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Post by balloonthief on Oct 21, 2018 9:16:05 GMT
I am in touch with some other Committee members for general discussion relating to the administration. I won't be making any further comments regarding the administration until likely after the next meeting in early December. Presumably the NDA does not apply to other committee members because you are all already in a privileged position; just other investors kept on the outside? Do you have to ensure any such privileged discussion goes above normal security such as email, forum messages, unencrypted phone calls etc. I’m to be convinced a Creditors’ Committee works with a 1000 investors as opposed to a more typical administration where there may be only a handful of large creditors. All we have ended up with here are a few hyper privileged investors that can tell the rest of us close to nothing about our own monies invested. If your main job is to sign off their fees, then this is potentially a bit of expensive ridiculousness whilst giving the administrators a veneer of liaising with investors. How can you represent investors when you can ask our questions but can’t tell us the answers. How perfectly ludicrous. Except for yourself of course . I agree with part of your statement however the main reason to have a creditors committee is to keep BDO in check and make sure they are doing everything they possibly can and that what they are doing is in the best interest for investors. They need to recover what they can the best possible way. Patience pays. We have voted for them to stand on our behalf, we can send them questions to ask BDO and they can push for a suitable answer to our questions. Weather they are able to share the answers with us or not is irrelevant, they are in place to push for a suitable answer and hold BDO TO account. As things are always more complex than us outsiders understand sometimes is best for them not to share everything as we will never fully understand the situation as those in the committee do. However we can rest assured they are working 100% in our best interest. We need to fully support the committee at this time.
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james21
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Post by james21 on Oct 21, 2018 11:36:09 GMT
What I would like monetus to take to BDO is a request for more regular updates, no info is coming out which is not really acceptable and it cant be that difficult to write up a short update and email it out. Ideally there should be an update on a fixed programme eg monthly last week in the month
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tommytaylor
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Post by tommytaylor on Oct 22, 2018 8:58:34 GMT
What I would like monetus to take to BDO is a request for more regular updates, no info is coming out which is not really acceptable and it cant be that difficult to write up a short update and email it out. Ideally there should be an update on a fixed programme eg monthly last week in the month Have to agree with this. I have been informed of very little since the original email from RR and that was 7 months ago. I have 20k tied up in this fiasco and i want it back asap. The more they keep us in the dark the more i get annoyed with the whole shebang. Could anyone put a date on when we are likely to see our money. Am i being optimistic thinking 1st or 2nd quarter 2019?
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archie
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Post by archie on Oct 22, 2018 9:18:01 GMT
1st April?
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moist
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Post by moist on Oct 22, 2018 11:12:29 GMT
What I would like monetus to take to BDO is a request for more regular updates, no info is coming out which is not really acceptable and it cant be that difficult to write up a short update and email it out. Ideally there should be an update on a fixed programme eg monthly last week in the month Have to agree with this. I have been informed of very little since the original email from RR and that was 7 months ago. I have 20k tied up in this fiasco and i want it back asap. The more they keep us in the dark the more i get annoyed with the whole shebang. Could anyone put a date on when we are likely to see our money. Am i being optimistic thinking 1st or 2nd quarter 2019? Possibly just a little optimistic that all your money is coming back! Some, yes. All.... depends if someone is there to sue
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averageguy
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Post by averageguy on Oct 22, 2018 11:27:07 GMT
What I would like monetus to take to BDO is a request for more regular updates, no info is coming out which is not really acceptable and it cant be that difficult to write up a short update and email it out. Ideally there should be an update on a fixed programme eg monthly last week in the month Monthly? Ye ideal but in reality more chance of sitting down with the Queen to watch something on Netflix There is another meeting due December so hopefully some more info will come from that. I would say that as it’s now roughly six months from appointment i’ll a little surprised we haven’t had a formal update
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tommytaylor
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Post by tommytaylor on Oct 22, 2018 13:24:42 GMT
Have to agree with this. I have been informed of very little since the original email from RR and that was 7 months ago. I have 20k tied up in this fiasco and i want it back asap. The more they keep us in the dark the more i get annoyed with the whole shebang. Could anyone put a date on when we are likely to see our money. Am i being optimistic thinking 1st or 2nd quarter 2019? Possibly just a little optimistic that all your money is coming back! Some, yes. All.... depends if someone is there to sue Why is that? Most of my money tied up in the bling which is all accountable for. I cant see any reason why i wont get the majority of it back minus a few quid for expenses fees ( BDO dependant ) and the odd sandwich.
