jj
Member of DD Central
Jolly Jammy
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Post by jj on Dec 23, 2019 18:21:02 GMT
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I'm unsure exactly what teeth the CC has but I had concerns at the start when I discovered a majority of people on the Committee had BDO connections. It's clear to me the interests of the people on the Committee do not align with mine and it's inevitable they will act in the best interests of themselves and those they represent, rather than individual, small scale 'man/woman in the street' type savers/investors.
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That's interesting. Can you elaborate please? According to the COM1 form lodged at CH, the committee members are: A*** B**** (on here as Monetus ) P**** L******* R****** W****** S****** W****** and, in a Corporate capacity, BondMason Client Limited which of those have 'BDO connections' and were those connections declared before or after election / selection to the Committee? Mr Burns - (Charles Montgomery "Monty" Burns)
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Post by bracknellboy on Dec 23, 2019 18:26:07 GMT
.... For disclosure, the only connection I have with BDO is a couple of free pens and perhaps some mints from the previous Committee Meeting. Are they now ornamented with bits of pocket fluff, as all self-respecting surreptitiously squirreled away mints should be ? Or were they "fancy mints", each with their own individual wrapper to safely ring fence your asset ?
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invester
P2P Blogger
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Post by invester on Dec 23, 2019 19:01:28 GMT
Was a link to this emailed out or did you just chance upon it?? Have received nothing from the Collateral administration for a while.
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GeorgeT
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Post by GeorgeT on Dec 23, 2019 23:28:24 GMT
Can I just mention that I edited one line of my post shortly after making it but somebody was very quick off the mark and managed to quote what I wrote originally. It should be clear what I refer to and I don't wish to re-quote it.
I wrote what I wrote because I believed it to be true based on my recollection of connections that were revealed some time ago. I think it may have been at the time before the committee was formed and the applicants' credentials were being scrutinised. However I promptly realised I was not able to corroborate it with evidence and that's why I changed my post.
I thank Monetus for his response and I thank him for his efforts, on all our behalves.
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archie
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Post by archie on Dec 24, 2019 5:29:27 GMT
Was a link to this emailed out or did you just chance upon it?? Have received nothing from the Collateral administration for a while. No email. I have a 'page monitor' running on the site.
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upland
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Post by upland on Dec 24, 2019 7:10:31 GMT
If we are lucky enough to have some of our money returned does anyone have any idea as to whether we could get anything to help tidy up the tax position ?
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sjg
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Post by sjg on Dec 24, 2019 8:52:45 GMT
Just a quick thought regarding the chattel loans. I know I was in at least a couple of car loans so unlike precious metals/stones they do tend to lose value as they get older. Looking forward to getting updated at some point as to why they weren't sold off earlier.  |
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duck
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Post by duck on Dec 24, 2019 9:07:40 GMT
If we are lucky enough to have some of our money returned does anyone have any idea as to whether we could get anything to help tidy up the tax position ? HMRC are still to get back to me 10 months after my initial query.
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upland
Member of DD Central
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Post by upland on Dec 25, 2019 7:31:26 GMT
If we are lucky enough to have some of our money returned does anyone have any idea as to whether we could get anything to help tidy up the tax position ? HMRC are still to get back to me 10 months after my initial query. I am in no hurry to hear from HMRC. Its whether the administrators will issue anything that can be used to clear up the position - does anybody know much about this area ?
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duck
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Post by duck on Dec 25, 2019 10:48:43 GMT
I am in no hurry to hear from HMRC. Its whether the administrators will issue anything that can be used to clear up the position - does anybody know much about this area ? From what I have heard the Administrators/Liquidators will not be issuing anything to do with tax (not their remit) hence my inquiries to HMRC, get it from the horses mouth.
