amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
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Post by amanda373 on Jun 24, 2018 18:37:33 GMT
Am I alone in finding the amount already printed on this form to differ by a significant amount to that which I know was in my account in Feb2018.
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seb8072
Member of DD Central
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Post by seb8072 on Jun 24, 2018 19:16:37 GMT
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Post by karloshi on Jun 26, 2018 7:02:32 GMT
The figures in my proof of debt form are correct but not including any interest owed. Also there is no distinction between money loaned out and cash sitting in the client account.
My main concern is the wording. It says "name of creditor" followed by my name. Am I right in thinking that only for money in the client account, unpaid interest and repaid loan money we are creditors. For active loans we are investors.
Do I amend the form to include unpaid interest?
Do I amend the form to separate the cash from the loans?
Sorry if this is nonsense but I don't want to make a stupid mistake with this form and looking at the BDO fees I would rather get the info from here.
Cheers.
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invester
P2P Blogger
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Post by invester on Jun 26, 2018 7:08:05 GMT
Do we send this form back ?
In hard copy or via email? Or is this just eating up fees?
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archie
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Post by archie on Jun 26, 2018 7:10:59 GMT
Figures on the proof of debt form include :-
They aren't necessarily the final figures :-
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Post by charliebrown on Jun 26, 2018 11:45:45 GMT
What does it mean when it says this is for the purpose of “voting”. What are we voting on and how are we supposed to vote? My proof of debt number is exactly right, but does not include any interest payments that would have fallen due after entering Administration.
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Post by dan1 on Jun 26, 2018 11:49:27 GMT
What does it mean when it says this is for the purpose of “voting”. What are we voting on and how are we supposed to vote? My proof of debt number is exactly right, but does not include any interest payments that would have fallen due after entering Administration. The Creditors Committee, see this thread.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 26, 2018 12:18:37 GMT
What does it mean when it says this is for the purpose of “voting”. What are we voting on and how are we supposed to vote? My proof of debt number is exactly right, but does not include any interest payments that would have fallen due after entering Administration. You need to have proof of debt to vote on resolution C in the administrators report. The voting form is appendix 10 (p51 onwards) in the report and the rules follow it.
Resolution C is the one to set up a creditors committee which you can either approve or reject. You can then agree to be a nominee to sit on that committee or nominate someone else to sit on it.
Everyone seems to be getting carried away with the nominating bit and ignoring the important bit ... no point in nominating a member if one isnt formed.
There is of course no requirement to vote but the resolution does need a majority (by value) of creditors to pass. I think an absentention counts as against. Majority of votes cast provided a quorum is reached which is 10% by value/number or 10.
Edit - you would also need it should you wish to object to resolution A & B which are deemed to have been accepted unless a quorum (10% by Value) of creditors object. They basically agree the proposals and planned exit by CVL.
Edit I would suggest every one reads clause 16 in the report on p20 which states how voting is conducted (and Appendix 10)
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cmep
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Post by cmep on Jun 26, 2018 15:38:03 GMT
Do I amend the form to include unpaid interest? Good question! Can anyone shed some light on this. The amount I had invested is correct on the form they've supplied, but in point 4 below this, do we add the interest that has accrued since them? If we don't add this, does it mean we wont be paid it even if by some chance enough funds are recovered to pay back investor's capital plus interest?
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mickj
Member of DD Central
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Post by mickj on Jun 26, 2018 18:29:09 GMT
I am thinking that you do not need to amend the Proof of Debt form. I may be very wrong but..... The Proof of Debt form has been 'pre populated' and my email contained only the line "Please see the attached personalised Proof of Debt form to accompany the Joint Administrators’ Proposals for the Companies." plus a reference to bdo email for queries . ilmoro posting just above implies we need the Proof of Debt to vote on "resolution C in the administrators report". I am beginning to find this all very confusing, I have stated elsewhere that I would like to be represented by someone or more on a Creditors’ Committee to assist the Joint Administrators, I am beginning to think I should be returning page 52 completed in some way to help achieve this, but am not sure and feel well out of my depth. Sorry to muddy the waters more on this one, any chance of a step by step holding hands proper advice. I can see this spiraling off into more guesswork, so much of that already on the forum. |
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mickj
Member of DD Central
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Post by mickj on Jun 26, 2018 21:52:33 GMT
As an update to the above, I will nominate dualinvestor for the Creditors Committee to to assist the Joint Administrators. dualinvestor has provided me with a letter to populate, sign and send to BDO with his details. I asked for his advice and as ilmoro above, I should complete the resolution at appendix 10 of the proposals page 52 of the pdf, I should also sign and return the proof of debt. I cannot confirm if that is only because I am nominating and have to prove invested amounts (nowhere near the 10% by value). Hope this is helpful, I still find this bureaucracy confusing. Edit: Must thank the person with the nesting pig for raising the point. |
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11025
Member of DD Central
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Post by 11025 on Jun 27, 2018 10:05:37 GMT
What does it mean when it says this is for the purpose of “voting”. What are we voting on and how are we supposed to vote? My proof of debt number is exactly right, but does not include any interest payments that would have fallen due after entering Administration. You need to have proof of debt to vote on resolution C in the administrators report. The voting form is appendix 10 (p51 onwards) in the report and the rules follow it.
Resolution C is the one to set up a creditors committee which you can either approve or reject. You can then agree to be a nominee to sit on that committee or nominate someone else to sit on it.
Everyone seems to be getting carried away with the nominating bit and ignoring the important bit ... no point in nominating a member if one isnt formed.
There is of course no requirement to vote but the resolution does need a majority (by value) of creditors to pass. I think an absentention counts as against. Majority of votes cast provided a quorum is reached which is 10% by value/number or 10.
Edit - you would also need it should you wish to object to resolution A & B which are deemed to have been accepted unless a quorum (10% by Value) of creditors object. They basically agree the proposals and planned exit by CVL.
Edit I would suggest every one reads clause 16 in the report on p20 which states how voting is conducted (and Appendix 10)
I have read through all the information on this and will be completing the nomination form shortly - can anyone assist with the question : "Do you consent to be a member of the creditors' committee ?" , which for me personally would be no as I am nominating someone else ? and regarding ongoing unpaid interest , I can see this question has already been asked but can't see any definitive answer , should that be listed on our signed returned POD forms ?  TIA
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archie
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Post by archie on Jun 27, 2018 11:08:26 GMT
At the moment they only seem to have the total invested. Until they have a breakdown of which loans each lender holds the outstanding interest is likely to be impossible to calculate.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 27, 2018 11:17:47 GMT
BDO have just sent out a FAQ on the subject. Also being uploaded to website shortly
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Post by df on Jun 27, 2018 11:58:55 GMT
BDO have just sent out a FAQ on the subject. Also being uploaded to website shortly Very good of them. Clarified the situation regarding proof of debt form and the voting process to stop confusion.
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