Mick
Be nice... People respond.
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Post by Mick on Oct 23, 2019 13:00:23 GMT
Looks like we'll have to wait for our money...
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Godanubis
Member of DD Central
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 Oct 23, 2019 13:02:50 GMT
Whoops !!!!  |
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Mick
Be nice... People respond.
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Post by Mick on Oct 23, 2019 13:07:25 GMT
Looks like we'll have to wait for our money... SECTION 1 – INSOLVENCY AND THE COMPANY Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson (‘the Administrators’) of CG & Co (‘CG’) were appointed Administrators of the Company on 23rd October 2019 The Company was placed into administration on 23 October 2019 by a resolution of the board of directors of the Company. 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. The business and affairs of the Company are now controlled by the Administrators who act as agents of the Company and act without personal liability. Please note that this FAQ document has been prepared at the time of our appointment. As events and information develops we will update it. References to ‘we’ refer to the Administrators.
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star dust
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Post by star dust on Oct 23, 2019 17:17:39 GMT
It seems the demise of this P2P platform has already made a significant number of the 'broad sheets' mainstream newspapers some of the articles are pay-walled -
As well as:
and the exclusive (?)
and of course (?) the chocolate fireguard - the FCA:
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Post by gravitykillz on Oct 23, 2019 19:05:57 GMT
How many defaults does funding circle have in comparison? Not to mention 90 days wait for withdrawals?
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Post by gravitykillz on Oct 23, 2019 19:06:47 GMT
If funding circle fell. How would that effect the p2p lending sector?
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TitoPuente
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Post by TitoPuente on Oct 23, 2019 19:18:01 GMT
I'm not and never been in FS. Was this expected/imminent like with Lendy or a shocking surprise like with Collateral?
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Post by nooneere on Oct 23, 2019 19:23:04 GMT
How many defaults does funding circle have in comparison? Not to mention 90 days wait for withdrawals? Correct me if I'm wrong, but I think FS did not have institutional money to invest - that plus the PLC status make FC a different animal. FC made a pre-tax loss of £31M over the last 6 months, which is chickenfeed compared to a loanbook of £3.7 billion, which is an asset remember. The likely scenario of unredeemed poor performance at FC is a collapse in share price and takeover by a corporate predator.
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Greenwood2
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Post by Greenwood2 on Oct 24, 2019 7:24:02 GMT
The most pertinent fact about FC is it’s got a strong fighting chance of surviving for five further loss-making years. I’m not aware of any other platform that has that strong a balance sheet. I wouldn’t make any big assumptions about FC ever being able to raise equity cash again. The chances of a rights issue in 4 or 5 years time would really depend on how “promising but not quite there” the next few years are. Ditto I wouldn’t make any big assumptions about a takeover at some point down the line. Again it’d depend how “promising but not quite there” the next few years are. I’d probably marginally rate the chance of it being taken private ahead of a listed corporate takeover. Other than current cash on the balance sheet I’d not assume anything additional and positive about cash until it’s a near 100% reality. For the record I’m not a big fan of FC, but for all it’s faults it’s better than nearly every other SME platform. Disclosure: I’ve 98% exited the retail platform and I’m on my third experiment with the FC IT. Never touched the share FCH. Anyway, clearly some lenders on here think FC has high platform risk. On that measure the majority of P2P platforms are bargepole as the majority, if not all, have higher platform risk than FC. Anecdotally FC seem to have a high lender risk, high defaults, low rates being achieved and difficulty getting funds out, if lenders lose confidence and stop lending how long can the platform last?
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benaj
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Post by benaj on Oct 25, 2019 8:47:36 GMT
Let's not forget there are staffs working behind the scene under administration and I wish everyone single investors to get their money back returned from borrowers asap. fundingsecure made a few updates this morning. |
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