averageguy
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Post by averageguy on Jun 21, 2019 9:02:16 GMT
Monetus Looking through the notes of the first creditors meeting back in September last year ..you were quite encouraged by what BDO had to say ...do you feel the same now. I see then that things like chattel loans and data recovery were discussed and yet here we are nine months later and still those issues along with others remain unresolved. Also, can I ask whether the subject of their fees was discussed Many thanks in advance Cough cough Monetus
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Monetus
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Post by Monetus on Jun 21, 2019 9:56:16 GMT
Monetus Looking through the notes of the first creditors meeting back in September last year ..you were quite encouraged by what BDO had to say ...do you feel the same now. I see then that things like chattel loans and data recovery were discussed and yet here we are nine months later and still those issues along with others remain unresolved. Also, can I ask whether the subject of their fees was discussed Many thanks in advance The subject of fees is always discussed at some point in every CC meeting as it's one of its primary functions. I have decided that I won't be making any further public commentary on my own personal feelings in regards to how the administration is progressing. Unfortunately a couple of investors were taking my comments to heart and have attempted to use comments I've made in the past against me. It's therefore better that I refrain from personal commentary as I don't want anything I say to be taken out of context or used as "evidence" that Monetus said XYZ and now that's proved not to be the case so let's burn him at the stake!
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averageguy
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Post by averageguy on Jun 21, 2019 12:18:26 GMT
Monetus Looking through the notes of the first creditors meeting back in September last year ..you were quite encouraged by what BDO had to say ...do you feel the same now. I see then that things like chattel loans and data recovery were discussed and yet here we are nine months later and still those issues along with others remain unresolved. Also, can I ask whether the subject of their fees was discussed Many thanks in advance The subject of fees is always discussed at some point in every CC meeting as it's one of its primary functions. I have decided that I won't be making any further public commentary on my own personal feelings in regards to how the administration is progressing. Unfortunately a couple of investors were taking my comments to heart and have attempted to use comments I've made in the past against me. It's therefore better that I refrain from personal commentary as I don't want anything I say to be taken out of context or used as "evidence" that Monetus said XYZ and now that's proved not to be the case so let's burn him at the stake! Noted and ta for replying
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7d7
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Post by 7d7 on Jun 22, 2019 13:59:46 GMT
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." Great questions ozboy! Will continue to seek answers till the bitter end.
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7d7
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Post by 7d7 on Jun 22, 2019 14:31:46 GMT
According to BDO, the purpose of the CC is: - to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. - to assist the JA in discharging their functions and obligations, which includes determining the basis (time costs, set amount, percentage of assets realised/distributed etc.) and level of the JA's fees and acting as a sounding board for the JA to obtain views on matters pertaining to the administrations.
What I find incomprehensible is how the CC can represent the interests of investors and creditors as a whole if consultation is nonexistent. Unlike other CC members, Monetus has done a splendid job in collecting questions on this forum and providing feedback that is permissible. Nevertheless, prior to meetings with BDO, I do not see any deliberation on strategy between CC members and investors to ensure the best recommendations are made be it on fees, the electronic data, loan book etc.
Am I missing something?
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Monetus
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Post by Monetus on Jun 22, 2019 15:24:09 GMT
According to BDO, the purpose of the CC is: - to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. - to assist the JA in discharging their functions and obligations, which includes determining the basis (time costs, set amount, percentage of assets realised/distributed etc.) and level of the JA's fees and acting as a sounding board for the JA to obtain views on matters pertaining to the administrations. What I find incomprehensible is how the CC can represent the interests of investors and creditors as a whole if consultation is nonexistent. Unlike other CC members, Monetus has done a splendid job in collecting questions on this forum and providing feedback that is permissible. Nevertheless, prior to meetings with BDO, I do not see any deliberation on strategy between CC members and investors to ensure the best recommendations are made be it on fees, the electronic data, loan book etc. Am I missing something? A very interesting point. As far as I am aware a CC member is an elected representative who is there to represent the interests of everyone regardless of whether people voted for them or not - a bit like politicians really. Regardless of whether you voted Conservative, Lib Dem or Labour, Theresa May's role as PM was to represent the interests of the entire country (even the large number of people who didn't vote for her) because she was elected to serve in that role. The Conservative party members are now seemingly about to vote in Boris Johnson as our next PM because they believe he will do a better job compared to Jeremy Hunt (although let's see how it goes!) If he is elected will Boris Johnson come back to all of those people personally, deliberate with them, conduct a survey and gather all of their opinions when devising his future foreign or economic policy? I'd say probably not. Unfortunately as CC members are also required to sign a very thorough NDA at the start it makes it very difficult to consult anyone else regarding potential strategy.
