jane
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Post by jane on Jan 4, 2023 13:48:32 GMT
That's a really poor analogy. Investors should be returned as much of the money they lent to borrowers as possible before taking a haircut. If the admin has costs in doing the recovery they should take it from the cash in the business account not from lenders money that isn't theirs. Unfortunately that isnt how it works in Insolvency law. The admin are charging costs & fees for doing a job, recovering trust assets & that has to be paid by those who benefit from the work. The general estate is for the benefit of creditors, creditors get no benefit from the recovery of trust assets so using money from the general estate is unfair. For M2 lenders, in relation to their specific loans it doesnt make any difference if the general estate has £10 or £10m, the cost of recovering the loans is the cost of recovering the loans, same as the cost of fixing a pipe is the cost of fixing a pipe whether done by Charlie Mullins or Dave the Pipe. The general estate is only relevant for M2 lenders as creditors as they will have a claim for at least their outstanding balance. The cost of fixing a pipe by Mullins is about the same as Dave the Pipe because Dave the Pipe (and all the other one man bands) would be undercutting him and taking all his business otherwise. If Mulliins could charge 4x the amount without losing business then he would. Plastic surgery doesnt pay for itself. The administrator does not have the same problem as Mullins. They effectively have a monopoly. They can charge whatever they want.
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adrian77
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Post by adrian77 on Jan 4, 2023 15:39:26 GMT
exactly - and don't they know it!
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Mousey
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Post by Mousey on May 20, 2023 17:05:45 GMT
Lendy director released from freezing injunctionTim Alistair Gordon, 43, one of the two former directors of the failed peer-to-peer finance firm Lendy Ltd, has been released from a freezing injunction, the mouseinthecourt can exclusively reveal.
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Post by martin44 on May 20, 2023 21:12:14 GMT
Lendy director released from freezing injunctionTim Alistair Gordon, 43, one of the two former directors of the failed peer-to-peer finance firm Lendy Ltd, has been released from a freezing injunction, the mouseinthecourt can exclusively reveal. Obviously needs some funds to furnish his ongoing "Parishuk" web scam ... why does it never end. edit... i reported this sight around 2 weeks ago to .gov... guess what?.. no reply.
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Balder
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Post by Balder on May 21, 2023 9:47:37 GMT
Perhaps he is a tory donor as well!
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Post by martin44 on May 22, 2023 21:37:32 GMT
Unfortunately that isnt how it works in Insolvency law. The admin are charging costs & fees for doing a job, recovering trust assets & that has to be paid by those who benefit from the work. The general estate is for the benefit of creditors, creditors get no benefit from the recovery of trust assets so using money from the general estate is unfair. For M2 lenders, in relation to their specific loans it doesnt make any difference if the general estate has £10 or £10m, the cost of recovering the loans is the cost of recovering the loans, same as the cost of fixing a pipe is the cost of fixing a pipe whether done by Charlie Mullins or Dave the Pipe. The general estate is only relevant for M2 lenders as creditors as they will have a claim for at least their outstanding balance. The cost of fixing a pipe by Mullins is about the same as Dave the Pipe because Dave the Pipe (and all the other one man bands) would be undercutting him and taking all his business otherwise. If Mulliins could charge 4x the amount without losing business then he would. Plastic surgery doesnt pay for itself. The administrator does not have the same problem as Mullins. They effectively have a monopoly. They can charge whatever they want.
Correct.
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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 May 22, 2023 21:55:44 GMT
The cost of fixing a pipe by Mullins is about the same as Dave the Pipe because Dave the Pipe (and all the other one man bands) would be undercutting him and taking all his business otherwise. If Mulliins could charge 4x the amount without losing business then he would. Plastic surgery doesnt pay for itself. The administrator does not have the same problem as Mullins. They effectively have a monopoly. They can charge whatever they want.
Correct. Incorrect ... the general estate fees have to be signed of by the CC or a Court ... most havent been (and those that have have had to be discounted). The fees in relation to the recovery of trust assets are subject to the cost protocol and will have to be agreed by the M2 committee, independent adjudicator or the Court.
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Post by martin44 on May 22, 2023 21:59:16 GMT
Incorrect ... the general estate fees have to be signed of by the CC or a Court ... most havent been (and those that have have had to be discounted). they never are.. they can charge what they want.. you can waffle on about cc this or court that... but in the end, the charges will be extortionate and will be taken out of our funds.. simple as that.
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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 May 22, 2023 22:20:49 GMT
Incorrect ... the general estate fees have to be signed of by the CC or a Court ... most havent been (and those that have have had to be discounted). they never are.. they can charge what they want.. you can waffle on about cc this or court that... but in the end, the charges will be extortionate and will be taken out of our funds.. simple as that. Lets try some facts Year 1 -they wanted to charge 2.5m they got £1.9m after an independent audit commissioned by the CC Year 2 - they wanted to charge £1m, they got £500k Year 3/4 - so far nothing They wanted to charge £575 ph for a director to oversea the recoveries, they had to discount this. So while the fees may be extortionate, in this case they certainly cant charge what they like.
