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Post by overthehill on Sept 10, 2021 20:37:44 GMT
There needs to be a change in the insolvency law for situations where the outstanding loans to be recovered have been funded directly by clients/investors not the company. The recovery of investors' money should be controlled by a seperate entity rather than the administrators.
The administrators are working for the creditors and the company owners, the efficacy of the recovery process is of no interest to them as long as the returns are sufficient to pay what is owed to them and the company. The administrators are just passing the loan onto receivers or other administrators creating double and triple charging.
The administrators don't add any value to the recovery of investors' money. Take the multiple Scottish loans where they had to replace the appointed solicitors after more than a year of literally nothing, no action on any of the loans on either side. I'm looking forward to seeing the breakdown of charges. Just the tip of the iceberg as we will see in the Netflix documentary about the Fundingsecure scandal. You might laugh but this is right up there with other Dirty Money episodes.
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Mousey
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Post by Mousey on Sept 10, 2021 22:20:10 GMT
we will see in the Netflix documentary about the Fundingsecure scandal
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pfffill
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Post by pfffill on Sept 11, 2021 1:49:58 GMT
What is this Netflix documentary? Can we have more details, please?
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Mousey
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Post by Mousey on Sept 11, 2021 8:47:26 GMT
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merlin99
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Post by merlin99 on Sept 11, 2021 9:05:21 GMT
I just hope the researchers have done a good job into digging in to the pile of do do's that this lot created past and recent. At the end of the day the real question will be what will, if any, their punishment be. I personally will only be satisfied if they are stripped of all their personal assets and go into the care of HMP.
If no recoveries are made by the perpetrators then this will only encourage others to play the same game!!
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Post by overthehill on Sept 11, 2021 9:27:12 GMT
What is this Netflix documentary? Can we have more details, please? Just me putting it out there for any Netflix executive coming across it in a serendipitous search. Even if you haven't watched Dirty Money, the episode summaries are almost certainly in wikipedia/imdb. Are FS et others comparable in scale , audacity, complexity and damage caused ? Always going to be subjective.
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Mousey
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Post by Mousey on Sept 11, 2021 9:36:31 GMT
I just hope the researchers have done a good job into digging It's just me 
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adrian77
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Post by adrian77 on Sept 11, 2021 11:47:23 GMT
Mousey - what a fantastic explanation - well done! A difficult subject very clearly explained
Far better than the rubbish "documentaries" we get on the tele from self-obsessed woke media luvvies.
I like the administrators - not least checking the ip addresses to wonder if the chap had a different name in the Marshall Islands!
Your Youtube channel will grow big - I have already subscribed.
Thanks for all your work - we appreciate it.
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Post by overthehill on Sept 14, 2021 10:06:53 GMT
Don't know if the damning findings here relate directly to what's been happening at FundingSecure and the other insolvents but the 'Wild West' label says it all, there wasn't a lot of regulation, redress and fairness there. You can see the whole article for free if you shrink your page, couldn't see any scroll bars.
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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 Sept 14, 2021 12:35:23 GMT
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 14, 2021 15:55:56 GMT
Not yet, these absolute vultures will be worse with their P2P shenanigans, where there's virtually no control over them.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 14, 2021 16:39:26 GMT
Don't know if the damning findings here relate directly to what's been happening at FundingSecure and the other insolvents but the 'Wild West' label says it all, there wasn't a lot of regulation, redress and fairness there. You can see the whole article for free if you shrink your page, couldn't see any scroll bars.
Dontcha just love the quote at the end of the article. The usual self serving standard BS of " Trust us, we have a Code of Ethics and High Standards, we are Professionals and have The Utmost Integrity." Yeah, just like the High Professional Standards that RICS maintains too.
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bugs4me
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Post by bugs4me on Sept 14, 2021 21:20:32 GMT
Don't know if the damning findings here relate directly to what's been happening at FundingSecure and the other insolvents but the 'Wild West' label says it all, there wasn't a lot of regulation, redress and fairness there. You can see the whole article for free if you shrink your page, couldn't see any scroll bars.
Dontcha just love the quote at the end of the article. The usual self serving standard BS of " Trust us, we have a Code of Ethics and High Standards, we are Professionals and have The Utmost Integrity." Yeah, just like the High Professional Standards that RICS maintains too. Yeah I just love it when these IP shenanigans have been going on for years. Not personal experience but have seen many assets sold off well below market value just so long as those Administrators/Receivers receive their full fees with any pennies going to creditors. Many of those creditors were small companies that simply couldn't afford to take the 'hit'. It's a total injustice but a legal one and those 'professionals' don't give one hoot.
Maybe one day their will be a similar report on the FCA. Long after the event of course when all the fat cats at the FCA have retired on gold plated pensions. In the meantime their total incompetence will have caused financial hardship and health issues with those that invested in good faith but do they give a damn, do they.......
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cwah
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Post by cwah on Sept 17, 2021 11:21:42 GMT
I always felt the FCA did more harm than good. Adding a layer of additional cost and fees that provide almost no security to investors.
We are basically just here to fund their pay and pension...
What is the name of the netflix episode?
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Post by overthehill on Sept 17, 2021 11:27:46 GMT
I always felt the FCA did more harm than good. Adding a layer of additional cost and fees that provide almost no security to investors. We are basically just here to fund their pay and pension... What is the name of the netflix episode?
Dirty Money is a Netflix documentary series, 2 seasons, total of 12 episodes I think. Hopefully there will be another season. Dirty money is dirty money regardless of how it was sourced or accumulated!!
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