adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 19, 2021 15:55:58 GMT
The auditors report is out - have had a quick scan - seems no big deal viz fees and expenses all over the place with receivership and legal costs to date at over £2.5m in Appendix A I note storage £40k - seems a lot to me for 3 months - is it the boat(s) Italian books etc? if this lasts for 3 years that is nearly £0.5m in storage alone! These expenses are really mounting up with the auditors still unable to say what the likely outcome will be althought doubtless they will get their fat fees...if you fancy a butcher's and have not had the FS email www.fundingsecure.com/emails/attach/Progress-report-23-April-2021-22-October-2021.pdf
|
|
iRobot
Member of DD Central
Posts: 1,656
Likes: 2,449
|
Post by iRobot on Nov 19, 2021 16:44:08 GMT
in Appendix A I note storage £40k - seems a lot to me for 3 months - is it the boat(s) Italian books etc? if this lasts for 3 years that is nearly £0.5m in storage alone! a) the report covers a period of 6 months, and b) the sum for the 6m period matches that of the full Administration back to 23/10/2019 Noting that second factor, I'm presuming the storage fees includes amounts owed from at least the start of the Administration and probably even before. Of course, as it's a record of 'Receipts and Payments', there may still be historic sums awaiting payment for whatever reason, as well as storage costs for any items still retained. (Although that is understood to be very, very few.)
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 20, 2021 12:17:47 GMT
yes it was 6 months - I am working too hard however these and other fees still strike me as very high - I wonder just what sum the auditors and receivers will finally walk away with £3-4m?
UPDATE - or to put another way just how much of our money is going to disappear! Also I hope the FS sction committee get a full itemised list of ALL expenses including details of "consultancy" fees - some consultants are very good in my experience but most are scam artists and to quote a famous joke - what is a consultant - somebody who borrows your watch and tells you the time.
I am clearly in the wrong job.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 20, 2021 17:02:13 GMT
Having another look at this report as learning about financial investing etc - one thing I have learnt is not to touch unregulated P2P companies without being very careful!
I note in the Joint Admin Summary we have on the far left hand side and I don't think it is in the actual reported figures?
unsecured creditors JC Starr holdings ltd - £503K Trade and expense creditors - £435K
which is £938K which will buy a lot of Xmas cards and I am unsure what the implication of these are and whether they need paying or not?
I also note there is a company called JC Starr Holdings in the BVI - is this the right one - if so what the hell is going on here! I think this company has just been placed into liquidation but I am not spending 231€ to find out!
Also just who are these trade and expense creditors and are they going to be paid?
I also note part-payment not poperty of £27k - please don't tell me this is the speedboat(s)!
|
|
iRobot
Member of DD Central
Posts: 1,656
Likes: 2,449
|
Post by iRobot on Nov 20, 2021 20:45:39 GMT
I note in the Joint Admin Summary we have on the far left hand side and I don't think it is in the actual reported figures? unsecured creditors JC Starr holdings ltd - £503K Trade and expense creditors - £435K ... Also just who are these trade and expense creditors and are they going to be paid? The SoA figure are there as a cross-reference to the figures submitted by Nigel Hackett to the Administrators when they were appointed. The full document can be found here and provides a breakdown of who the Trade creditors are. (It would appear that the Expense creditors - totalling some £34k - haven't been specifically listed) The Administrators Proposal document offers this which may provide you some explanation: "2.21 There is a further creditor who claims to have security by way of direct legal charges for which he provided funding. The status of this creditor is being reviewed by the solicitors instructed by the Administrators. The Director has noted this creditor as unsecured." They are creditors, so they do need paying. But... they are unsecured creditors so are way down the pecking order and will only be paid if there are sufficient recoveries to do so, which is unlikely. (Even sections 4.8 to 4.11 of the Progress Report you refer to has an air of ' well this is a waste of ink, but we have to include it, so...'
Could well be. I appreciate you are not in the powerboat loans, but you may nonetheless recall that several 'extension payments' were made during the reporting period although the amounts weren't specified in the updates. There were also part payments / instalments made prior to this reporting period so are presumably recorded somewhere in the £208k 'to date' sum. Additionally, there is £180k recorded as a Receipt against 'Non Property Assets' which may also - either in part or in whole - relate to the powerboats as the Charge against them with the Borrowing entity was marked as satisfied within the reporting period.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 21, 2021 12:23:26 GMT
Thanks for your reply - when I said "need" what I meant was are they going to be paid - guess we will find out sooner or later but if I were a betting man...
