jcb208
Member of DD Central
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Post by jcb208 on May 17, 2021 16:30:00 GMT
According to the administrator's report from July 2020, the total loan was for £5.19m. My notes say the first tranche was for £1,683,600. The first tranche was the senior one, meaning those lenders should get first dibs on any repayment. I don't suppose anybody knows if those rights are being protected? I'm hoping so as this is the only one I invested in and at 12% interest,the others were 15%,not as we will get full repayment but some will help against my large losses
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Post by jonrgrant on May 18, 2021 6:20:02 GMT
Should not our frustration and resultant anger be why an Administrator did not protect through security and / or insurance any Capital locked in at that time within the project. Why are Administrators or those that forced and decided on the administrator who would manage the process, not being held accountable? For investors concerns to be who should now get priority of the little that remains over the loss of fellow investors, who have lost savings also, should not be the focus. Fortunately we have the the Duck and lings, tirelessly working to target the cause of loss, in a selfless manor, for the future benefit of ALL current sufferers / investors.
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duck
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Post by duck on May 18, 2021 6:59:55 GMT
Should not our frustration and resultant anger be why an Administrator did not protect through security and / or insurance any Capital locked in at that time within the project. Why are Administrators or those that forced and decided on the administrator who would manage the process, not being held accountable? ...... Whilst I'm not privy to BDO information I can probably deduce what has happened here. Remember we had to sign a resolution (BDO letter dated 21/12/18) My thoughts are BDO needed this to put security and insurance in place, simply put this resolution should have been put in place much earlier. Note that this was after the first reports and photos on this forum (and local papers) to say the building was being stripped / vandalised. Several people reported this issue directly to BDO. Too little too late.
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Mousey
Member of DD Central
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Post by Mousey on May 18, 2021 11:32:30 GMT
waiting for the return of my cash... to invest in dogecoin lol Feb 4th: 0.05297 May 8th: 0.7153
Any more tips?!
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k6
Posts: 164
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Post by k6 on May 18, 2021 18:36:57 GMT
waiting for the return of my cash... to invest in dogecoin lol Feb 4th: 0.05297 May 8th: 0.7153
Any more tips?!
Matic ETH Uni Polka also...Crypto.com, Sovryn and Celsius Avoid P2P, apparently its a
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Nomad
Member of DD Central
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Post by Nomad on May 18, 2021 19:00:53 GMT
waiting for the return of my cash... to invest in dogecoin lol Feb 4th: 0.05297 May 8th: 0.7153
Any more tips?!
Cardano Tezos
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amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
Posts: 52
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Post by amanda373 on May 19, 2021 13:04:23 GMT
My MP has sent an update following her enquiry to the FCA on my behalf...having received the formatted letter as suggested. A rather bland reply but they agree to reply to my original complaint in June.
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duck
Member of DD Central
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Post by duck on May 19, 2021 13:41:28 GMT
My MP has sent an update following her enquiry to the FCA on my behalf...having received the formatted letter as suggested. A rather bland reply but they agree to reply to my original complaint in June. Was it signed by Sheree Howard by any chance?
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Brainer
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Post by Brainer on May 20, 2021 14:29:07 GMT
Whilst many eagle eyed Col investors will have spotted this already I anticipate others will not have. This was the largest Col loan and unfortunately the auction guide price reflects the now stripped and vandalised nature of the development. Remember this development was nearly completed when Col went into administration. Auction now closed. Looks like one bid at the guide price but went unsold.
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11025
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Post by 11025 on May 20, 2021 17:55:00 GMT
BTW Brainer - I like your observational skills , not the depressing result of the auction !
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mah
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Post by mah on May 21, 2021 17:35:45 GMT
Should not our frustration and resultant anger be why an Administrator did not protect through security and / or insurance any Capital locked in at that time within the project. Why are Administrators or those that forced and decided on the administrator who would manage the process, not being held accountable? For investors concerns to be who should now get priority of the little that remains over the loss of fellow investors, who have lost savings also, should not be the focus. Fortunately we have the the Duck and lings, tirelessly working to target the cause of loss, in a selfless manor, for the future benefit of ALL current sufferers / investors. That exactly was my point while complaining against FCA. FCA came back and said it wasn't them but it was the Court who appointed BDO. To which, my reply was that the Court didn't shortlist and select BDO ; it was FCA who went to Court with only 1 suggestion - BDO.
So, the Court had no choice ; it simply agreed to remove (replace) the earlier Admins (rightly so, as they were not appointed following the due procedures).
FCA should take any responsibility for BDO's failures / misdeeds / over inflated charges / inefficiencies. Complaints Commissioner, too, didn't like my argument :-(
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 21, 2021 18:59:12 GMT
Should not our frustration and resultant anger be why an Administrator did not protect through security and / or insurance any Capital locked in at that time within the project. Why are Administrators or those that forced and decided on the administrator who would manage the process, not being held accountable? For investors concerns to be who should now get priority of the little that remains over the loss of fellow investors, who have lost savings also, should not be the focus. Fortunately we have the the Duck and lings, tirelessly working to target the cause of loss, in a selfless manor, for the future benefit of ALL current sufferers / investors. jonrgrant The administrators were warned to secure and insure the building, before it was vandalised. Please make sure you send the latest email to your MP requesting an inquiry.
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Post by stevelee on May 21, 2021 19:07:39 GMT
I am so fed up with my emails being ignored I reported BDO to the Insolvency Service. It seems that a year ago when they last reported, over £2m had been collected but the only distribution was to BDO and their legal mates.
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mah
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Post by mah on May 22, 2021 11:45:17 GMT
Stevelee, did you get any response from thr Insolvency Service ?
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Post by stevelee on May 25, 2021 10:02:57 GMT
I recently made a complaint to the Insolvency Service about BDO. Maybe others should do the same. Basically BDO are ignoring messages sent despite nudges They are overdue with their periodic report The last report on their system shows that despite over £2m collected, only themselves and a solicitor's practise have been paid (the latter over £130k I seem to remember) The FCA originally wrote the following when they appointed BDO: "The FCA took court action to ensure that the interests of creditors and investors affected by Collateral UK’s administration were properly protected and treated fairly by a validly appointed administrator who is independent of anyone connected to the Collateral Companies. On 10 May 2019, each of the Collateral Companies entered creditors’ voluntary liquidation." It does not seem top be happening. I encourage everyone here to complete the form at www.gov.uk/complain-about-insolvency-practitioner as best you can. Mind you I have not even had an acknowledgment form them yet <sigh>
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