duck
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Post by duck on Feb 8, 2020 5:06:13 GMT
Any updates on the Recoveries or Payments ? we were supposed to receive some update months back ! And, has the website been sorted yet so that people can have a view of their holdings and transactions ? I'm afraid that is a black screen, the only way of obtaining very limited visibility is to scour Rightmove (and similar) for sale details and the land registry for when properties have been sold off. The chattels are a different matter altogether. Members of the CC have never been able to discuss individual loans (NDA) and with Monetus having to step aside (get well soon) the picture will remain dark. The website will never be seen again. The exercise that BDO have gone through was to be able to obtain enough data to show what investors held so that when the time came to make repayments they will know whats what. My view is that the FCAs investigation and the BDO liquidation are linked in many ways. As BDO turn up 'issues' these will be added to / compliment the investigation so they will probably end at about the same time. Having got all the bad news out, something interesting should be hitting the radars in the near future ......
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jj
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Post by jj on Feb 8, 2020 9:29:04 GMT
I feel sorry for people who just had money lying in their account.
Two years. I mean come on.
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Post by brightspark on Feb 8, 2020 10:26:12 GMT
Any updates on the Recoveries or Payments ? we were supposed to receive some update months back ! And, has the website been sorted yet so that people can have a view of their holdings and transactions ? I'm afraid that is a black screen, the only way of obtaining very limited visibility is to scour Rightmove (and similar) for sale details and the land registry for when properties have been sold off. The chattels are a different matter altogether. Members of the CC have never been able to discuss individual loans (NDA) and with Monetus having to step aside (get well soon) the picture will remain dark. The website will never be seen again. The exercise that BDO have gone through was to be able to obtain enough data to show what investors held so that when the time came to make repayments they will know whats what. My view is that the FCAs investigation and the BDO liquidation are linked in many ways. As BDO turn up 'issues' these will be added to / compliment the investigation so they will probably end at about the same time. Having got all the bad news out, something interesting should be hitting the radars in the near future ...... The website will never be seen again. Hmmm. perhaps it should read ... your money will never be seen again. honestly I am incredulous that after nearly 2 years, and with the initial blessing of the court, not a penny has been repaid.
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radar
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Post by radar on Feb 8, 2020 13:43:00 GMT
From memory, and it has been a long time, I believe we were told there were 17 million pounds of loans, how can that much disappear
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Post by stevefindlay on Feb 11, 2020 8:28:31 GMT
Next Creditor Committee meeting is end of March. We will ask what, if any, updates we can provide after that.
Please bear in mind that we are under NDA, and there is a separate legal process ongoing, so we will likely be limited in terms of what we can say.
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ozboy
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Post by ozboy on Feb 11, 2020 8:34:08 GMT
Thank you stevefindlay. Lenders are WELL overdue some payments by now, BDO's time is up, they've milked it long enough and NO excuses, they MUST pay some monies out. The whole FCA created COLL mess just stinks.
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iRobot
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Post by iRobot on Feb 11, 2020 9:11:44 GMT
... and there is a separate legal process ongoing ... I've written off any possibility of getting any monetary returns from the shambles - either direct from the Administration / Insolvency or via the FCA* - so have been paying scant attention to the COL situation beyond monitoring duck 's call to arms. Therefore, I may have missed it, but I'm surprised I hadn't noticed any commentary on this 'separate legal process'. Any pointers? (Who? Why? Where? When?) * This is not to say the FCA shouldn't be hounded via all means available over the incompetence with which they managed the situation and the destructive outcome they played their part in. I don't think they'll be getting their cheque book out, but they may feel 'obliged' to take a hard(er**) line with the COL directors (former or otherwise) by way of a peace offering to affected parties. ** 'harder' being relative to similar situations which rarely, if ever, see jail time (in the UK) and often result in simple wrist-slappings like small fines, Directorial bans and exclusion from 'named' involvement in a regulated firm.
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duck
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Post by duck on Feb 11, 2020 10:48:03 GMT
... and there is a separate legal process ongoing ... ... Therefore, I may have missed it, but I'm surprised I hadn't noticed any commentary on this 'separate legal process'. Any pointers? (Who? Why? Where? When?) .... There hasn't been any commentary on this but I have come across what is going on due to some of the 'digging' that I have been doing. Whilst I'm not in contact with the Committee (best for all concerned) I have no doubts that the matter will be covered by the NDA as stevefindlay has intimated in his previous post. The information is not currently in the public domain but it should be soon/soonish as I hinted in my last post. When that happens I have no doubt that the commentary will start. In the meantime I think it best if I remain quiet. Sorry if this post seems evasive, I try not to be, but certain things that I have come across I need to keep to myself until they hit the public domain otherwise I could find myself in the firing line.
