archie
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Post by archie on Apr 25, 2019 13:58:04 GMT
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Post by Financial Thing on Apr 25, 2019 15:24:01 GMT
Updated fee estimate cost approaching £1m.
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IFISAcava
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Post by IFISAcava on Apr 25, 2019 16:25:54 GMT
I didn't get this by email whereas I have all previous reports - did anyone else get it?
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Monetus
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Post by Monetus on Apr 25, 2019 16:26:39 GMT
I didn't get this by email whereas I have all previous reports - did anyone else get it? Nope. It hasn't been emailed yet to the best of my knowledge it's only available on the BDO portal.
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jcm9000
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Post by jcm9000 on Apr 25, 2019 16:26:44 GMT
I didn't get this by email whereas I have all previous reports - did anyone else get it? Nope.
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radar
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Post by radar on Apr 25, 2019 16:27:57 GMT
No email to me. It was Archies post that alerted me
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Post by p2psavvy on Apr 25, 2019 16:43:26 GMT
I can see why BDO were keen to have a Creditors Committee with £68,383.28 fees so far for 'reporting and leasing liaison' with an estimate of £85,000. Wow, that is nearly 9% of the fees estimate!
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IFISAcava
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Post by IFISAcava on Apr 25, 2019 16:43:35 GMT
More discrepancies uncovered! As someone 90% in chattels plus cash, I am less optimistic than I was. Those fees have to come from somewhere, and reading between the lines the jewels are worth much less than they were valued at (that not a single person wants them back is a red flag).
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picnicman
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Post by picnicman on Apr 25, 2019 16:57:20 GMT
Updated fee estimate cost approaching £1m. plus solicitors and valuers fees of £280k versus £1.65m currently in the bank. Also from a quick read 1. They have listed properties where loans have repaid plus where receivers appointed plus they say 2 more may complete soon. There are more properties on the loan book than this? Cannot tell which ones are missing as do not know which the two are they are referring to? 2. Independent valuation of chattels vary to the book values - does not say which way, but suspect less than book hmmmm......... 3. Chattels not disposed of until further discussions have been held - so no timescale 4. No indication of when any repayments or the strategy for repayments is going to be - they are obviously still sorting through the IT data to finalise investor holdings in each loan etc, but one could read it that no repayments will happen until all claims have been finalised/assets have been realised. So a bit clearer on some issues, but suspect we are in for a further long wait before we see any returns whatever they may be? Just my early synopsis and is just my understanding based on what I have read - happy to be corrected/put straight by others analysis. Cheers P
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adrianc
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Post by adrianc on Apr 25, 2019 17:02:33 GMT
2. Independent valuation of chattels vary to the book values - does not say which way, but suspect less than book hmmmm......... That was a given as soon as "They've all been handed over rather than repaid". This is a good thing, because it means there's scope for repercussions against the valuers.
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7d7
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Post by 7d7 on Apr 25, 2019 17:15:20 GMT
Updated fee estimate cost approaching £1m. True, and who knows what the final figure will be? There appears to be no deadline stipulated for the phase post Administration. While the JA have sought to have their remuneration fixed on a time costs basis, it is up to the CC to determine on which bases, or combination of bases, to proceed according to the Guide to Administrators' Fees. Other alternatives mentioned include a set amount, a percentage of assets realised and distributed etc. Has the latter been completely overlooked?
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hazellend
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Post by hazellend on Apr 25, 2019 20:13:53 GMT
Reasonably positive update. I notice the Darwin land plot and associated plots in Lancashire and somewhere else aren’t in administration.
First charge on the big loans (student Bolton and building plots) should get most of their money back. Hopefully the later tranche holders will get something significant back.
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IFISAcava
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Post by IFISAcava on Apr 25, 2019 20:29:12 GMT
2. Independent valuation of chattels vary to the book values - does not say which way, but suspect less than book hmmmm......... That was a given as soon as "They've all been handed over rather than repaid". This is a good thing, because it means there's scope for repercussions against the valuers. The problem is that any repercussions cost time - so may not be worth it for the relatively low value chattels. As I said, I am much less positive after this, and I don't forsee getting much back in the £, and not for a long while yet. Plus there's still more potential fraud to uncover.
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Post by df on Apr 25, 2019 21:08:48 GMT
I didn't get this by email whereas I have all previous reports - did anyone else get it? I didn't.
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Post by df on Apr 25, 2019 21:33:57 GMT
Updated fee estimate cost approaching £1m. plus solicitors and valuers fees of £280k versus £1.65m currently in the bank. Also from a quick read 1. They have listed properties where loans have repaid plus where receivers appointed plus they say 2 more may complete soon. There are more properties on the loan book than this? Cannot tell which ones are missing as do not know which the two are they are referring to? 2. Independent valuation of chattels vary to the book values - does not say which way, but suspect less than book hmmmm......... 3. Chattels not disposed of until further discussions have been held - so no timescale 4. No indication of when any repayments or the strategy for repayments is going to be - they are obviously still sorting through the IT data to finalise investor holdings in each loan etc, but one could read it that no repayments will happen until all claims have been finalised/assets have been realised. So a bit clearer on some issues, but suspect we are in for a further long wait before we see any returns whatever they may be? Just my early synopsis and is just my understanding based on what I have read - happy to be corrected/put straight by others analysis. Cheers P Far more detailed update than the previous, but yes - we are for a long wait and the result is unpredictable.
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