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Post by overthehill on May 22, 2024 12:35:41 GMT
Out today.
One simple question.
There is a balance of 8.5M and secured creditors are owed ~3M. Why is there likely to be no distribution to unsecured creditors ? What have they left out of the receipts/payments accounts ?
I assume the £8.5M is loan repayments owed to lenders, and we should be getting interest on that money. I think the administrator took advice from lawyers who don't appreciate the workings of P2P.( ie. each loan is ring-fenced from others). In theory there should be a separate administrator for each loan.
Yes partially. 2.8M held in clients accounts. That leaves 2.7M.
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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 22, 2024 13:21:33 GMT
I assume the £8.5M is loan repayments owed to lenders, and we should be getting interest on that money. I think the administrator took advice from lawyers who don't appreciate the workings of P2P.( ie. each loan is ring-fenced from others). In theory there should be a separate administrator for each loan.
Yes partially. 2.8M held in clients accounts. That leaves 2.7M.
I assume the £2.8M will be the £815k and the 7.5% of each loan held back by Quistclose. There are probably £2.7M + £3M of loans repaid but yet to be distributed, due to loan dates beyond April 2019. Some of these actually have dates before April 2019, but have been settled with other loans which have later dates. The administrator should have processed the repayments and revisited the Quistclose situation when all loans have been repaid. I think the lawyers advising the administrator may end up being accountable for the mess they have created, but then that's how they make money.
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