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iRobot
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Post by iRobot on Feb 11, 2020 12:19:35 GMT
Sorry if this post seems evasive, I try not to be, but certain things that I have come across I need to keep to myself until they hit the public domain otherwise I could find myself in the firing line. Absolutely no apology required - situation completely understood and if / when this reaches the courts, I can't think of a better 'expert witness' to represent lenders, should the occasion require it. (Assuming - and hoping - you're up for it.) I guess the difficulty may be separating the mountains of evidence demonstrating that the Currie's were (at best) nonfeasant from that which demonstrates the FCA were (at best) the same!
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Post by waryinvestor on Feb 14, 2020 18:13:01 GMT
Any updates on the Recoveries or Payments ? we were supposed to receive some update months back ! And, has the website been sorted yet so that people can have a view of their holdings and transactions ? I'm afraid that is a black screen, the only way of obtaining very limited visibility is to scour Rightmove (and similar) for sale details and the land registry for when properties have been sold off. The chattels are a different matter altogether. Members of the CC have never been able to discuss individual loans (NDA) and with Monetus having to step aside (get well soon) the picture will remain dark. The website will never be seen again. The exercise that BDO have gone through was to be able to obtain enough data to show what investors held so that when the time came to make repayments they will know whats what. My view is that the FCAs investigation and the BDO liquidation are linked in many ways. As BDO turn up 'issues' these will be added to / compliment the investigation so they will probably end at about the same time. Having got all the bad news out, something interesting should be hitting the radars in the near future ...... Thanks for the update. Wasn't aware that Monetus isn't well. Is there anybody else to represent us in the CC in his absence ? It's interesting that FCA went to Court to replace the Admins with their own choice of Admin and now are trying to wash their hands off saying, contact BDO .... or complain against them. Why did they chose them in the first place then ?
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Post by waryinvestor on Feb 14, 2020 18:17:18 GMT
Next Creditor Committee meeting is end of March. We will ask what, if any, updates we can provide after that. Please bear in mind that we are under NDA, and there is a separate legal process ongoing, so we will likely be limited in terms of what we can say. What I heard initially that BondMason and a few other P2P P/F were interested in buying / taking over some of the Loans. Is that still a possibility (understand you have NDA, but generally).
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hazellend
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Post by hazellend on Feb 14, 2020 19:01:14 GMT
I'm afraid that is a black screen, the only way of obtaining very limited visibility is to scour Rightmove (and similar) for sale details and the land registry for when properties have been sold off. The chattels are a different matter altogether. Members of the CC have never been able to discuss individual loans (NDA) and with Monetus having to step aside (get well soon) the picture will remain dark. The website will never be seen again. The exercise that BDO have gone through was to be able to obtain enough data to show what investors held so that when the time came to make repayments they will know whats what. My view is that the FCAs investigation and the BDO liquidation are linked in many ways. As BDO turn up 'issues' these will be added to / compliment the investigation so they will probably end at about the same time. Having got all the bad news out, something interesting should be hitting the radars in the near future ...... Thanks for the update. Wasn't aware that Monetus isn't well. Is there anybody else to represent us in the CC in his absence ? It's interesting that FCA went to Court to replace the Admins with their own choice of Admin and now are trying to wash their hands off saying, contact BDO .... or complain against them. Why did they chose them in the first place then ? Collateral chose the initial administrator who was a total con man, with prior history. FCA just chose one of the largest accountancy firms in the uk.
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Post by waryinvestor on Feb 14, 2020 19:18:35 GMT
Well, largest doesn't necessarily mean best or most efficient. If they are going to Court with a specific choice, it has to be good one and they have to take the responsibility if it fails to perform. Or they could have simply stopped the crooks (with a previous history) and suggested an open bidding for the best offer / lowest charges rather than specifying BDO.
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Post by stevefindlay on Feb 14, 2020 20:34:18 GMT
Next Creditor Committee meeting is end of March. We will ask what, if any, updates we can provide after that. Please bear in mind that we are under NDA, and there is a separate legal process ongoing, so we will likely be limited in terms of what we can say. What I heard initially that BondMason and a few other P2P P/F were interested in buying / taking over some of the Loans. Is that still a possibility (understand you have NDA, but generally). Too many conflicts of interest & information asymmetries to do this fairly. Best approach is to work collectively for best outcome on each loan, and deliver funds back to investors.
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ozboy
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Post by ozboy on Feb 15, 2020 0:00:32 GMT
"** 'harder' being relative to similar situations which rarely, if ever, see jail time (in the UK)"Spot on iRobot, SPOT ON. ONLY in this country does white collar crime pay handsomely, with virtually nil repercussions. In the US and Oz perpetrators are punished with doing serious time, the penalties are robust, but here in the Piss Poor UK they get away with it. ALL the time. Makes me pig sick. Two that spring immediately to mind are Ernest Saunders & Guinness and Tesco overstating their profits by Half a Billion Pounds, and no-one swings!
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