ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 25, 2019 21:51:05 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). RE Paragraph you kindly deleted - I was a bit harsh, my apologies, we are all in this together. Thank you IFISAcava. 
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IFISAcava
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Post by IFISAcava on Apr 25, 2019 22:41:32 GMT
[PS/EDIT: Care to delete the offending para?] Not in the business of shafting anyone! Have removed in case it makes a difference.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Apr 25, 2019 23:47:12 GMT
Initial glance seems to show pages and pages of them talking about their remuneration.
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radar
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Post by radar on Apr 26, 2019 7:10:46 GMT
Initial glance seems to show pages and pages of them talking about their remuneration. I agree, they must have spent a considerable amount of time working out their pay!
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Post by brightspark on Apr 26, 2019 7:45:32 GMT
The more you think about this mess the more firmly should the finger of blame be pointed at the FCA. BDO are simply the financial equivalent of bluebottles on a rotting carcase doing an unwholesome waste disposal.
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agent69
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Post by agent69 on Apr 26, 2019 8:19:46 GMT
When BDO were first involved there was a suggestion that a large sum of money (£400k?) was withdrawn from the business just before it closed down. Has anyone seen mention of this in the latest report?
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Post by Proptechfish on Apr 27, 2019 1:48:14 GMT
My first read through of the report, it looks pretty dire. Only £1.6 mil recovered in 12 months of a c£18 mil claim. With c£1.3 mil fees racked up. I'm starting to accept we could get close to nothing back.
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hazellend
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Post by hazellend on Apr 27, 2019 7:00:53 GMT
My first read through of the report, it looks pretty dire. Only £1.6 mil recovered in 12 months of a c£18 mil claim. With c£1.3 mil fees racked up. I'm starting to accept we could get close to nothing back. A lot of time was wasted at the beginning due to the scorched earth left by the immoral business owners. Depends what loans you are in,but I’m still hoping for capital and interest. Jewels and later tranches of DFLs were always higher risk so may see more capital loss.
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Post by brightspark on Apr 27, 2019 8:28:29 GMT
I don't share your optimism. Over-valued assets, disappeared cash and business records, developers stranded with half finished projects, higher risk borrowers, First tier Administrators, Brexit preoccupied government, FCA determined to make an example. Realistically 5-10p in the £ and just over the horizon it could all happen again very soon.
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agent69
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Post by agent69 on Apr 27, 2019 8:34:02 GMT
My first read through of the report, it looks pretty dire. Only £1.6 mil recovered in 12 months of a c£18 mil claim. With c£1.3 mil fees racked up. I'm starting to accept we could get close to nothing back. Looking at the table on page 21, the current cost looks to be about £800k. I think £1.3m is the projected final figure (noting that 12 months ago the projected final cost was £700k).
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adrianc
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Post by adrianc on Apr 27, 2019 9:03:41 GMT
A lot of time was wasted at the beginning due to the scorched earth left by the immoral business owners....incompetent original administrators. And I'm being charitable there, assuming it was incompetence rather than malice. As for the chances of recovery - the fact that there's already more in than the latest costs estimate is, imho, positive. The bulk of the heavy lifting is done. RR's vandalism is wound back. BDO are now into the straightforward stuff - the management of the loans. Sure, the delays have harmed recovery in some cases, where the security has deteriorated through neglect, as well as through the market falling in the interim. But many of the projects are already part-way through recovery. From hereon in, the proportion of recovered to cost is only going up. And, on the current numbers, we're at 4.5% - £800k costs vs £1.6m recovered vs £18m book. Is it going anywhere near 100%? No. It never was going to. But I'm optimistic for at least 30-40%. Let's say the costs come in at the latest £1.3m estimate. To hit overall 40% recovery, that'd need another £6.9m to come in out of the £16.4m still outstanding - 42%. Assuming they do assign according to loans (and I'm hoping that does happen), then different people will clearly get different results. ALL of the six projects already in have hit 100% capital recovery, before costs.
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duck
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Post by duck on Apr 27, 2019 10:00:49 GMT
A lot of time was wasted at the beginning due to the scorched earth left by the immoral business owners....incompetent original administrators. And I'm being charitable there, assuming it was incompetence rather than malice. ..... I feel I need to add some info here from the FCA (another FOI request), my bolding Did the FCA take any action to preserve data following the Collateral Companies agreeing to cease their lending activities?” The FCA applied to the High Court to appoint new administrators who would take over the business. This application was made on 16 March 2018 and adjourned by the court at the request of the directors and Mr Craig. Both the directors and Mr Craig made formal undertakings to the court that, in the interim, the assets of the Collateral Companies (which would include its data) would be retained.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Apr 27, 2019 10:32:23 GMT
The more you think about this mess the more firmly should the finger of blame be pointed at the FCA. BDO are simply the financial equivalent of bluebottles on a rotting carcase doing an unwholesome waste disposal. Whatever we end up with the FCA will be topping up the shortfall if there is any because i cant see they have a leg to stand on if we all sue which i know i will be doing.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 27, 2019 11:13:19 GMT
The more you think about this mess the more firmly should the finger of blame be pointed at the FCA. BDO are simply the financial equivalent of bluebottles on a rotting carcase doing an unwholesome waste disposal. Whatever we end up with the FCA will be topping up the shortfall if there is any because i cant see they have a leg to stand on if we all sue which i know i will be doing. The problem, of course, is The FCA's probable complete and utter denial that they are culpable and have done anything wrong. They will fight tooth and nail to protect their good "name", even though they know "in house" that they have been grossly negligent. Won't stop us suing their arse off of course.  With "Watchdogs" like this looking out for us I get my usual warm & fuzzy feeling. 
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adrianc
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Post by adrianc on Apr 27, 2019 11:16:02 GMT
...incompetent original administrators. And I'm being charitable there, assuming it was incompetence rather than malice. ..... I feel I need to add some info here from the FCA (another FOI request), my bolding Did the FCA take any action to preserve data following the Collateral Companies agreeing to cease their lending activities?” The FCA applied to the High Court to appoint new administrators who would take over the business. This application was made on 16 March 2018 and adjourned by the court at the request of the directors and Mr Craig. Both the directors and Mr Craig made formal undertakings to the court that, in the interim, the assets of the Collateral Companies (which would include its data) would be retained....then it turned out it hadn't been.
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