mason
Member of DD Central
Posts: 662
Likes: 640
|
Post by mason on Sept 10, 2018 20:01:37 GMT
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? In my view, the expenses claimed for this meeting are unlikely to be significant in the context of the overall costs of the Administration. They are also unlikely to be subject to the NDA, so monetus will no doubt be at liberty to share what was on the menu if indeed lunch is provided. He might even be able to confirm whether the cost, if indeed incurred, will be charged back to this Administration. Others may wish to gain an understanding of whether the platform data has been reconstructed, whether our loans may be treated as P2P, possible outcomes and timescales for us, etc. I suppose it takes all sorts. Personally I don't begrudge the CC members a lunch when they are taking the time and effort to represent our interests for free.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Sept 10, 2018 20:03:12 GMT
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? A KFC bargain bucket and a 2litre bottle of fizzy water. Salad and salsa for the non meat eaters. We know where you live and will be watching how “our “ money is spent. We expect productive output. Have a good meeting
|
|
empirica
Member of DD Central
Posts: 326
Likes: 235
|
Post by empirica on Sept 10, 2018 20:44:09 GMT
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? That's an interesting combo. Does it come before or after the fish course?
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Sept 10, 2018 23:50:01 GMT
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? That's an interesting combo. Does it come before or after the fish course? If we are getting posh it comes after the sorbet Palate cleanser. After the pork scratchings.
|
|
snowmobile
Member of DD Central
Posts: 230
Likes: 448
|
Post by snowmobile on Sept 11, 2018 0:02:25 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.
I wonder if they checked the ceiling? citywire.co.uk/new-model-adviser/news/five-sentenced-for-2-8m-fraud-in-second-biggest-fca-prosecution/a1151802
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Sept 11, 2018 2:36:43 GMT
A KFC bargain bucket and a 2litre bottle of fizzy water. Salad and salsa for the non meat eaters. We know where you live and will be watching how “our “ money is spent. We expect productive output. Have a good meeting I’ve informed my wife and the doorman of my apartment that they need to be on a high state of alert due to the threat of Godanubis potentially sending round some “heavies” for indulging in one finger sandwich too many.
|
|
insideout
Member of DD Central
Posts: 55
Likes: 99
|
Post by insideout on Sept 11, 2018 11:11:50 GMT
James.
I think you will find that it was a decision of COL in consultation with RR to close the business as 'insolvent' - it was not the FCA who ordered anything.
The FCA became involved directly when RR were appointed by COL but without going thru proper channels (the FCA that is), and the fact that the FCA knew that RR had dodgy dealings with a pension scheme, they were determined to have them removed from the COL administration.
Hence BDO were appointed.
I am unclear why COL could not have continued and maybe wound down in an orderly fashion - unless there was a prior plan to trash the records and escape with the loot.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Sept 11, 2018 12:07:07 GMT
The one thing I would really like to know is why, when the FCA jntervened, thy caused immediate chaos almost guaranteed to rob the very mall investors they should be protecting. Having allowed a business to operate and listed it on their website as authorised for all to see, surely they could have demanded an instant cessation of new loan offerings and an orderly run down of the business to protect investors from unnecessary financial vultures taking what will probably be the Lion's share of the carcass. Ahum. FCA never listed CUK as authorised. CUK decided to enter administration (and provide no records). Edit - crossed with insideout.
|
|
JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
|
Post by JamesFrance on Sept 11, 2018 13:51:57 GMT
Alright the Collateral business appeared to be authorised with a name on the register. The plan was for an orderly rundown and repayment as usual. Now the image presented by RR director on LinkedIn of his expensive car with joke number in extremely poor taste gave a poor impression, the FCA forced an establishment takeover 'to protect investors' in the most expensive way, well I do not feel very protected with no feedback months later, so will see what the final outcome is.
None of us Knows anything but it looks bad so far.
|
|
|
Post by brightspark on Sept 11, 2018 14:29:51 GMT
When you think of how many financial institutions there are and the thousands working in the financial sector it is optimistic to say the least to expect a small body like the FCA to achieve anything. Their meaningless title says it all. They devise Regulations which inconvenience ordinary citizens but do not achieve much in the way of preventing money laundering or fraudulent behaviour. Their Registers seem to be regarded as a joke by the (moral compass lacking?) ill-intentioned. The FCA is a government sticking plaster on the running sore of financial skulduggery which is part and parcel of the seedy side of City life. Eventually government will find the FCA to be an inconvenience to be replaced by some other equally vapid body with a slightly different remit to justify a kicking the can down the road re-incarnation.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Sept 12, 2018 0:07:28 GMT
A KFC bargain bucket and a 2litre bottle of fizzy water. Salad and salsa for the non meat eaters. We know where you live and will be watching how “our “ money is spent. We expect productive output. Have a good meeting I’ve informed my wife and the doorman of my apartment that they need to be on a high state of alert due to the threat of Godanubis potentially sending round some “heavies” for indulging in one finger sandwich too many. Actually it was to send round the stretch Limo. Bribery rather than Brutality
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Sept 12, 2018 12:19:10 GMT
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 They are not going to do that are they because it would be too quick and simple and would not result in them netting fees of £500 an hour going forward for many many months, maybe even years. I think you are operating under the illusion that financial sector fatcats are altruistic animals. In my view the objective here will be to drag this out for as long as possible and create as much work out of it as is possible and pour cold water over any simpler and quicker solutions that may be presented.
|
|
shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
|
Post by shimself on Sept 12, 2018 12:28:38 GMT
Some chance if they sold the entire lot to another platform They are not going to do that are they because it would be too quick and simple and would not result in them netting fees of £500 an hour going forward for many many months, maybe even years. I think you are operating under the illusion that financial sector fatcats are altruistic animals. In my view the objective here will be to drag this out for as long as possible and create as much work out of it as is possible and pour cold water over any simpler and quicker solutions that may be presented. I'm about half as cynical as you, which still amounts to quite a lot. I think Bondmason BM have a member on the committee, and I think BM have explored this possibility, so erm, maybe...
|
|
JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
|
Post by JamesFrance on Sept 12, 2018 18:12:52 GMT
After 6 months, all we have been told is hat the records were destroyed. They were trying to find them. They seem to know how much we had invested, but nothing else. This is disgraceful, at least they could have said they were trying to have the loans repaid so we would have a steady flow of cash as our loans are paid back. Not a word for 6 months, so how lousy is that? Protecting investors my ar*e.
|
|
insideout
Member of DD Central
Posts: 55
Likes: 99
|
Post by insideout on Sept 12, 2018 21:56:12 GMT
No-one outside of BDO as yet has any idea of what detailed records have been salvaged from servers.
There is in my view no chance of any money being returned until the last 'i' has been dotted and the last 't' crossed. Only then will the costs be known and administration overheads attributed to each loan , and we might get the crumbs that are left over.
We don't even know how much money went missing and where it ended up - if it did or did not go missing from the platform. There was a suggestion in the early RR days (before BDO took over) that money from a not-drawn-down building project got diverted to one that was up and running and that needed extra cash - the final 15% tranches having not filled. That project (student flats) has since stalled anyway.
BDO should be expert at chasing money spirited away overseas (for example) if indeed this happened.
|
|