iRobot
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Post by iRobot on Jun 24, 2019 16:34:46 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 ?How Who are you anticipating this possible 'malpractice' was undertaken by?
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7d7
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Post by 7d7 on Jun 26, 2019 17:19:15 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 ? Yes, we do michaelc. The route to take is to complain to BDO (good luck with getting a response) prior to escalating the matter to the regulatory body for insolvency practitioners. It is pleasing to see pressure maintained on the FCA. Nevertheless, the same should apply to BDO. To the best of my knowledge, the maximum compensation that the complaints commissioner will recommend for each investor is 50% of their holdings. If so although I hope not, where would the other half come from? Current progress indicates the JA are not acting to achieve a better result for investors as pledged in April 2018. Action speaks louder than words and we can see that they have: - maintained a time costs basis to magnify their fees in a phase that has no stipulated deadlines. - continued to avoid interim repayments without clarification. - employed a unilateral NDA to such a level that leaves transparency and accountability compromised. - not moved expeditiously with respect to data and loan recovery. While it has been said that confronting BDO will result in enhancing their final bill, standing idle will equally magnify that bill. The choice is ours.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 26, 2019 19:02:45 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 ? Yes, we do michaelc . The route to take is to complain to BDO (good luck with getting a response) prior to escalating the matter to the regulatory body for insolvency practitioners. It is pleasing to see pressure maintained on the FCA. Nevertheless, the same should apply to BDO. To the best of my knowledge, the maximum compensation that the complaints commissioner will recommend for each investor is 50% of their holdings. If so although I hope not, where would the other half come from? Current progress indicates the JA are not acting to achieve a better result for investors as pledged in April 2018. Action speaks louder than words and we can see that they have: - maintained a time costs basis to magnify their fees in a phase that has no stipulated deadlines. - continued to avoid interim repayments without clarification. - employed a unilateral NDA to such a level that leaves transparency and accountability compromised. - not moved expeditiously with respect to data and loan recovery. While it has been said that confronting BDO will result in enhancing their final bill, standing idle will equally magnify that bill. The choice is ours. Well 7d7, that now makes a Team of Two, thee & me, any other joiners? I repeat, I don't like being a kipper.
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iRobot
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Post by iRobot on Jun 26, 2019 19:34:40 GMT
Well 7d7 , that now makes a Team of Two, thee & me, any other joiners? I repeat, I don't like being a kipper. You could do 'a Monetus' and start an action group. Adam might even donate a (suitably tweaked) copy of the WP template for a good cause. (And an impressive site it is, too!) BDOactiongroup. prettymuchanything is available as a domain name. (bdoag.com has gone but other extensions are available - .co.uk, .org, etc) Or something sardonic like: pullyourfingerout.co.uk -or- whereisour.money -or- howlongtosortoutthe.data Just don't ask for info from the COL web site should you decide to impose any registration questions.
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adrianc
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Post by adrianc on Jun 27, 2019 19:30:57 GMT
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! I'm sure they recognise themselves in that, and I hope they're happy.
