tony
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Post by tony on Jun 11, 2020 9:06:11 GMT
I spoke again to them about 2 weeks ago , Duck updated this info on another thread - I have been informed the 30 or so Investors that had discrepancies on their original figures have now had schedules of their holdings which are correct and others will be updated with theirs shortly. Thanks for relaying this information Still no further communication from BDO - last one was last December. We are due to receive the mandatory general update this month but no sign of it yet.
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duck
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Post by duck on Jun 11, 2020 13:19:15 GMT
Thanks for relaying this information Still no further communication from BDO - last one was last December. We are due to receive the mandatory general update this month but no sign of it yet. Collateral is in liquidation, mandatory updates are only one every year (administration is 6 months). If you look at the official notification you will see that dated 23/12/19 so we have some way to go before any official notification is due.
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TitoPuente
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Post by TitoPuente on Jun 11, 2020 14:12:58 GMT
Still no further communication from BDO - last one was last December. We are due to receive the mandatory general update this month but no sign of it yet. Collateral is in liquidation, mandatory updates are only one every year (administration is 6 months). If you look at the official notification you will see that dated 23/12/19 so we have some way to go before any official notification is due. That same official notification dated 23/12/2019 includes the following "The next statutory report in the liquidation is not due until June 2020. A further update may be published on the website prior to that date, if there are matters to report to investors and creditors". Was the June 2020 reference a mistake? They also state "the Joint Liquidators aim to circulate a detailed schedule of each investors’ loan exposure early in 2020". Even if the statutory cycle does not mandate an update, professionalism involves honouring a self imposed commitment. Anyway, preaching to the choir here.
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7d7
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Post by 7d7 on Jun 11, 2020 14:23:14 GMT
There is a difference between an update and a report. Updates are not mandatory, reports are.
COL was officially placed into liquidation on 10 May 2019. Consequently, a statutory report is due a year later, which is 10 May 2020. Nonetheless, for unidentified reasons, BDO have confirmed on their website the next report is due in June 2020. According to the CC, it was due yesterday.
BDO have equally stated that further updates (not reports) may be published on their site between December 2019 and this month if there are matters to report. The fact they haven't done so indicates there are no matters to report.
Oh, and what happened to the detailed schedule of investor's loan exposure they aim to circulate early this year?
Am I surprised? Not at all! Even if BDO produce a statutory report by the end of this month, I don't expect satisfactory progress. As far as their fees are approved on a time cost basis by the CC, they will by all means move at a glacial pace to ensure their earnings are fully maximised.
NB: The notification dated 23/12/2019 is an update (not a report).
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averageguy
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Post by averageguy on Jun 17, 2020 12:22:24 GMT
I spoke again to them about 2 weeks ago , Duck updated this info on another thread - I have been informed the 30 or so Investors that had discrepancies on their original figures have now had schedules of their holdings which are correct and others will be updated with theirs shortly. Hi..I’ve tried to contact the Baker St office without any joy ...it’s a month since you did and their promise of shortly had sadly not materialised
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11025
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Post by 11025 on Jun 17, 2020 12:24:23 GMT
Give it till the end of this week . I have been snowed atm but I spoke with them yesterday.
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duck
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Post by duck on Jun 17, 2020 15:07:10 GMT
I'm a bit 'baffled' by the great urge to see an 'update', IMHO it will be far from enlightening if issued. My prediction of any statement that might be issued. A lot of hard work has been carried out in these testing times. (Costs will be at the end but these will not be easy to pin down) Moves are underway to sell a couple of the properties, a couple of the small ones have been sold. (Look out for the borrower buying back at a loss to lenders) There might be interim payments at some time in the future (but don't hold your breath on that one). Work continues on the chattel loans.Liquidation to continue for an unknown period.
I doubt if there will be mention of the ongoing 'issue' with the Directors. If all goes well a 'personal statement' will be issued to show that BDO now have the data that I could have given to them +2 years ago. This statement might be a day before / after any official statement. Lets see how wrong I can be.
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jonno
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nil satis nisi optimum
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Post by jonno on Jun 17, 2020 15:34:15 GMT
I'm a bit 'baffled' by the great urge to see an 'update', IMHO it will be far from enlightening if issued. My prediction of any statement that might be issued. A lot of hard work has been carried out in these testing times. (Costs will be at the end but these will not be easy to pin down) Moves are underway to sell a couple of the properties, a couple of the small ones have been sold. (Look out for the borrower buying back at a loss to lenders) There might be interim payments at some time in the future (but don't hold your breath on that one). Work continues on the chattel loans.Liquidation to continue for an unknown period.
