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Post by df on Jun 18, 2020 20:02:00 GMT
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) From communication dated 21st June 2018: "Its [CC] job is to liaise with the Joint Administrators in relation to matters of strategy and also in relation to agreeing the basis and level of the Joint Administrators’ fees." It is not their role to provide investors with feedback. They are also very limited in what information they can share with others. How do you imagine they can provide all Collateral investors with feedback? There's no way BDO can disclose our personal and contact details to CC members. Monetus kindly did it in this forum, most of us voted for him in view to be more informed, but this is not an official channel for feedback.
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7d7
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Post by 7d7 on Jun 18, 2020 22:46:05 GMT
According to the JL, the purpose of the CC is to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. How has this been achieved without consulting the investor community?
I recall posting this question some time ago. The response from an ex CC member was they are just like politicians. Once elected, there is no need to deliberate with voters to formulate policy. Perhaps that might be so but there is a re-election process. Consequently, those underperforming risk being voted out. Does this equally apply to the elected representatives of the CC?
While I acknowledge an NDA has been signed, there are matters not within the remit of the JL that could be discussed. For instance, the committee is tasked with determining the basis (time cost, set amount, percentage of assets realised) and level of fees. Why can’t a potential strategy be developed with the lender base via official channels?
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ilmoro
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Post by ilmoro on Jun 19, 2020 8:04:55 GMT
According to the JL, the purpose of the CC is to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. How has this been achieved without consulting the investor community? I recall posting this question some time ago. The response from an ex CC member was they are just like politicians. Once elected, there is no need to deliberate with voters to formulate policy. Perhaps that might be so but there is a re-election process. Consequently, those underperforming risk being voted out. Does this equally apply to the elected representatives of the CC? While I acknowledge an NDA has been signed, there are matters not within the remit of the JL that could be discussed. For instance, the committee is tasked with determining the basis (time cost, set amount, percentage of assets realised) and level of fees. Why can’t a potential strategy be developed with the lender base via official channels? There is indeed a process to remove CC members ... haven't checked criteria but usually 10% of creditors required. As to Comms ... any official Comms come with an official cost. Otherwise how are the CC to communicate to the creditors... only one of the 4 members is active here, the others are either not members or inactive. The one other known active member frequents another forum & is largely silent there. None of the various P2P platform CC members are particularly active on the forums, Lendy & FS have their own forums/groups but the CC members aren't major contributors.
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Post by waryinvestor on Jun 20, 2020 20:47:08 GMT
FS Facebook group is quite Active and CC Member(s) and their helpers are very Active / Responsive with their Contributions.
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averageguy
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Post by averageguy on Jul 6, 2020 19:46:29 GMT
Update due by Thursday latest if I recall correctly
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tommytaylor
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Post by tommytaylor on Jul 7, 2020 8:50:51 GMT
Update due by Thursday latest if I recall correctly Will this be the kind of update that finally gives us some sort of clue as to how much we are likely to get back or will it be just a pi ssing in the wind update?
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averageguy
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Post by averageguy on Jul 7, 2020 10:45:05 GMT
Update due by Thursday latest if I recall correctly Will this be the kind of update that finally gives us some sort of clue as to how much we are likely to get back or will it be just a pi ssing in the wind update? I’ll let you have a guess at that
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Godanubis
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Post by Godanubis on Jul 7, 2020 22:19:06 GMT
Updates ?? " We don't need no stinking updates" (The didn't get the money either)
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nd
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Post by nd on Jul 8, 2020 14:49:00 GMT
Annual Report received by email a few minutes ago.
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greatmarko
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Post by greatmarko on Jul 8, 2020 14:54:42 GMT
Annual Report received by email a few minutes ago. What strikes me from the report is that basically everything's now ground to a halt until BDO receive "substantive responses" from COL's directors. A date for a meeting between BDO and COLS directors was meant to have already taken place earlier this year, but due to COVID has been "provisionally" re-scheduled for "late Summer"... but with the caveat that this could end up being delayed further due to COVID (why they can't just arrange a virtual Zoom/Skype/Teams meeting in the interim is beyond me!) So my main take away from the report is; don't expect any further progress/updates, or indeed a interim distribution, until COL's directors start cooperating, which won't be until the Autumn at the very earliest (if indeed they decide to cooperate at all!)
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ptr120
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Post by ptr120 on Jul 8, 2020 15:08:45 GMT
Courts can meet via Zoom, so I'm rather frustrated that it isn't possible for the meeting with directors to go ahead in that way. The FCA are close to reaching their conclusions apparently, so we can assume that they have spoken to the directors in some way, shape or form. I've now adjusted my expectations that it'll be another twelve months before we see a penny in terms of any form of interim distribution.
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radar
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Post by radar on Jul 8, 2020 15:10:03 GMT
If they decide not to co-operate -- then what happens?
If they have not helped so far, what will change now?
Lots of questions not many answers
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duck
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Post by duck on Jul 8, 2020 15:17:12 GMT
If they decide not to co-operate -- then what happens?
If they have not helped so far, what will change now?
Lots of questions not many answers
They have a duty in law as directors to co-operate with Administrators/Liquidators. If they choose not to co-operate Court action follows (I have mentioned Court action in several of my posts). There are financial penalties available but that is it. There is some information in the public realm but I am not going to post it here since I do not want to prejudice anything. If the directors agree to co-operate any information given will feed into the FCA investigation.
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keystone
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Post by keystone on Jul 8, 2020 15:41:24 GMT
Didn't we have this "waiting for a substantive response from the directors" at the very start of all this? Two and half years later we are still waiting? Significant discrepancies in chattel loans, most of my loans are in chattels and the few property loans are apparently to SD and related parties which probably means zero return. The FCA must be so proud another successful failure.
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ilmoro
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Post by ilmoro on Jul 8, 2020 15:43:48 GMT
If you read the report, the issue that is holding up interim distribution on some loans are investor queries in relation to their summaries. Once those have been resolved, the intention is to make interim distributions following liaison with the CC over the cost.
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