averageguy
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Post by averageguy on Mar 5, 2020 20:41:48 GMT
Except that BDO are a LOT richer. When they were originally appointed I was rather naively thinking50% recovery....now I’m thinking more like 5% if I’m lucky
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Mar 5, 2020 20:52:37 GMT
Except that BDO are a LOT richer. When they were originally appointed I was rather naively thinking50% recovery....now I’m thinking more like 5% if I’m lucky The fees need to be transparent. You can’t keep taking fees without actually doing something and you can’t have fees that are greater than the recovery value if this is obvious.
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ozboy
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Post by ozboy on Mar 5, 2020 20:59:55 GMT
The fact we have not received a single penny in nearly TWO years says it all. (BDO appointed 27/4/18) Every penny coming in is simply paying straight out to BDO's "Costs & Expenses" and there is nothing for us. We are being rinsed. I expect this Gravy Train will continue unabated. I recall the Judge at the appointment of BDO said s/he would " Keep a close eye on costs." Yeah, right. EDIT: NEVER forget, the FCA created and are 100% responsible for all this. PS / EDIT 2: No doubt BDO will be sending the FCA a very nice Christmas card, and suitable basket of wine/delicacies.
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travolta
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Post by travolta on Mar 5, 2020 21:10:44 GMT
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averageguy
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Post by averageguy on Mar 5, 2020 23:09:59 GMT
When they were originally appointed I was rather naively thinking50% recovery....now I’m thinking more like 5% if I’m lucky The fees need to be transparent. You can’t keep taking fees without actually doing something and you can’t have fees that are greater than the recovery value if this is obvious. I think you are taking to the wrong person ..try BDO
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kaya
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Post by kaya on Mar 6, 2020 7:56:21 GMT
be as well talking to yourself
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jcb208
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Post by jcb208 on Mar 6, 2020 8:01:17 GMT
I want to know where our statement of loans have gone which BDO said we would receive ,also with a proper progress report. The way this is going we will get sod all back,what a joke of a company they have turned out to be.The FCA should of chosen a much smaller company to run the administration as I'm sure we would of progressed a lot further
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7d7
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Post by 7d7 on Mar 6, 2020 11:02:19 GMT
The fees need to be transparent. You can’t keep taking fees without actually doing something and you can’t have fees that are greater than the recovery value if this is obvious. I think you are taking to the wrong person ..try BDO Regarding fees, not BDO. It is the Creditors' Committee you should be talking to. They are the ones who decided to approve BDO's fees on a time cost basis enabling the administrators to enrich themselves so far with minimal results. See below: The creditors’ committee
The creditors have the right to appoint a committee with a minimum of 3 and a maximum of 5 members. One of the functions of the committee is to determine the basis of the administrator’s remuneration.
Fixing the administrator’s remuneration
Basis
The basis for fixing the administrator’s remuneration is set out in Rule 18.16 Insolvency (England and Wales) Rules 2016, which states that it shall be fixed: as a percentage of the value of the property which the administrator has to deal with, by reference to the time properly given by the administrator and his staff in attending to matters arising in the administration, or as a set amount. Any combination of these bases may be used to fix the remuneration, and different bases may be used for different things done by the administrator. Where the remuneration is fixed as a percentage, different percentages may be used for different things done by the administrator.Who fixes the remuneration It is for the creditors’ committee (if there is one) to determine on which bases, or combination of bases, the remuneration is to be fixed. Where it is fixed as a percentage, it is for the committee to determine the percentage or percentages to be applied, and where it is a set amount, to determine that amount. In contrast, the CC at Funding Secure have fixed CG & Co's remuneration as a percentage to ensure the administrators at least actively pursue recoveries from borrowers. Moreover, there are no formal channels of communication with the CC even though the FCA/Complaints Commissioner have stated concerns may be raised via them.
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11025
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Post by 11025 on Mar 6, 2020 12:05:59 GMT
I want to know where our statement of loans have gone which BDO said we would receive ,also with a proper progress report. The way this is going we will get sod all back,what a joke of a company they have turned out to be.The FCA should of chosen a much smaller company to run the administration as I'm sure we would of progressed a lot further I vaguely remember mention of a statement of loans to be provided - anyone recall where and when that was ? Also who can we contact on the CC now that Adam has sadly been sidelined ?
