travolta
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Post by travolta on Mar 27, 2020 14:41:02 GMT
The solution is now so diluted by CV that there will be no residual outcome.
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TitoPuente
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Post by TitoPuente on Mar 28, 2020 10:00:41 GMT
I'd like to see some of the other P2P platforms put pressure on the FCA/ Commissioner to pay up now for their failure. We were conned into believing Collateral was registered. ....... I understand the frustration believe me ............... but paying 'compensation' (ex gratia payments in FCA terminology) at this time is just not possible. Can you put an exact figure of your final losses down on paper and guarantee it to be 100% accurate? Note, the cynic in me might be saying BDO will be returning nothing so my total investment is my total loss but of course I could be proved wrong, BDO may return something. The Commissioner has been involved almost from day one but his hands are tied (like ours are) by the ongoing investigation. If anybody is thinking of contacting the Commissioner that would IMHO be counterproductive at this time. He knows the situation in all its minute detail, we have supplied him with a lot of information so when the time comes (then end of the investigation and possibly any Court cases) he will already be fully briefed. We will of course be supplying a refresher course with formal paperwork that will have to be submitted. I know this situation is putting a lot of stress on a lot of people and the time limits have become protracted but we are governed by both rules and the law (both FCA and Administration/Liquidation) there is no quick solution. The "investigation" is taking quite a bit of time to be just an investigation without a court process and indicted individuals. Who is leading it (person, name)? Is this public information?
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hantsowl
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Post by hantsowl on Mar 28, 2020 10:32:53 GMT
This may have been covered before, but whilst looking into another investment offering I noticed the following under risks....
> The Financial Services Compensation Scheme (FSCS) for deposits does not apply to D****** Bonds. There may be circumstances in which investors can claim up to £85,000 of compensation where D******* is unable or unlikely to honour legally enforceable obligations against it (e.g. claims for fraud or misrepresentation). However, investors will not be able to claim under the FSCS simply because a bond fails to repay capital or pay interest. <
I realize that nothing can be done until BDO have drained every last penny from what is recovered, but could we ultimately have a case for compensation down to the misrepresentation by the FCA that Coll was authorized?
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duck
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Post by duck on Mar 28, 2020 11:16:37 GMT
The "investigation" is taking quite a bit of time to be just an investigation without a court process and indicted individuals. Who is leading it (person, name)? Is this public information? If you look at the original communication from the FCA sent by "Op Denton Investors" and open the attachment you can see the name. A quick google gives you a lot of information about this person, some impressive stuff there. As I have posted previously I believe the investigation will progress until BDO complete their task which of course is being complicated by the current pending Court case that BDO have with the directors. This is because they have been trying to track the money as they have to and what they find will be of interest to the FCAs investigation.
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duck
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Post by duck on Mar 28, 2020 11:28:37 GMT
This may have been covered before, but whilst looking into another investment offering I noticed the following under risks.... > The Financial Services Compensation Scheme (FSCS) for deposits does not apply to D****** Bonds. There may be circumstances in which investors can claim up to £85,000 of compensation where D******* is unable or unlikely to honour legally enforceable obligations against it ( e.g. claims for fraud or misrepresentation). However, investors will not be able to claim under the FSCS simply because a bond fails to repay capital or pay interest. < I realize that nothing can be done until BDO have drained every last penny from what is recovered, but could we ultimately have a case for compensation down to the misrepresentation by the FCA that Coll was authorized? The FSCS has to be forgotten since that deals with regulated Companies/Individuals. The FCA made it very clear from day one that Col was never regulated. The issue with mini bonds is different since these were offered by regulated companies/individuals but mini bonds were not regulated products, something that wasn't clear (or made clear) to consumers. this is one of the many 'failures' that have been noted over the last 2+ years, they all form part of the case against the FCA for which ex gratia payments is being sought. (note as always that the FCA is exempt from any form of Court proceedings so the use of 'case' above refers to the paperwork that has been put together by myself and others)
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Post by waryinvestor on May 24, 2020 22:47:27 GMT
On the failed L platform investors/lenders are getting some money back as and when loans are redeemed or the assets are sold off. We know that several of the COL assets have been sold for amounts that fully covered the loan, namely several smaller residential properties in the north of England. Why haven't funders of those loans had a percentage of their cash back. Presumably BDO are recording their time spent and therefore fees against each individual loan. Also, when some people had cash balances/cash on account, why has this money still not been returned to them when we are now into the 3rd year of the administration/liquidation. These are not rhetorical or sarcastic questions, I would really like to know. I can't remember the last time I heard a peep from BDO. I know they may not be legally required to contact me more than once a year but in view of the massive fees they are charging and racking up it's a very poor show. I remember being criticised at the time when I objected to certain people who were anxious to get on the creditors' committee coming on here telling us how we should back BDO and how BDO were ready to hit the ground running and sort it all out for us. It all feels like a big stitch up to me but answers to the questions I posed earlier in this post would still be appreciated. My guess for not making any payments so far is - "The sum Total of the Cash Balance and the Funds realised from the Sale of Assets aren't keeping Pace with their Fees".