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toffeeboy
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Post by toffeeboy on May 23, 2023 11:00:26 GMT
they never are.. they can charge what they want.. you can waffle on about cc this or court that... but in the end, the charges will be extortionate and will be taken out of our funds.. simple as that. Lets try some facts Year 1 -they wanted to charge 2.5m they got £1.9m after an independent audit commissioned by the CC Year 2 - they wanted to charge £1m, they got £500k Year 3/4 - so far nothing They wanted to charge £575 ph for a director to oversea the recoveries, they had to discount this. So while the fees may be extortionate, in this case they certainly cant charge what they like. Depends what they want, sounds like a bidding war and like in all bidding wars I am sure they started higher than they wanted so could quite possibly have got charged what they wanted as a final figure. Do does the director have to be abroad? ( Sorry couldn't resist)
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Post by martin44 on May 23, 2023 20:49:48 GMT
they never are.. they can charge what they want.. you can waffle on about cc this or court that... but in the end, the charges will be extortionate and will be taken out of our funds.. simple as that. Lets try some facts Year 1 -they wanted to charge 2.5m they got £1.9m after an independent audit commissioned by the CC Year 2 - they wanted to charge £1m, they got £500k Year 3/4 - so far nothing They wanted to charge £575 ph for a director to oversea the recoveries, they had to discount this. So while the fees may be extortionate, in this case they certainly cant charge what they like. if i say i want to charge £200 per hour, and i invisage 50 staff... and they say ..NO.. you can only charge £150.00 per hour... so i bring in 100 staff.. i rip you off one way or the other..its people with views like yours that ARE THE ONES that untimately legitimise the rip off's.. while ever they cream us and you back them.. which you seemingly are.. THEN THEY WILL ALWAYS GET AWAY WITH IT.... So as far as they cannot charge what they like.. they most certainly can... it may not come down to a specific £per hour.. but i dont see any info in relation to amounts of staff... or how many hours per day/week we will be billed for their crappy service. Edit... so far i have recieved ~3% of mine and my wifes invested.... but my balance has gone down 11%.. so their charges are relating roughly to 8%. bugger knows where the rest has gone.
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warn
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Curmudgeon
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Post by warn on May 24, 2023 12:18:54 GMT
As every little girl knows, if you want a puppy for your birthday, ask for a pony.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on May 24, 2023 12:41:48 GMT
Lets try some facts Year 1 -they wanted to charge 2.5m they got £1.9m after an independent audit commissioned by the CC Year 2 - they wanted to charge £1m, they got £500k Year 3/4 - so far nothing They wanted to charge £575 ph for a director to oversea the recoveries, they had to discount this. So while the fees may be extortionate, in this case they certainly cant charge what they like. if i say i want to charge £200 per hour, and i invisage 50 staff... and they say ..NO.. you can only charge £150.00 per hour... so i bring in 100 staff.. i rip you off one way or the other..its people with views like yours that ARE THE ONES that untimately legitimise the rip off's.. while ever they cream us and you back them.. which you seemingly are.. THEN THEY WILL ALWAYS GET AWAY WITH IT.... So as far as they cannot charge what they like.. they most certainly can... it may not come down to a specific £per hour.. but i dont see any info in relation to amounts of staff... or how many hours per day/week we will be billed for their crappy service. Edit... so far i have recieved ~3% of mine and my wifes invested.... but my balance has gone down 11%.. so their charges are relating roughly to 8%. bugger knows where the rest has gone. hate to say it but from what I've seen £200 an hour is at the cheap end IE they charge that or nearly that for admin staff etc. Administrator, Senior Administrator, Directors and Partners will come way above that. If I look at a couple of businesses that I know have gone bust then in the administrators reports are breakdowns of costs and hours. To be fair I tend to get angry when I see people posting that they had a "nice hour long chat" with the administrators of XYZ yesterday, they don't seem to realise this is often being charged at £200 plus per hour, or they are drawing the balance every time it hit £5 10 or whatever, very often because the original IT systems are defunct ( or deliberately destroyed ) this is a manual process and a payment of £5 is probably being charged at more than that to process. Average salary in the UK is now £30,000 a year £589 a week on a 37 hour seek that's £16 an hour ( give or take ) but redo the calculation to allow for 6 weeks holiday, 1 week sick, 1 week training, £19 per hour add in time to fill in time sheets, attend meetings, and if the administration staff are having to travel that can soon hit £30 per productive hour, then you need to factor in office accommodation, travel costs, employers NI, etc etc we always factored the latter set of costs at 50%. 10 years ago I was being recharged at over £100 per hour, and I wasn't a high flyer in IT. Systems Admin etc came in much higher. Man and a van removals here in South Wales are charging £150 a day, plus mileage if over 25 miles, Local window cleaners are now charging £10-15, and take < 15 minutes per house. By comparison Administrators fees are actually reasonable for a highly trained and insured profession.
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Mousey
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Post by Mousey on Feb 15, 2024 10:54:13 GMT
The personal home of Liam Brooke is on the market for £1.8m.
I'm not posting the address or any links to the listing.
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iRobot
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Post by iRobot on Feb 15, 2024 13:38:18 GMT
The personal home of Liam Brooke is on the market for £1.8m. I'm not posting the address or any links to the listing. I'm not certain that I'm looking at the same property as you Mousey , but I think it's been on the market since May '23, and listed - either initially or subsequently - at £1.95M (captured on Wayback in Jan '24) and now reduced yesterday to £1.8M. (If it is a different property, the current listing price is a bit of a coincidence.)
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