peteuk
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Post by peteuk on Jun 14, 2019 19:23:21 GMT
hi monetus am searching my brain cells and the web ,i believe it was in the telegraph somewere late last year . Blut the jist was that the judge wouldn't accept the FCAs stance of having a disclaimer in there terms and conditions . As the only holder of this info it was there duty to keep good records . If i can find it i will send you a link ,in the meantime if anyone else can throw light on it that would be great
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nyneil
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Post by nyneil on Jun 14, 2019 20:04:31 GMT
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Monetus
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Post by Monetus on Jun 15, 2019 7:01:41 GMT
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snowmobile
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Post by snowmobile on Jun 15, 2019 13:49:34 GMT
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ozboy
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Post by ozboy on Jun 17, 2019 20:42:02 GMT
Valid point. On a number of occasions, I have attempted to ascertain why BDO was deemed suitable for the administration/liquidation of CUK. Till date, a credible response has not been provided by those responsible for this mess. The recently appointed administrators of Lendy have commenced their work with monthly updates while the JA here expect investors to be satisfied with information on a few loans after a year or so. Interesting! I too have asked the same question 7d7 - " Why did The FCA choose BDO?" I also asked what "system" and/or "criteria" The FCA had in place (if any!) as to who they parachute into these goldmines, as well as asking why such Administrator work does not go out to Tender or similar so "Best Price" is obtained for what is always very expensive Administration. Possibly/probably stupid questions but The FCA have also still to provide me with an answer. Also, it seems that BDO have very little, if any, experience in P2P - we are paying extortionately for their learning curve. So they can set themselves up in future as "The P2P Administration Experts."
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ilmoro
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Post by ilmoro on Jun 17, 2019 20:49:12 GMT
Valid point. On a number of occasions, I have attempted to ascertain why BDO was deemed suitable for the administration/liquidation of CUK. Till date, a credible response has not been provided by those responsible for this mess. The recently appointed administrators of Lendy have commenced their work with monthly updates while the JA here expect investors to be satisfied with information on a few loans after a year or so. Interesting! I too have asked the same question 7d7 - " Why did The FCA choose BDO?" I also asked what "system" and/or "criteria" The FCA had in place (if any!) as to who they parachute into these goldmines, as well as asking why such Administrator work does not go out to Tender or similar so "Best Price" is obtained for what is always very expensive Administration. Possibly/probably stupid questions but The FCA have also still to provide me with an answer. Also, it seems that BDO have very little, if any, experience in P2P - we are paying extortionately for their learning curve. So they can set themselves up in future as "The P2P Administration Experts." You'll like this ... not a lot. When Lendy were transitioning from the original model to the P2P they took advice on the structure from three firms ... one was an administrator. Guess who?
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ceejay
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Post by ceejay on Jun 17, 2019 21:59:34 GMT
Valid point. On a number of occasions, I have attempted to ascertain why BDO was deemed suitable for the administration/liquidation of CUK. Till date, a credible response has not been provided by those responsible for this mess. The recently appointed administrators of Lendy have commenced their work with monthly updates while the JA here expect investors to be satisfied with information on a few loans after a year or so. Interesting! ... why such Administrator work does not go out to Tender or similar so "Best Price" is obtained for what is always very expensive Administration. ... Also, it seems that BDO have very little, if any, experience in P2P - we are paying extortionately for their learning curve. So they can set themselves up in future as "The P2P Administration Experts." My guess to the first question would be that when you need an administrator then you need them pretty much straight away (days or even hours) - no time for anything resembling a normal tendering process. Realistically, you can only work in this sort of case by having a panel of pre-qualified operators that you go to (maybe on a cab-rank basis) when you need one. As for the second question - well, who did have experience specifically of administering a half-arsed P2P platform? No-one - so the safest bet would be to go to a large firm with general experience and trust them to get on with it. Frankly, this line of questioning is little more than a distraction - both the FCA and BDO have got better things to be looking at right now. That's not to say that they both don't need careful scrutiny, and the Creditors Committee (thank you!) have perhaps more educational work to do than might be the case for a "normal" administration, but that's where we are. Now can we please all get back to optimising the outcome of the loans?
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ozboy
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Post by ozboy on Jun 18, 2019 15:55:30 GMT
Questions directed to The FCA, not BDO, don't cost us anything, and I believe the questions are relevant to the bigger picture.
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Greenwood2
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Post by Greenwood2 on Jun 18, 2019 18:30:28 GMT
Questions directed to The FCA, not BDO, don't cost us anything, and I believe the questions are relevant to the bigger picture. Effectively the High Court appointed BDO.
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hantsowl
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Post by hantsowl on Jun 18, 2019 19:12:13 GMT
Next Committee Meeting date has been set for 18th of June. Hi Monetus. Did this go ahead today? If it did, has any real progress been made?
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Monetus
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Post by Monetus on Jun 19, 2019 7:54:52 GMT
The Collateral Creditors Committee meeting happened yesterday at 11.30am. Here are a few updates on subjects that I allowed to discuss:
- A total of 7 property loans have now been redeemed/settled and BDO have taken enforcement action in relation to a further 7 property loans. - BDO are continuing their efforts to reconcile the discrepancies in the data recovered which affects approximately 15% (by number) of investors.
- BDO are in a dialogue with the remaining borrowers and negotiations are ongoing regarding a consensual refinancing of their loans.
- In respect of the chattel loans, all of the borrowers have returned their stock, which BDO are having valued and will realise in due course. - BDO are continuing to obtain legal and property advice from Stevens and Bolton for legal matters and Avison Young for property assistance and valuations. - Based on currently available information, it would appear that tranche priority applies in respect of the relevant property loans. - It is currently too early to determine the likely total level of recoveries from the loan books. - BDO will pursue all lines of enquiry to maximise recoveries for investors and creditors.
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p2pete
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Post by p2pete on Jun 19, 2019 8:49:12 GMT
Can't think of anything positive to say other than thanks for taking the time to attend the meetings and provide updates.
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Monetus
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Post by Monetus on Jun 19, 2019 8:55:10 GMT
Can't think of anything positive to say other than thanks for taking the time to attend the meetings and provide updates. No worries Peter. Unfortunately as you can see I am not able to say very much which I can assure you is as frustrating to me as it is to you. Some progress is being made in various aspects and the meeting was constructive overall but it would not be beneficial to the interests of investors for me to divulge further detail. At the end of the day the goal is to return as much money as possible.
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averageguy
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Post by averageguy on Jun 19, 2019 10:10:46 GMT
Thanks for that Monetus.....they do seem to move slowly re the chattel loans...surely that lot should have been valued and sold by now...and I know you can’t answer that.
no further discussion over their fees?
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shimself
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Post by shimself on Jun 19, 2019 10:25:11 GMT
The Collateral Creditors Committee meeting happened yesterday at 11.30am. Here are a few updates on subjects that I allowed to discuss: - In respect of the chattel loans, all of the borrowers have returned their stock, which BDO are having valued and will realise in due course. - Based on currently available information, it would appear that tranche priority applies in respect of the relevant property loans. Sorry, but two elements I don't understand
The chattel loans, does this imply borrowers can just surrender the security and walk away?
Tranche priority?
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