Post by in2tense on May 4, 2020 13:56:34 GMT
I've just received the following communication from Collateral along with a new spreadsheet that is an accurate account of my holdings, probably means nothing to most but posted it just to show that there is still somebody there.
Collateral (UK) Limited
Collateral Sales Limited
Collateral Security Trustee Limited (together ‘the Companies’) – All in Creditors’ Voluntary Liquidation
I am writing further to our previous correspondence in relation to the Companies. I also refer to our previous reports and communications in relation to investors’ exposure to the Collateral platform and to our efforts in retrieving and restoring the Companies’ electronic records. These are set out in detail in our previous reports and updates that can be accessed through the dedicated website at www.bdo.co.uk/en-gb/collateral-companies-in-liquidation.
As you will recall, on 8 March 2019, we sent you a copy of the initial analysis detailing your exposure to each loan on the Collateral platform, as it had been extracted from the Companies’ restored data. For a majority of investors that information reconciled exactly to the summary information that had been provided to us at the outset of the administrations (details of which had been sent to investors in June 2018) but, for a significant minority of investors, the extracted detailed analysis did not reconcile to the summary figure.
The detailed schedules had been sent to 30 investors (including you), on the basis that these investors had the most significant discrepancies between the summary figure provided to us at the outset of the administrations and the information extracted from the restored electronic data. We had asked you to review the data and let us have any comments on the schedules provided.
A common theme in the responses received from the group of 30 investors was that the extracted data did not reflect the balance of any loan amounts that had been offered ‘for sale’ by investors in the Collateral platform’s secondary market. This impacted investors who had loan amounts offered up for sale, but which had either remained unsold or had only been partially sold in the secondary market at the date of administration; the entire loan amount, whether sold or not, had been excluded from the respective investors’ exposure schedules.
In light of the feedback received, we asked our IT colleagues to revisit the retrieved data and attempt to identify additional information that would allow us to differentiate between loan amounts that had been offered for sale, and those amounts that had actually been sold. We have since managed to identify additional information in relation to the values of the loans that had actually been “sold”, rather than being offered “for sale”, and we have therefore produced updated schedules detailing your exposure to the Collateral platform.
Accordingly, we attach an updated excel file containing your detailed exposure to the platform. Can you please review the attached analysis and let us know if you have any comments. If you disagree with the balance that has been extracted from the Companies’ electronic data, please contact us as soon as possible with your comments.
Please note that the schedule shows your exposure to the loans in the Collateral platform as at 28 February 2018 and no interest has been applied. The schedule also does not capture any balance of cash held on the platform that had not been invested in any of the available loans.
Finally, we understand that most investors were familiar with the names of properties that they had invested in but were not necessarily aware of the names of the corporate entity that the loan was issued to. As the information extracted shows the name of the borrower, we intend to prepare a separate table, to be circulated or published in due course, that may assist investors. Please note that the names of Borrowers in your schedule appear as extracted from the Collateral database and the Liquidators’ investigations continue in relation to a number of them.
Should you have any queries in relation to the above, please do not hesitate to contact us. We look forward to hearing from you with any comments at your earliest convenience.
Yours sincerely
Sarantis Chiotis
Senior Manager
Business Restructuring
Collateral (UK) Limited
Collateral Sales Limited
Collateral Security Trustee Limited (together ‘the Companies’) – All in Creditors’ Voluntary Liquidation
I am writing further to our previous correspondence in relation to the Companies. I also refer to our previous reports and communications in relation to investors’ exposure to the Collateral platform and to our efforts in retrieving and restoring the Companies’ electronic records. These are set out in detail in our previous reports and updates that can be accessed through the dedicated website at www.bdo.co.uk/en-gb/collateral-companies-in-liquidation.
As you will recall, on 8 March 2019, we sent you a copy of the initial analysis detailing your exposure to each loan on the Collateral platform, as it had been extracted from the Companies’ restored data. For a majority of investors that information reconciled exactly to the summary information that had been provided to us at the outset of the administrations (details of which had been sent to investors in June 2018) but, for a significant minority of investors, the extracted detailed analysis did not reconcile to the summary figure.
The detailed schedules had been sent to 30 investors (including you), on the basis that these investors had the most significant discrepancies between the summary figure provided to us at the outset of the administrations and the information extracted from the restored electronic data. We had asked you to review the data and let us have any comments on the schedules provided.
A common theme in the responses received from the group of 30 investors was that the extracted data did not reflect the balance of any loan amounts that had been offered ‘for sale’ by investors in the Collateral platform’s secondary market. This impacted investors who had loan amounts offered up for sale, but which had either remained unsold or had only been partially sold in the secondary market at the date of administration; the entire loan amount, whether sold or not, had been excluded from the respective investors’ exposure schedules.
In light of the feedback received, we asked our IT colleagues to revisit the retrieved data and attempt to identify additional information that would allow us to differentiate between loan amounts that had been offered for sale, and those amounts that had actually been sold. We have since managed to identify additional information in relation to the values of the loans that had actually been “sold”, rather than being offered “for sale”, and we have therefore produced updated schedules detailing your exposure to the Collateral platform.
Accordingly, we attach an updated excel file containing your detailed exposure to the platform. Can you please review the attached analysis and let us know if you have any comments. If you disagree with the balance that has been extracted from the Companies’ electronic data, please contact us as soon as possible with your comments.
Please note that the schedule shows your exposure to the loans in the Collateral platform as at 28 February 2018 and no interest has been applied. The schedule also does not capture any balance of cash held on the platform that had not been invested in any of the available loans.
Finally, we understand that most investors were familiar with the names of properties that they had invested in but were not necessarily aware of the names of the corporate entity that the loan was issued to. As the information extracted shows the name of the borrower, we intend to prepare a separate table, to be circulated or published in due course, that may assist investors. Please note that the names of Borrowers in your schedule appear as extracted from the Collateral database and the Liquidators’ investigations continue in relation to a number of them.
Should you have any queries in relation to the above, please do not hesitate to contact us. We look forward to hearing from you with any comments at your earliest convenience.
Yours sincerely
Sarantis Chiotis
Senior Manager
Business Restructuring