on a Creditors Committee? Is this coming out of our pockets? Why aren't we getting any news of loans being paid off
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ceejay
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Post by ceejay on Aug 28, 2018 22:20:55 GMT
Why is there a focus on a Creditors Committee? Is this coming out of our pockets? Why aren't we getting any news of loans being paid off (1) Because there's nothing else to talk about, so those desperately seeking progress are focussing on this
(2) Maybe, maybe not. We'll find out later. (3) Because it just doesn't happen that quickly. Administrations are more likely to take years than months. Maybe we'll be lucky and we might get some cash back this tax year, but I for one am not counting on it, and I suggest that you don't either.
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star dust
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Post by star dust on Sept 5, 2018 11:35:46 GMT
Mod Hat On/ I’ve created a new pinned thread for the first creditors committee meeting. The idea being that it is used to raise issues from forum members which committee members may be able to air, and that it can also be used for feed-back from those attending if they feel able to provide some. Please keep it concise and save more general comments or discussion for the Creditors Committee thread. I have also locked and un-pinned the Moorfields Advice thread which can be found hereThanks for your co-operation.
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michaelc
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Post by michaelc on Sept 5, 2018 18:20:04 GMT
Meeting starts at 11.30. So time for everyone to introduce themselves and then off to lunch ?
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hazellend
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Post by hazellend on Sept 5, 2018 19:16:34 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) That’s an easy one, about 0% chance !
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agent69
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Post by agent69 on Sept 5, 2018 20:00:38 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) That’s an easy one, about 0% chance ! Given that MT / BO have taken over 12 months to reposes and sell one building in Birkenhead, I tend to agree.
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agent69
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Post by agent69 on Sept 5, 2018 20:15:08 GMT
One thing to bear in mind is that as a member of the committee I have been asked to sign a very comprehensive Non-Disclosure Agreement which means that the amount of information I’ll be able to share in the public domain will likely be very limited. I will however, do my best to report back on as much as possible. Not being au fait with creditors committees some questions spring to mind.. Do you have to sign a NDA to be on a creditors committee? Is it normal to have members of a CC to sign a NDA, and if so, are they usually very comprehensive? The pessimist in me sees a situation where the members of the committee see/hear something very worrying or wrong from the creditors perspective but are unable to effectively represent the creditors and do anything because they're hamstrung by a lengthy, comprehensive, all encompassing NDA... I would have thought that NDA'S are inevitable given that you can't have members of the committee providing public commentary of their version of how things are going. Anything other that all information coming from the administrator would be a recipe for anarchy.
I don't think that the existence of the NDA would stop members of the committee from representing creditors interests. It just might stop them from telling others what is going on. The purpose of the creditors’ committee is to assist the administrator in the discharge of his functions and to determine the administrator’s remuneration, not to provide a blow by blow account of what is going on to interested parties.
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shimself
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Post by shimself on Sept 6, 2018 14:38:20 GMT
That’s an easy one, about 0% chance ! Given that MT / BO have taken over 12 months to reposes and sell one building in Birkenhead, I tend to agree. Some chance if they sold the entire lot to another platform
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radar
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Post by radar on Sept 10, 2018 11:50:53 GMT
I had always understood that a business in receivership was run as a business by the receiver until it was sold or if no takers then closed. This one was apparently closed first by the court
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 10, 2018 14:44:39 GMT
Collateral is in Administration. Receivership is something else. EDIT: From the company directors’ standpoint, receivership offers virtually no advantages because it will inevitably result in the loss of control of the assets of the company and often ultimately as well as the complete liquidation and dissolution of the company in most cases. On the other hand, administration simply puts control of your company into the hands of an experienced insolvency practitioner who will then develop a plan of action while the administration order is in effect. The options that may be examined during this time include a pre-pack administration sale, invoice factoring and other forms of financing, and the sale of some of the company’s assets. Source: www.realbusinessrescue.co.uk/articles/business-insolvency/administration-and-receivershipradar
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agent69
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Post by agent69 on Sept 10, 2018 15:07:15 GMT
This one was apparently closed first by the court Not the case.
The courts gave BDO control of the administration, and when they arrived at Collateral's offices there was nothing there (no people, no equipment, no records). It was a classic scorch and burn policy, instigated by the Indian takeaway boys.
I don't know exactly what the liabilities of company directors are (as opposed to the liabilities of the company), but I hope they can be called to account for their actions.
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mason
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Post by mason on Sept 10, 2018 18:37:20 GMT
Why did it take close to a month to organise this lunch meeting ? Is that really your main area of concern?
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michaelc
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Post by michaelc on Sept 10, 2018 19:44:32 GMT
Why did it take close to a month to organise this lunch meeting ? Is that really your main area of concern? What the filet mignon in a bearnaise sauce, sweet plum dove, the fois gras, truffles, caviar and snouts in the trough or did you mean the months chewing through mine and presumably your cash whilst telling us virtually nothing?
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