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Greenwood2
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Post by Greenwood2 on Jun 22, 2019 16:56:28 GMT
According to BDO, the purpose of the CC is: - to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. - to assist the JA in discharging their functions and obligations, which includes determining the basis (time costs, set amount, percentage of assets realised/distributed etc.) and level of the JA's fees and acting as a sounding board for the JA to obtain views on matters pertaining to the administrations. What I find incomprehensible is how the CC can represent the interests of investors and creditors as a whole if consultation is nonexistent. Unlike other CC members, Monetus has done a splendid job in collecting questions on this forum and providing feedback that is permissible. Nevertheless, prior to meetings with BDO, I do not see any deliberation on strategy between CC members and investors to ensure the best recommendations are made be it on fees, the electronic data, loan book etc. Am I missing something? A very interesting point. As far as I am aware a CC member is an elected representative who is there to represent the interests of everyone regardless of whether people voted for them or not - a bit like politicians really. Regardless of whether you voted Conservative, Lib Dem or Labour, Theresa May's role as PM was to represent the interests of the entire country (even the large number of people who didn't vote for her) because she was elected to serve in that role. The Conservative party members are now seemingly about to vote in Boris Johnson as our next PM because they believe he will do a better job compared to Jeremy Hunt (although let's see how it goes!) If he is elected will Boris Johnson come back to all of those people personally, deliberate with them, conduct a survey and gather all of their opinions when devising his future foreign or economic policy? I'd say probably not. Unfortunately as CC members are also required to sign a very thorough NDA at the start it makes it very difficult to consult anyone else regarding potential strategy. If there was no CC how much would BDO have to reveal to all lenders instead?
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Monetus
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Post by Monetus on Jun 22, 2019 17:27:33 GMT
A very interesting point. As far as I am aware a CC member is an elected representative who is there to represent the interests of everyone regardless of whether people voted for them or not - a bit like politicians really. Regardless of whether you voted Conservative, Lib Dem or Labour, Theresa May's role as PM was to represent the interests of the entire country (even the large number of people who didn't vote for her) because she was elected to serve in that role. The Conservative party members are now seemingly about to vote in Boris Johnson as our next PM because they believe he will do a better job compared to Jeremy Hunt (although let's see how it goes!) If he is elected will Boris Johnson come back to all of those people personally, deliberate with them, conduct a survey and gather all of their opinions when devising his future foreign or economic policy? I'd say probably not. Unfortunately as CC members are also required to sign a very thorough NDA at the start it makes it very difficult to consult anyone else regarding potential strategy. If there was no CC how much would BDO have to reveal to all lenders instead? The honest answer is I don't know. You'd have to ask someone more familiar with the specific rules surrounding insolvency.
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Post by brightspark on Jun 22, 2019 19:26:09 GMT
According to BDO, the purpose of the CC is: - to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. - to assist the JA in discharging their functions and obligations, which includes determining the basis (time costs, set amount, percentage of assets realised/distributed etc.) and level of the JA's fees and acting as a sounding board for the JA to obtain views on matters pertaining to the administrations. What I find incomprehensible is how the CC can represent the interests of investors and creditors as a whole if consultation is nonexistent. Unlike other CC members, Monetus has done a splendid job in collecting questions on this forum and providing feedback that is permissible. Nevertheless, prior to meetings with BDO, I do not see any deliberation on strategy between CC members and investors to ensure the best recommendations are made be it on fees, the electronic data, loan book etc. Am I missing something? Everyone working to sort out the mess is there earning a living. Who apart from creditors who in the case of Collateral may also happen to be investors wants the best recommendations be it on fees, the electronic data, loan book etc? Who benefits the most if things are not done with the utmost expediency? Only when the well is nearly dry will there be a conclusion. It has been 16 months already and no investor has been recompensed a single penny.