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boundah
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Post by boundah on Jun 28, 2019 14:16:18 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 ? Yes, we do michaelc . The route to take is to complain to BDO (good luck with getting a response) prior to escalating the matter to the regulatory body for insolvency practitioners. It is pleasing to see pressure maintained on the FCA. Nevertheless, the same should apply to BDO. To the best of my knowledge, the maximum compensation that the complaints commissioner will recommend for each investor is 50% of their holdings. If so although I hope not, where would the other half come from? Current progress indicates the JA are not acting to achieve a better result for investors as pledged in April 2018. Action speaks louder than words and we can see that they have: - maintained a time costs basis to magnify their fees in a phase that has no stipulated deadlines. - continued to avoid interim repayments without clarification. - employed a unilateral NDA to such a level that leaves transparency and accountability compromised. - not moved expeditiously with respect to data and loan recovery. While it has been said that confronting BDO will result in enhancing their final bill, standing idle will equally magnify that bill. The choice is ours. I'm certain complaining to BDO will do no more than add a few thousand to their (ie our) bill. I'm also pretty certain any complaint to the Insolvency Service will get nowhere, as BDO have not infringed any professional standards as far as I can see. If you think otherwise, I'd be grateful for chapter and verse rather than sweeping generalisations. As for your other points: - Any administrator would operate on a time/cost basis for a case like this, where the scale of the problem was not clear at the outset. For the same reason nobody would commit themselves to a deadline. - Interim payments presumably cannot be made until the administrator has a clear picture of who owns what and can reconcile balances. - I can't see any administrator being willing to open themselves to the level of creditor scrutiny you seem to want, as doing so may compromise their ability to recover loans. We have been given a voice (through Monetus et al) - how would it help if hundreds of other creditors were also brought in to the mix, apart from further inflating the bill? - How do you know BDO haven't 'moved expeditiously' wrt data & loan recovery? Monetus' last update seemed to give some hope that these were moving forward from a challenging starting-point. Don't get me wrong - I'm not a stooge for BDO, and am just as frustrated as anyone about my '000s being tied up. But every letter, email and phone call from lenders will cost me money and will achieve precisely nothing. Unfortunately 'standing idle' is all we can do, unless and until we have some specific evidence of professional or criminal wrongdoing.
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Post by red on Jun 28, 2019 16:43:24 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! This is exactly why BDO should be providing updates themselves. They're happy to gag you with an NDA, but when they do permit you to provide updates they know they do so with the added benefit of using you as a blanket of plausible deniability. We never said it, Monetus did! Once they've agreed what you can share on here why don't they provide the same themselves via their website or some other medium such as email?
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ceejay
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Post by ceejay on Jun 28, 2019 16:59:11 GMT
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! This is exactly why BDO should be providing updates themselves. They're happy to gag you with an NDA, but when they do permit you to provide updates they know they do so with the added benefit of using you as a blanket of plausible deniability. We never said it, Monetus did! Once they've agreed what you can share on here why don't they provide the same themselves via their website or some other medium such as email? Agree with what boundah said above, and add... Why, exactly, should BDO be providing more updates? Their sole responsibility is to optimise the return for stakeholders - there is nothing in their brief about making us feel more comfortable. More updates = more cost = less return. Plus, if @monetus is getting it in the neck for daring to offer slivers of information, what do you think will happen if BDO offer some partial information which turns out not to be 100% correct? Far safer from their point of view to say nothing until they have certainty. Which, dare I say it, may even be better for us investors - I would much rather only have information when it's known as opposed to guessed. I do understand the raised temperature here - some people have significant sums of money at stake, I get that. But these are precisely the times when the head has to rule the heart.
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averageguy
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Post by averageguy on Jun 28, 2019 19:27:09 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.
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averageguy
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Post by averageguy on Jun 28, 2019 19:28:03 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 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. It’s longer than six months when you see it was being talked about in the first creditors meeting last September
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mj87
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Post by mj87 on Jul 3, 2019 7:23:24 GMT
Hello,
I asked BDO for an update as I have not heard from them for the last 6 months. Where can I get an official update and a time frame to an end to this saga. Thanks
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markyg61
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Post by markyg61 on Jul 3, 2019 8:09:21 GMT
Hello, I asked BDO for an update as I have not heard from them for the last 6 months. Where can I get an official update and a time frame to an end to this saga. Thanks
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boundah
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Post by boundah on Jul 3, 2019 13:51:39 GMT
Hello, I asked BDO for an update as I have not heard from them for the last 6 months. Where can I get an official update and a time frame to an end to this saga. Thanks See earlier posts ad infinitum.
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mj87
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Post by mj87 on Jul 3, 2019 16:27:18 GMT
Hello,
Anyone know when they will contact investors with what monies can be returned to investors? Thanks
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keystone
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Post by keystone on Jul 3, 2019 17:45:28 GMT
No one knows, could be next year could be a few years, but longer then when the money runs out to pay BDO's fees.
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