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Post by waryinvestor on Dec 28, 2019 13:56:04 GMT
They say they have taken action over 14 further properties but list 9. Were some of those > 1 loan? I thought there were a lot more property loans but time does make one confused - if only 2 are yet to have enforcement action taken, have the others (if my memory isn't playing up) sold? There were any number of loan tranches (Col used to call them / notate them as DL or Development Loans). One property, for student accommodation in Bolton, had in the region of 30 DLs in addition to the original 'BL' for £1.6mm. I say ' in the region of' as it is unclear as to whether all 30-odd listed DLs drew down or not. As for distinct properties, my records show 36 as being outstanding, but 12 of those are individual units on some further student accommodation, this time in Bradford. These did all have unique 'BL' numbers, though. Re: Sales - to date 7 redemptions have been achieved Loan Ref Property Principal loan Amount recoveredBL00073 Bromyard, Hereford 210,000 212,174BL00072 Blackpool, Lancashire 105,000 120,419BL00010 B*****n Road, Liverpool 74,900 94,087BL00049 M****r Street, Blackpool, Lancashire 108,500 129,907BL00056 M****n Road, Wallsend, Newcastle upon Tyne 80,500 85,000BL00058 SMC, Heaton, Newcastle upon Tyne 133,000 139,000BL00071 P*** Hall, H***** H** R***, Liverpool 195,615 180,000I think these can be considered the 'low hanging fruit' - comparatively low value, straight forward transactions.
Thanks for the details, but may I ask where did you get these details from, as I don't seem to have received any email / updates from BDO. Also, the OP states 000056 (Wallsend) Loan had a Principal Loan of 122,500 whereas your list shows 80,500 (Principal) and 85,000 (Recovered). Are these 2 separate Loans ?Thanks for the details, but may I ask where did you get these details from, as I don't seem to have received any email / updates from BDO. Also, the OP states 000056 (Wallsend) Loan had a Principal Loan of 122,500 whereas your list shows 80,500 (Principal) and 85,000 (Recovered). Are these 2 separate Loans ?
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iRobot
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Post by iRobot on Dec 28, 2019 14:55:55 GMT
Thanks for the details, but may I ask where did you get these details from, as I don't seem to have received any email / updates from BDO. Also, the OP states 000056 (Wallsend) Loan had a Principal Loan of 122,500 whereas your list shows 80,500 (Principal) and 85,000 (Recovered). Are these 2 separate Loans ? Which loans which have redeemed is mostly from this update listed on the BDO portal for this Liquidation. The loan references came from my own records. There are two Wallsend loans: 0057 is 'Gardens' @ £122.5k; this one, 0056, is 'Road' @ £80.5k. Hope that helps...
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tony
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Post by tony on Dec 28, 2019 15:53:09 GMT
Is there any reason why BDO can't quote Collaterall's loan reference in their portal updates? - it would make it easier to recognize ones investments.
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Dec 28, 2019 16:40:20 GMT
What is the legal status with the money from the BL loans, does anybody know or have I to contact BDO directly?
Loan Ref Property Principal loan Amount recovered
BL00073 Bromyard, Hereford 210,000 212,174
BL00072 Blackpool, Lancashire 105,000 120,419
BL00010 B*****n Road, Liverpool 74,900 94,087
BL00049 M****r Street, Blackpool, Lancashire 108,500 129,907
BL00056 M****n Road, Wallsend, Newcastle upon Tyne 80,500 85,000
BL00058 SMC, Heaton, Newcastle upon Tyne 133,000 139,000
BL00071 P*** Hall, H***** H** R***, Liverpool 195,615 180,000
Do BDO have the right to use the monies from these loans to use against recouping the outstanding loans ??
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ceejay
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Post by ceejay on Dec 29, 2019 16:22:14 GMT
What is the legal status with the money from the BL loans, does anybody know or have I to contact BDO directly?
Loan Ref Property Principal loan Amount recovered
BL00073 Bromyard, Hereford 210,000 212,174
BL00072 Blackpool, Lancashire 105,000 120,419
BL00010 B*****n Road, Liverpool 74,900 94,087
BL00049 M****r Street, Blackpool, Lancashire 108,500 129,907
BL00056 M****n Road, Wallsend, Newcastle upon Tyne 80,500 85,000
BL00058 SMC, Heaton, Newcastle upon Tyne 133,000 139,000
BL00071 P*** Hall, H***** H** R***, Liverpool 195,615 180,000
Do BDO have the right to use the monies from these loans to use against recouping the outstanding loans ??
I think you'll find that the liquidator's right to be paid takes precedence over almost everything else - it kind of has to be that way, or no-one would ever take on the role. For that reason I would never have expected any payout until they got to a point where they at least had a reasonable view of how everything was likely to turn out, when partial payments should be possible. Hopefully some time in 2020!
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