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iRobot
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Post by iRobot on Jun 22, 2019 21:04:38 GMT
If there was no CC how much would BDO have to reveal to all lenders instead? The honest answer is I don't know. You'd have to ask someone more familiar with the specific rules surrounding insolvency. Likely they would have to reveal nothing more than the level of detail which appears in the 6 monthly reports. But they only have to do that very infrequently. And as things are, that's only once a year. They possibly could reveal a lot more and with greater frequency if they were minded to. There'd be a cost associated, so that would have to be weighed against any benefits which more frequent reporting may bring.
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henryjford
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Post by henryjford on Jun 24, 2019 9:31:32 GMT
Monetus Looking through the notes of the first creditors meeting back in September last year ..you were quite encouraged by what BDO had to say ...do you feel the same now. I see then that things like chattel loans and data recovery were discussed and yet here we are nine months later and still those issues along with others remain unresolved. Also, can I ask whether the subject of their fees was discussed Many thanks in advance The subject of fees is always discussed at some point in every CC meeting as it's one of its primary functions. I have decided that I won't be making any further public commentary on my own personal feelings in regards to how the administration is progressing. Unfortunately a couple of investors were taking my comments to heart and have attempted to use comments I've made in the past against me. It's therefore better that I refrain from personal commentary as I don't want anything I say to be taken out of context or used as "evidence" that Monetus said XYZ and now that's proved not to be the case so let's burn him at the stake! So sorry to hear this Monetus, we live in the minefield of public opinion good and bad.
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tommytaylor
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Post by tommytaylor on Jun 24, 2019 13:38:03 GMT
As someone who has a high proportion of bling 'lost' in this debacle I find the contrasting updates six months apart incredibly disappointing. Given all BDO are doing is likely instructing valuers I can't imagine what on earth could take so long, and given such an inordinate time-frame fear for the escalating impact of Administrators fees on whatever is finally realised <snip>
In respect of the chattel loans, all but one of the borrowers have returned their stock, which the Administrators now have in their possession and are currently valuing. It is currently too early to determine the likely total level of recoveries from the loan books. <snip> <snip> - 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. <snip> I have just seen your post Stardust. When you look at it like that it really is piss poor. Monetus is just reporting what happened in those relevant meetings but 6 months and not a thing has happened regarding the bling. BDO are a disgrace and are making fools of us all.
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Post by df on Jun 24, 2019 14:20:02 GMT
As someone who has a high proportion of bling 'lost' in this debacle I find the contrasting updates six months apart incredibly disappointing. Given all BDO are doing is likely instructing valuers I can't imagine what on earth could take so long, and given such an inordinate time-frame fear for the escalating impact of Administrators fees on whatever is finally realised I have just seen your post Stardust. When you look at it like that it really is piss poor. Monetus is just reporting what happened in those relevant meetings but 6 months and not a thing has happened regarding the bling. BDO are a disgrace and are making fools of us all. May be I misunderstand something, please somebody correct me if I'm wrong, but in my understanding BDO won't treat pawn part of loan book separately. They will release funds to investors when the whole Col saga (incl. BDO fees) is finalised.
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michaelc
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Post by michaelc on Jun 24, 2019 14:54:00 GMT
1/ I am indeed grateful to monetus providing what he can. Without him, I'd know even less than the very little I know now.
2/ Regarding the huge amount of secrecy, something does not smell right. Consulting the creditors is surely not normally like a politician consulting the electorate because usually there are normally orders of magnitude fewer creditors than there are voters. Even in this case (Col/BDA) it would be manageable.
My question to someone who knows more about this than me is, if it turns out that the thick cloak of secrecy was put in place largely to hide malpractice rather than the implied aim of protecting our interests do we have any legal address over BDA ?
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boundah
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Post by boundah on Jun 24, 2019 15:29:41 GMT
... 2/ Regarding the huge amount of secrecy, something does not smell right. ... My question to someone who knows more about this than me is, if it turns out that the thick cloak of secrecy was put in place largely to hide malpractice rather than the implied aim of protecting our interests do we have any legal address over BDA ? I'm not sure throwing conspiracy theories into the mix will help a lot. I can see why BDO need to maintain confidentiality - that's what all responsible administrators have to do. As for possible malpractice: if anyone wants to take BDO on, they will cost themselves (and all creditors) a lot of money as the time spent will probably all be billable. If a criminal act is suspected, there's even more need to maintain secrecy as doing otherwise could prejudice the case if it ever winds up in court.
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