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averageguy
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Post by averageguy on Mar 6, 2020 12:49:21 GMT
I want to know where our statement of loans have gone which BDO said we would receive ,also with a proper progress report. The way this is going we will get sod all back,what a joke of a company they have turned out to be.The FCA should of chosen a much smaller company to run the administration as I'm sure we would of progressed a lot further I vaguely remember mention of a statement of loans to be provided - anyone recall where and when that was ? Also who can we contact on the CC now that Adam has sadly been sidelined ? End of last October Monetus reported that BDO would ‘’when feasible’’ ..given their performance to date..anytime not soon
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Mar 6, 2020 16:06:47 GMT
I vaguely remember mention of a statement of loans to be provided - anyone recall where and when that was ? Also who can we contact on the CC now that Adam has sadly been sidelined ? End of last October Monetus reported that BDO would ‘’when feasible’’ ..given their performance to date..anytime not soon For their own book keeping I would think the would need an end of tax year report.?
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duck
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Post by duck on Mar 6, 2020 16:10:40 GMT
End of last October Monetus reported that BDO would ‘’when feasible’’ ..given their performance to date..anytime not soon For their own book keeping I would think the would need an end of tax year report.? Hmmmm
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Post by waryinvestor on Mar 28, 2020 22:30:14 GMT
The fact we have not received a single penny in nearly TWO years says it all. (BDO appointed 27/4/18) Every penny coming in is simply paying straight out to BDO's "Costs & Expenses" and there is nothing for us. We are being rinsed. I expect this Gravy Train will continue unabated. I recall the Judge at the appointment of BDO said s/he would " Keep a close eye on costs." Yeah, right. EDIT: NEVER forget, the FCA created and are 100% responsible for all this. PS / EDIT 2: No doubt BDO will be sending the FCA a very nice Christmas card, and suitable basket of wine/delicacies. Call me a cynic, but I can't help thinking that BDO are doing more to protect the interests of the FCA than that of the Lenders (they are getting paid handsomely for this). They are just buying time for FCA to finish their investigation before laying their cards, so as not to contradict each other (read not to put FCA in a tight corner). Won't be surprised if they have signed an under the table NDA to FCA :-(
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ozboy
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Post by ozboy on Mar 29, 2020 10:21:22 GMT
The fact we have not received a single penny in nearly TWO years says it all. (BDO appointed 27/4/18) Every penny coming in is simply paying straight out to BDO's "Costs & Expenses" and there is nothing for us. We are being rinsed. I expect this Gravy Train will continue unabated. I recall the Judge at the appointment of BDO said s/he would " Keep a close eye on costs." Yeah, right. EDIT: NEVER forget, the FCA created and are 100% responsible for all this. PS / EDIT 2: No doubt BDO will be sending the FCA a very nice Christmas card, and suitable basket of wine/delicacies. Call me a cynic, but I can't help thinking that BDO are doing more to protect the interests of the FCA than that of the Lenders (they are getting paid handsomely for this). They are just buying time for FCA to finish their investigation before laying their cards, so as not to contradict each other (read not to put FCA in a tight corner). Won't be surprised if they have signed an under the table NDA to FCA :-( Correct. IMHO.
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duck
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Post by duck on May 13, 2020 4:22:27 GMT
I've just noticed that the FCA sneaked another Col FOI into their 2019 disclosure log. Another one for your excellent list star dustFOI6927This was a very important FOI since it closed another question that had been nagging me for a long time. We know from the rules that for Interim Approval (IP) to be given the company had to be incorporated before a certain date, Col was not. This information was available to the FCA at Companies House from the date that the Part 4A application was made. The FCA and Col were 'in discussions' for the best part of 2 years before 23/11/2017 with Col claiming IP / not needing IP but at no time until 23/11/2017 did the FCA carry out such a basic check, they took Part 4A applications on trust! FWIW this FOI is one of the last I sent, there are plenty more that I and others sent that are yet to be published on the disclosure log, somehow I doubt if they will all be since the FCA only publish a selection.
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