mah
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Post by mah on Nov 28, 2020 13:13:22 GMT
Thanks a lot Duck and the members who liaised with their MPs to reopen the investigation. Great work and please don't jeopardise anything for the sake of updates.
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tony9239
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Post by tony9239 on Dec 11, 2020 11:26:05 GMT
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Post by brightspark on Dec 14, 2020 17:18:45 GMT
Anybody tried complaining using the Government Insolvency Practitioners Gateway about BDO's performance or lack of it. It is now years since Administration/Liquidation commenced and as far as I am aware, up to now, no Collateral Investor has received any payment. I would imagine MPs are completely overloaded with Covid and Brexit. My patience has runout.
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micky
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Post by micky on Dec 14, 2020 18:13:52 GMT
I think (don't have any info to confirm) that the FCA are in agreement with this. It could be that they never make any payments and the FCA control the return to investors. Any thoughts?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 14, 2020 22:23:41 GMT
Anybody tried complaining using the Government Insolvency Practitioners Gateway about BDO's performance or lack of it. It is now years since Administration/Liquidation commenced and as far as I am aware, up to now, no Collateral Investor has received any payment. I would imagine MPs are completely overloaded with Covid and Brexit. My patience has runout. Who "audits" BDO, what checks and balances are in place on BDO's activities?
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keystone
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Post by keystone on Dec 14, 2020 22:47:10 GMT
I think (don't have any info to confirm) that the FCA are in agreement with this. It could be that they never make any payments and the FCA control the return to investors. Any thoughts? It could be that they never make any payments and the FCA control the return to investors. Any thoughts? The FCA are turning a blind eye to all the shenanigans going on in P2P. They haven't taken any action whatsoever other then to give their endorsement to platforms when they knew things weren't right. They tried to limit the amount paid in compensation when they have messed up. There is no chance they want to be involved with any return to investors. Investors are being robbed blind by a multitude of P2P platforms with the FCA looking the other way.
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metoo
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Post by metoo on Dec 15, 2020 1:38:32 GMT
I can't see any point in us lenders paying the cost of distributions until the larger properties have been sold. This is a bad time to sell development sites because it depends on the buyer being able to borrow funding. Yes I know it's been a long time, but given the reasons why it is taking so long including Covid, I really see no merit in making a complaint. It is important to understand that even if BDO had failed, according to guidance from The Insolvency Service, "The complaints process does not provide any mechanism of redress for the complainant." Personally I do not think complaining to The Insolvency Service would benefit the situation. IMHO making a complaint can at best be counterproductive for lenders. The issues are complex, for example where fire regulations not followed during construction of student flats. These matters will be resolved, but complaining will not help. If anything complaining may result in lower payouts to lenders, because BDO may then decide just to instruct the receivers to get rid of the sites for whatever pittance a cash buyer will offer. Honestly no point in shooting ourselves in the feet.
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neal
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Post by neal on Dec 18, 2020 10:58:31 GMT
If the government had a shred of decency they would make just one more payment to a buddy company for PPE, let say to the tune of the £25m that is the Collateral loanbook value and have that distributed to us investors. BDO can then do as they bloody well wish. It would be really nice if they could do the same for Lendy and Funding Secure.
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agent69
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Post by agent69 on Dec 18, 2020 12:30:56 GMT
If the government had a shred of decency they would make just one more payment to a buddy company for PPE, let say to the tune of the £25m that is the Collateral loanbook value and have that distributed to us investors. BDO can then do as they bloody well wish. It would be really nice if they could do the same for Lendy and Funding Secure. If I ask them nicely do you think the Gov will reimburse all my losing bets at the bookies?
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james100
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Post by james100 on Dec 18, 2020 14:13:11 GMT
If the government had a shred of decency they would make just one more payment to a buddy company for PPE, let say to the tune of the £25m that is the Collateral loanbook value and have that distributed to us investors. BDO can then do as they bloody well wish. It would be really nice if they could do the same for Lendy and Funding Secure. If I ask them nicely do you think the Gov will reimburse all my losing bets at the bookies? If you're married to a Tory MP I think the answer is probably yes
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duck
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Post by duck on Dec 18, 2020 16:24:30 GMT
Following the Gloster report into LC&F it appears that the Treasury are getting involved. Blue Gate having to find some money for Connaught. This could get interesting.
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agent69
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Post by agent69 on Dec 18, 2020 16:33:48 GMT
Following the Gloster report into LC&F it appears that the Treasury are getting involved. Blue Gate having to find some money for Connaught. This could get interesting. The Fund, also formerly known as the Guaranteed Low Risk Income Fund Series 1 .....
With a name like that what could possibly go wrong?
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keystone
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Post by keystone on Dec 18, 2020 19:07:01 GMT
"the Fund’s compulsory liquidation on 3 December 2012."
So it only took the FCA 8 years to put investors back in the position they would have been in if they had never invested in the Fund. But that's not really true because they are not paying any interest and are deducting any income received. What about the lost interest over the last 8+ years. Even if the money had been left in savings account it should be at least 25% higher then when investors first put money into this investment.
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Post by webbski9 on Dec 19, 2020 9:37:44 GMT
Good Morning All Having just read the latest update for Lendy I was wondering where we are with Collateral? Sorry to be lazy ,but can someone tell me when the latest update was posted and where can I find it ? Many Thanks
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 19, 2020 9:58:01 GMT
Good Morning All Having just read the latest update for Lendy I was wondering where we are with Collateral? Sorry to be lazy ,but can someone tell me when the latest update was posted and where can I find it ? Many Thanks The last annual report was posted in July & is available on Companies House & the BDO Collateral web page www.bdo.co.uk/en-gb/collateral-companies-in-liquidationThey did publish a non-statutory update in Dec last year so possibly the may do the same next week
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