keith
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Post by keith on Jun 2, 2021 13:45:24 GMT
Hi all,
Today I received a letter from Kroll in their capacity as Supervisor of the CVA. Essentially, this rejects my claim for all my invested capital and allows the claim for £1 of interest.
Has anyone else received similar and is this normal procedure simply implying that I will just get a pro rats share of the meagre remaining assets?
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ferdy
Member of DD Central
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Post by ferdy on Jun 2, 2021 14:40:31 GMT
Yes I received a copy also. Did n't understand a word of it !
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Post by markymark on Jun 2, 2021 15:01:06 GMT
Also received a letter, not a clue what it means, written in the language that most people could never understand, talking about property mini bonds secured amounts, that shouldn't have been in the CVA!!! Bit late isn't it after i've voted on it, now saying it was a technical error. If the CVA was incorrect, then the vote should be null and void, so we'll be voting again will we? Didn't really expect to get all the money promised, probably had this little trick planned all along, why stagger the payment plan payments, starting with a pittance to vastly increasing amounts....Suspicious this crops up just before 1 of the 2 largest amounts due, strange coincidence! Bit unsure if this essentially means, the Wellesley payment plan is now scrapped?....Hopefully someone on here understands the jargon in the letter?
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mah
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Post by mah on Jun 4, 2021 19:17:04 GMT
I think this relates to the CVA only, where the P2P Lenders are considered as Contingent Creditors for £1 (for the purpose of the CVA & Voting).
If the above is correct, the Payment Plan for the P2P should remain unchaged (June '21 & Dec '21 instalments). This is a (late) response by the Admins of the CVA to our Notice of Claim (while filling the CVA Claim) - where they put a figure of £1 for all P2P and we were allowed to put in a different value if we wanted. But given the deliberate attempts of Wellesley and all its sister Cos to confuse all Lenders with very complicated Co structure and Calculations (right from the onset), who knows what exactly is the intention. It is best to raise an Objection within 21 days, re stating the Claim with the reson that the Loanbook Sale to a Sister Co (Cloverleaf) at a heavy discount was not proper / legal.
There is a Facebook Page for Wellesley where this is discussed in more detail. Please register / login to keep up-to-date.
Also, a combined letter is being sent to FCA on behalf of all Investors (as mentioned in the facebook page) :
We are currently seeing an uptake at this time, and it might be an opportune moment to increase our membership with investors who need support. It might be useful for the members who have joined us in the last month to email me at littlebrook79@aol.com on how they found WIAG. Just in case we are missing something. Lastly, all new members, would you please consider putting your name and support behind our representation letter to the FCA. Again, email me your permission to add your name behind this drive.
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mah
Member of DD Central
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Post by mah on Jun 12, 2021 19:30:32 GMT
Re the letter from Kroll (Wellesley Finance Ltd), I'd request all to submit a Disputed Claim Notice in accordane with Clause 16 of the CVA Proposal of Wellesley Finance Limited restating your whole Capital + Interest.
The deadline is 21 days from the receipt of the letter.
If they admit it, you are a winner. If not, they need to refer it to an independent Chartered Accountant to review and his/her decision is binding on both parties.
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mah
Member of DD Central
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Post by mah on Jun 13, 2021 20:16:44 GMT
Also, requesting everyone to Complain against the Administrators / Supervisors - Kroll (erstwhile Duff & Phelps Ltd) using the following link www.insolvencydirect.bis.gov.uk/.../InsolvencyPra... (can also be Complained via email to ip.complaints@insolvency.gov.uk). |
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bigfoot12
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Post by bigfoot12 on Jun 24, 2021 10:20:16 GMT
Re the letter from Kroll (Wellesley Finance Ltd), I'd request all to submit a Disputed Claim Notice in accordane with Clause 16 of the CVA Proposal of Wellesley Finance Limited restating your whole Capital + Interest. ... If they admit it, you are a winner. ... I had a similar letter in the last few days. I'm not sure I understand why this matters. Wasn't this number only important in the size of our vote for the CVA? The vote has been passed now.
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