Monetus
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Post by Monetus on Oct 23, 2019 18:54:08 GMT
I'm slightly surprised anybody wants to be an administrator for a p2p company. Just imagine thousands of angry customers constantly bombarding you for updates, action groups set up etc. That's not to mention trying to manage a loan book of hundreds of late loans and ongoing legal cases. Indeed. Those poor administrators and their £500 an hour! They’re the real victims in all this... 
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Post by bracknellboy on Oct 23, 2019 18:56:23 GMT
well if this is handled as a relatively smooth run off, then some (relative) kudos should go to the owners for having decided to shut up shop when an orderly wind down was still possible. Those early signs of repayments still going through might suggest that is on the cards.
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arby
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Post by arby on Oct 23, 2019 19:26:02 GMT
well if this is handled as a relatively smooth run off, then some (relative) kudos should go to the owners for having decided to shut up shop when an orderly wind down was still possible. Those early signs of repayments still going through might suggest that is on the cards. Ironically, the last week has seen the most interest and capital repaid to me in a long time!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 23, 2019 19:49:09 GMT
I (most of us?) would like to see one or more who were involved with Funding Secure jailed, Whitehaven alone is as 100% black & white, clear cut as you can get.
I was never in Whitehaven but it saddened me hugely when I read on here a few times that Plod was just not interested in the Whitehaven details.
No idea how it all works but perhaps the Administrators and/or the FCA will now be interested and pursue Perpetrators with eventual criminal charges?
I REALLY DO hope so, the industry badly needs such actions, and it might even clean up P2P overnight?
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rogerthat
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Post by rogerthat on Oct 23, 2019 19:53:17 GMT
well if this is handled as a relatively smooth run off, then some (relative) kudos should go to the owners for having decided to shut up shop when an orderly wind down was still possible. Those early signs of repayments still going through might suggest that is on the cards. Ironically, the last week has seen the most interest and capital repaid to me in a long time! Do I seem to recall that you (or someone else) stating that they had managed to withdraw £5K last night..well done !..the tea leaves or some incredible premonition ?
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Post by bobbins on Oct 23, 2019 19:53:34 GMT
Does anyone know if lenders funds showing on the Dashboard are protected from the administration process, i.e. can't be used by the administrators to pay the administrators?
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paulb
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Post by paulb on Oct 23, 2019 19:58:50 GMT
withdraw £5K last night..well done !..the tea leaves or some incredible premonition ? ... or the straw that broke the camel's back? 
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paulb
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Post by paulb on Oct 23, 2019 20:03:50 GMT
Does anyone know if lenders funds showing on the Dashboard are protected from the administration process, i.e. can't be used by the administrators to pay the administrators? I believe client funds (those showing on the dashboard) should be ring-fenced, and according to the risk warning "The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your FundingSecure Limited (‘FSL’) client money account (up to a maximum amount of £85,000), however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS.", which (if true) should be pretty safe - though most of what's on that page is pure fiction.
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arby
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Post by arby on Oct 23, 2019 20:06:56 GMT
withdraw £5K last night..well done !..the tea leaves or some incredible premonition ? ... or the straw that broke the camel's back? I apologise. I hadn't realised things were quite so tight otherwise of course I'd have actually deposited more money! 
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arby
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Post by arby on Oct 23, 2019 20:13:25 GMT
Ironically, the last week has seen the most interest and capital repaid to me in a long time! Do I seem to recall that you (or someone else) stating that they had managed to withdraw £5K last night..well done !..the tea leaves or some incredible premonition ? They're the only two options you're giving me? Not giving my sound reasoned analysis any credit?? Nope, all dumb luck of course. Just the much larger remaining chunk to enjoy the show with now...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 23, 2019 20:20:23 GMT
For what its worth from the FS FAQ (ie not admin)
'In the unlikely event that FundingSecure enters administration as a result of extreme financial circumstances, capital and accrued interest on all loans would be “ring-fenced” and, therefore, cannot be used by the administrators to settle any debts due by FundingSecure. The administrators would have to rely on the administration fees coming at the end of the loan period to settle all debts, continuing to repay capital and interest to investors in accordance with the terms and conditions.'
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Monetus
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Post by Monetus on Oct 23, 2019 20:34:36 GMT
I (most of us?) would like to see one or more who were involved with Funding Secure jailed, Whitehaven alone is as 100% black & white, clear cut as you can get. I was never in Whitehaven but it saddened me hugely when I read on here a few times that Plod was just not interested in the Whitehaven details. No idea how it all works but perhaps the Administrators and/or the FCA will now be interested and pursue Perpetrators with eventual criminal charges? I REALLY DO hope so, the industry badly needs such actions, and it might even clean up P2P overnight? I see that the following has been plastered on the homepage: "As a result of the administration no legal proceedings may be commenced or continued with against the Company without the consent of the Administrators or leave of the Court. The Company is now protected from any third party actions by virtue of a statutory moratorium.". Certainly don't remember that being so prominent with Lendy or Collateral. Pure speculation on my part but perhaps rather than financial issues the Directors may have decided it was a lost cause and put FS into administration to protect it from potential legal action from investors or indeed borrowers? I believe there were various loans that weren't secured on anything or where FS didn't have control of the assets or may have faced potential negligence claims - Art Loans/Whitehaven etc?
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Mousey
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Post by Mousey on Oct 23, 2019 21:00:57 GMT
Pure speculation on my part but perhaps rather than financial issues the Directors may have decided it was a lost cause and put FS into administration to protect it from potential legal action from investors? I believe there were various loans that weren't secured on anything or where FS didn't have control of the assets or may have faced potential claims - Art Loans/Whitehaven etc? Yeah I agree. The art loans were due to have a hearing last week but were adjourned until December. The granting of a consent order a few days before at the request of the family wasn't in my opinion exactly in our favour. I think the liability of having to reimburse the investors tipped the balance. All because FS agreed to let the borrower keep possession of the items rather than take hold of them. I understand this was agreed during boozy lunches involving Richard Luxmore and the borrower.
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Monetus
Member of DD Central
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Post by Monetus on Oct 23, 2019 21:04:30 GMT
Pure speculation on my part but perhaps rather than financial issues the Directors may have decided it was a lost cause and put FS into administration to protect it from potential legal action from investors? I believe there were various loans that weren't secured on anything or where FS didn't have control of the assets or may have faced potential claims - Art Loans/Whitehaven etc? I think the liability of having to reimburse the investors tipped the balance. I'm not in those loans so I don't know the history and how much they are but if FS were legally on the hook to reimburse investors for a large sum that may have been enough to make them insolvent.
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Post by dan1 on Oct 23, 2019 21:40:41 GMT
Pure speculation on my part but perhaps rather than financial issues the Directors may have decided it was a lost cause and put FS into administration to protect it from potential legal action from investors? I believe there were various loans that weren't secured on anything or where FS didn't have control of the assets or may have faced potential claims - Art Loans/Whitehaven etc? Yeah I agree. The art loans were due to have a hearing last week but were adjourned until December. The granting of a consent order a few days before at the request of the family wasn't in my opinion exactly in our favour. I think the liability of having to reimburse the investors tipped the balance. That consent order was submitted/filed on the same date the "new" management resigned as directors, 15 Oct. Is this just the date it made its way to E-Filing Service? I'm out of my depth here but, is the date a coincidence?
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