I doubt if there will be mention of the ongoing 'issue' with the Directors. If all goes well a 'personal statement' will be issued to show that BDO now have the data that I could have given to them +2 years ago. This statement might be a day before / after any official statement. Lets see how wrong I can be. To be fair, that's about the most informative update we've had thus far
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benaj
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Post by benaj on Jun 17, 2020 17:19:05 GMT
It's really disappointing. Both RSM & CG managed to return some money to investor within 180 days, and yet BDO is still MIA after 2 years.
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averageguy
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Post by averageguy on Jun 17, 2020 18:53:49 GMT
I'm a bit 'baffled' by the great urge to see an 'update', IMHO it will be far from enlightening if issued. My prediction of any statement that might be issued. A lot of hard work has been carried out in these testing times. (Costs will be at the end but these will not be easy to pin down) Moves are underway to sell a couple of the properties, a couple of the small ones have been sold. (Look out for the borrower buying back at a loss to lenders) There might be interim payments at some time in the future (but don't hold your breath on that one). Work continues on the chattel loans.Liquidation to continue for an unknown period.
I doubt if there will be mention of the ongoing 'issue' with the Directors. If all goes well a 'personal statement' will be issued to show that BDO now have the data that I could have given to them +2 years ago. This statement might be a day before / after any official statement. Lets see how wrong I can be. I’m not sure about great urge...I think it’s more geared around the fact that the feedback from the CC implied there would be one....vague talk about distribution and as importantly for those of us who didn’t keep precise records, the ‘loan list’. Anyway after posting earlier I did get a reply from BDO ....as indicated by another poster we should have that list by the end of next week and the person expressed surprise over the June 10th date....he mentioned that statutory obligations meant one had to be issued by July 9th
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7d7
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Post by 7d7 on Jun 18, 2020 4:09:06 GMT
An interesting response!
Regarding the date (the 10th), was the CC not passing on information provided to them?
With respect to the month, was the June 2020 reference in the December 23 update an error?
I don’t care if the statutory report manifests on 9th July. They merely ought to mention so on their website.
Without prejudice, the Joint Liquidators’ business communications scream unprofessional.
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michaelc
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Post by michaelc on Jun 18, 2020 12:23:20 GMT
What has happened to the creditors committee? Does it still sit? If those on it don't provide any feedback is there a mechanism for us to force a re-constituted committee?
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Post by df on Jun 18, 2020 13:08:34 GMT
What has happened to the creditors committee? Does it still sit? If those on it don't provide any feedback is there a mechanism for us to force a re-constituted committee? Members of this committee are not under obligation to provide any feedback. We had Monetus who did it voluntarily, but he has resigned from committee for health reasons (iirc). The best we can do is to wait for BDO’s communication, I’m afraid.
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withnell
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Post by withnell on Jun 18, 2020 13:28:41 GMT
What has happened to the creditors committee? Does it still sit? If those on it don't provide any feedback is there a mechanism for us to force a re-constituted committee? Members of this committee are not under obligation to provide any feedback. We had Monetus who did it voluntarily, but he has resigned from committee for health reasons (iirc). The best we can do is to wait for BDO’s communication, I’m afraid. I would have thought they would have the obligation to represent the views of the wider creditor body, so should provide a sufficient level of engagement to do so (even if just providing contact details)
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Post by brightspark on Jun 18, 2020 18:54:12 GMT
The role if the CC is extremely limited by law and their hands firmly tied. I am no expert but it seems to me in general terms for any Administration and I am currently with Lendy, Funding Secure and a Funding Circle notorious series of London loans as well as Collateral, you just have to take what measly crumbs of comfort come your way and get on with the rest of your life. It sucks. I don't say avoid p to p at all costs but don't risk your life savings. Unfortunately p to p was pushed as an alternative investment and the risks of the actual platforms going under or doing a runner was downplayed/seemed not likely. Now we are older and wiser. If a substantial sum has been lost take your own legal advice. It probably won't help but at least you will feel you have done everything reasonably possible.
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