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applets
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Post by applets on Oct 22, 2018 13:33:46 GMT
What I would like monetus to take to BDO is a request for more regular updates, no info is coming out which is not really acceptable and it cant be that difficult to write up a short update and email it out. Ideally there should be an update on a fixed programme eg monthly last week in the month While I can understand the requests for more frequent updates, others have previously pointed out that the process of administration is set out in the Insolvency Act and Insolvency Rules. These provide for progress reports every six months. There does not appear to be any power for BDO to produce more frequent reports just because creditors/ lenders want them to do so. Unfortunately, it seems to be a case of waiting for the next scheduled report. It is a sad fact of company law that administrations generally take a long while to conclude and can, as a result, rack up significant costs along the way.
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tommytaylor
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Post by tommytaylor on Oct 22, 2018 16:05:52 GMT
What I would like monetus to take to BDO is a request for more regular updates, no info is coming out which is not really acceptable and it cant be that difficult to write up a short update and email it out. Ideally there should be an update on a fixed programme eg monthly last week in the month While I can understand the requests for more frequent updates, others have previously pointed out that the process of administration is set out in the Insolvency Act and Insolvency Rules. These provide for progress reports every six months. There does not appear to be any power for BDO to produce more frequent reports just because creditors/ lenders want them to do so. Unfortunately, it seems to be a case of waiting for the next scheduled report. It is a sad fact of company law that administrations generally take a long while to conclude and can, as a result, rack up significant costs along the way.
So they can take as long as they want and charge what they want. My dream job. Utter scam
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applets
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Post by applets on Oct 22, 2018 18:02:00 GMT
Not quite.
I am not an expert, but I believe that if the administration needs to last for more than 12 months, the Court has to agree to each 6 month extension.
The fees are approved on our behalf by the Creditors Committee of course, but there is some scope to challenge the fees in Court if they are felt to be excessive.
Others with greater knowledge of the administration process will no doubt be able to provide chapter and verse.
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moist
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Post by moist on Oct 22, 2018 18:07:49 GMT
Possibly just a little optimistic that all your money is coming back! Some, yes. All.... depends if someone is there to sue Why is that? Most of my money tied up in the bling which is all accountable for. I cant see any reason why i wont get the majority of it back minus a few quid for expenses fees ( BDO dependant ) and the odd sandwich. well bling making 70% on average on other p2p sites...less another 20% for fees and sarnies....reckon on 50% and you may be ok.
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adrianc
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Post by adrianc on Oct 22, 2018 18:18:37 GMT
While I can understand the requests for more frequent updates, others have previously pointed out that the process of administration is set out in the Insolvency Act and Insolvency Rules. These provide for progress reports every six months. There does not appear to be any power for BDO to produce more frequent reports just because creditors/ lenders want them to do so. Unfortunately, it seems to be a case of waiting for the next scheduled report. It is a sad fact of company law that administrations generally take a long while to conclude and can, as a result, rack up significant costs along the way. So they can take as long as they want and charge what they want. I think you might have overlooked the relevant bit there.
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applets
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Post by applets on Oct 22, 2018 18:23:36 GMT
Apologies in that case - I m no expert and was repeating a little of what was said elsewhere. What have I overlooked?
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kermie
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Post by kermie on Oct 22, 2018 19:00:58 GMT
Apologies in that case - I m no expert and was repeating a little of what was said elsewhere. What have I overlooked? applets, adrianc's reply was to tommytaylor
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elliotn
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Post by elliotn on Oct 23, 2018 0:39:22 GMT
So they can take as long as they want and charge what they want. I think you might have overlooked the relevant bit there. The sandwich filling?
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