ash83
Posts: 33
Likes: 13
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Post by ash83 on Dec 21, 2018 12:01:22 GMT
Hi All,
Has anyone else received the email from admins "To enable the Joint Administrators to take enforcement action as quickly and efficiently as possible,..."
What are your thoughts here? Do we just do as they are asking and reply back?
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withnell
Member of DD Central
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Post by withnell on Dec 21, 2018 12:03:36 GMT
Worth everyone replying back, especially as the alternative is court costs and delay, or even worse an inability of the administrator to collect in loans!
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Carter
Member of DD Central
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Post by Carter on Dec 21, 2018 12:04:39 GMT
Yup, replied already.
Why this has just materialised now beggars belief.
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dh1
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Post by dh1 on Dec 21, 2018 12:06:21 GMT
Imediate reply!
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archie
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Member is Online
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Post by archie on Dec 21, 2018 12:07:20 GMT
Yup, replied already. Why this has just materialised now beggars belief. My thoughts too. If they need our authority to act, why wait so long to ask for it?
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Monetus
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Post by Monetus on Dec 21, 2018 12:09:15 GMT
All investors in Collateral should have just received an email from BDO today containing a Lenders Resolution letter.
I strongly encourage all investors to reply positively to this email as soon as possible.
I am sure there will be plenty of questions surrounding this communication but please be aware that it is necessary due to the content of Collateral's original terms and conditions. Obtaining a sufficient amount of responses will be highly beneficial to Investors and allow BDO to take appropriate recovery action when required.
If the Joint Administrators do not receive a positive response from a sufficient majority of investors, it will be necessary for them to make a court application as a prelude to enforcement action. Any court application will add additional cost and delay to the enforcement process, most likely resulting in a slower and reduced return of funds to investors.
If you happen to be in contact with any other investors who don't frequent these forums, it would be great if you could also please reach out to them and encourage them to respond also.
It is VERY important that people don't just ignore this communication and instead respond positively to BDO's request.
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neal
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Post by neal on Dec 21, 2018 12:10:35 GMT
Whilst I'm not keen on the term 'without limitation' I'm not sure there is much option.
I just want whatever I can get back back then I can move on.
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SteveT
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Post by SteveT on Dec 21, 2018 12:11:55 GMT
Replied.
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liso
Member of DD Central
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Post by liso on Dec 21, 2018 12:15:34 GMT
ditto
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Post by justdabbling on Dec 21, 2018 12:16:41 GMT
I have replied agreeing to the resolution but I was very shocked that if this was needed it took so long for them to ask for this agreement.
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agent69
Member of DD Central
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Post by agent69 on Dec 21, 2018 12:19:13 GMT
Pleased to see that BDO have found my email address again.
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trevor
Member of DD Central
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Post by trevor on Dec 21, 2018 12:19:54 GMT
Replied was disappointed it's taken them this long to realise the resolution is needed.
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gareot
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Post by gareot on Dec 21, 2018 12:22:03 GMT
Replied.
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Post by Butch Cassidy on Dec 21, 2018 12:22:28 GMT
Whilst I gave them the go ahead for recovery action I also added the following, as I am disgusted with the amount of fees charged so far for the progress made.
"What I am unhappy about is “To enable the Joint Administrators to take enforcement action as quickly and efficiently as possible,” none of which has been demonstrated so far, in fact quite the opposite. It is nearly 9 months & you have achieved virtually nothing to benefit investors, which is in stark contrast to the amount of time that it has taken to do it. It must be a coincidence that the time spent directly benefits BDO yet achieving anything substantial would significantly reduce these ongoing financial benefits. When are you going to repay investor funds, even via an interim payment? How much longer are you going to rack up substantial fees whilst keeping investors in the dark? Can you provide an end date or will this fees bonanza continue indefinitely? Investors would be happy to pay for results but it currently appears that substantial fees are being generated for cynically shuffling paperwork & appearing busy whilst achieving virtually nothing & certainly no transparency about what funds have been recovered & when they will be dispersed. Singularly unimpressed with the efficiency & effectiveness of your recovery action & investor communication demonstrated so far."
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Post by munchydave on Dec 21, 2018 12:27:33 GMT
Whilst I'm not keen on the term 'without limitation' I'm not sure there is much option. I just want whatever I can get back back then I can move on. I have also replied as soon as I got the Email. There are no other reasonable options.
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