BDO Joint Administrators’ proposals to creditors - June 21

agent69 we are simply never going to agree; this is a small firm with only 1132 investors across a handful, possibly 30, different unique borrowers it certainly isn't a Carrillion scale administration. These borrowers have known they needed to repay since March & many of the loans are now overdue anyway, BDO staff could call & agree a repayment plan with every, single borrower in a single afternoon & either have the money returned or enforce a recovery sale. The bling did have a guaranteed buyback clause with a third party that may well still be applied but even a forced sale should be possible within a very short timescale, so £1.7m worth of chattels could have been largely completed within an 8 week window. Much of the residential property & flats are in a similar position & whilst a forced sale would take longer we should be well down the path of resolution by now. That just leaves the large development loans, some of which are undergoing refinancing on alternative P2P platforms which is a good sign but I do not expect the final ones to be resolved for many months. £212k recovered so far is a pitiful effort however you look at it but you clearly disagree.

Whether you believe RR issued a report or not (AIUI it was blocked by the court?) it remains a fact that they are virtually identical (unsurprisingly as they both were prepared with largely the same dataset). Coll used an external IT firm who should have been contacted on day one & the server information secured, which has finally been achieved, so a full loan specific reconstruction should now be possible & prioritised. That should form the basis of any disbursement schedule as it was the basis on which lenders invested so if the FCA really want to "protect lenders" they should ensure this is adhered to.

As for administration in general it is usually run by box ticking, bean counters who have little or no understanding of the business under their control, hence the creditor/lender confusion. Just as an illustration I saw a £100k speed boat sold by an administrator for £2k because it had a leak, which rendered it almost worthless, whereas in reality a 10 minute google search would have shown it was a top end water ballast system that actually made it far more valuable. As I have said before I don't care how many hours BDO charge or even their rate all that matters is that we get value for money & every single investor ought to be able to give a view whether that is what they are getting, without pinning an exact value on it.