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Post by elephantrosie on Jun 14, 2020 22:54:56 GMT
On the failed L platform investors/lenders are getting some money back as and when loans are redeemed or the assets are sold off. We know that several of the COL assets have been sold for amounts that fully covered the loan, namely several smaller residential properties in the north of England. Why haven't funders of those loans had a percentage of their cash back. Presumably BDO are recording their time spent and therefore fees against each individual loan. Also, when some people had cash balances/cash on account, why has this money still not been returned to them when we are now into the 3rd year of the administration/liquidation. These are not rhetorical or sarcastic questions, I would really like to know. I can't remember the last time I heard a peep from BDO. I know they may not be legally required to contact me more than once a year but in view of the massive fees they are charging and racking up it's a very poor show. I remember being criticised at the time when I objected to certain people who were anxious to get on the creditors' committee coming on here telling us how we should back BDO and how BDO were ready to hit the ground running and sort it all out for us. It all feels like a big stitch up to me but answers to the questions I posed earlier in this post would still be appreciated. My guess for not making any payments so far is - "The sum Total of the Cash Balance and the Funds realised from the Sale of Assets aren't keeping Pace with their Fees". That would be so sad. Bye bye my hard earned money
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hendragon
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Post by hendragon on Jun 15, 2020 16:29:14 GMT
I wonder if BDO has not decided HOW any funds will be distributed. Either by individual loan holdings or as a proportion if total investments. IIRC this has not been resolved. Having said that this has been so protracted I am unsure if black is white or vice versa.
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Post by df on Jun 15, 2020 19:29:18 GMT
According to last communication (23rd Dec 2019) we are to receive an update sometime this month. I wonder what it will be. Have they taken any steps to dispose of any chattels yet? Have the recoveries from the loan book have reached a level sufficient to make a distribution process economic? It's been more than two years since BDO took over the loan book... Somehow RSM and CG managed to return something to investors in much shorter period of time.
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Post by Deleted on Jun 18, 2020 16:03:13 GMT
I began writing off COL last year and will continue this year to offset profits elsewhere for HMRC. If we get anything back I will be amazed. Just noticed I cannot even log in anymore.
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duck
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Post by duck on Jun 18, 2020 16:16:01 GMT
I began writing off COL last year ..... Business account? Since Col was not regulated personal losses are not currently 'offsetable' which is why I have been chasing HMRC for a decision.
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Post by dan1 on Jul 3, 2020 12:30:59 GMT
I've assumed for quite some time that no distributions will be made (if any!) until such time as the FCA investigation is complete (or at least at an advanced stage - whatever that may mean).
Has this been explicity stated anywhere?
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7d7
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Post by 7d7 on Jul 3, 2020 12:55:52 GMT
I've assumed for quite some time that no distributions will be made (if any!) until such time as the FCA investigation is complete (or at least at an advanced stage - whatever that may mean). Has this been explicity stated anywhere? According to the Joint Liquidators, a first distribution to investors will be made once recoveries from the loan book have reached a level sufficient to make a distribution process economic. No date can be set as it will depend to a significant extent on the timing of recoveries from the sale of properties. A level sufficient to make a distribution process economic? This is the most explicit statement we have. You draw your own conclusions.
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Post by elephantrosie on Aug 29, 2020 14:43:56 GMT
Still in existence?
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duck
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Post by duck on Aug 30, 2020 8:32:48 GMT
Sorry, don't understand this comment.
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