We have a floating charge creditor of £3m which seems to relate or before 2003 - I guess this could be seed money from an original investor but I don't think we have any idea who it is? Given that FS was founded in 2012 then just what is this? It is not showing as a charge in CH. Not sure what FS has in assets as the loans don't belong to them (I think) so once FS is liquidated then this holder and other secured creditors get nothing as FS is worth c*ck all?
I really don't see why we have to wade through documents to try and work out what is going on - so much for the wind-down plan - considering this is our money I am appalled.
So the speedboat settlement may be another mega disaster - quelle surprise!
|
|
michaelc
Member of DD Central
Posts: 4,856
Likes: 2,760
Member is Online
|
Post by michaelc on Nov 21, 2021 18:05:58 GMT
Thanks for your reply - when I said "need" what I meant was are they going to be paid - guess we will find out sooner or later but if I were a betting man... We have a floating charge creditor of £3m which seems to relate or before 2003 - I guess this could be seed money from an original investor but I don't think we have any idea who it is? Given that FS was founded in 2012 then just what is this? It is not showing as a charge in CH. Not sure what FS has in assets as the loans don't belong to them (I think) so once FS is liquidated then this holder and other secured creditors get nothing as FS is worth c*ck all? I really don't see why we have to wade through documents to try and work out what is going on - so much for the wind-down plan - considering this is our money I am appalled. So the speedboat settlement may be another mega disaster - quelle surprise! Some (not you obviously) are likely paid to do so *wink*
|
|
Mousey
Member of DD Central
Posts: 1,569
Likes: 6,558
Member is Online
|
Post by Mousey on Nov 22, 2021 10:33:11 GMT
*Pedant alert* It's administrators not auditors
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 22, 2021 11:04:44 GMT
fair point Mousey - have you any idea about this £3m creditor and how relevant it is - I just don't understand what is going on here with it ...thanks a lot
will donate some cheese to your fantastic fund.
|
|
aj
Member of DD Central
Posts: 343
Likes: 451
|
Post by aj on Nov 23, 2021 8:37:35 GMT
I don't understand 3.10 ("There remains three loans that have completed, whereby funds cannot be released to investors...")
1. Was ch***** h***e one of these three loans? 2. Is it the one where funds still cannot be released? 3. Does anyone know which loans are the ones where funds are now pending release?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,843
Likes: 11,069
|
Post by ilmoro on Nov 23, 2021 9:20:16 GMT
fair point Mousey - have you any idea about this £3m creditor and how relevant it is - I just don't understand what is going on here with it ...thanks a lot will donate some cheese to your fantastic fund. The £3m creditors are Raj & EZ
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Nov 23, 2021 11:39:12 GMT
Anyone know if Hackett is still raking it in as a "Consultant" to CG Recovery, advising on the total merdestorm he & Luxmore created?
Fornicating clown.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 23, 2021 11:48:04 GMT
seems to be - still one person on the payroll according to the lastest administrators report - guess it is him?
ref this £3m creditor sum - if it is the 2 ex-directors (I suspect it is) then I think it is secured against the value of the company which is negative (about minus £28K from memory)
as I said before just what the hell has been going on with these muppets?
|
|
pfffill
Member of DD Central
Posts: 175
Likes: 206
|
Post by pfffill on Nov 23, 2021 11:57:29 GMT
I don't understand 3.10 ("There remains three loans that have completed, whereby funds cannot be released to investors...") 1. Was ch***** h***e one of these three loans? 2. Is it the one where funds still cannot be released? 3. Does anyone know which loans are the ones where funds are now pending release? Your point 3: I'm assuming these are: a) Land at W***on R**n, Shropshire. The latest update (29/10/21) said, "The Joint Administrators' solicitors are dealing with the Official Receiver in order to obtain comfort to release the funds held." 'Obtaining comfort' is presumably a legal expression, and nothing to do with easement in the lavatory. b) P**********ld Av****e. Latest update (30/07/21) said, "As per the previous update, the property has sold and a breakdown of the costs, to include the return to investors will be provided in due course." c) Residential conversion at Ch**** C**be Q****y. Latest update (29/10/21) said, "On 24 September 2021, the site was sold to an unrelated third party for the sum of £1,000,000. Funds have been received and the usual breakdown to investors will be provided in due course."
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,843
Likes: 11,069
|
Post by ilmoro on Nov 23, 2021 12:46:26 GMT
I don't understand 3.10 ("There remains three loans that have completed, whereby funds cannot be released to investors...") 1. Was ch***** h***e one of these three loans? 2. Is it the one where funds still cannot be released? 3. Does anyone know which loans are the ones where funds are now pending release? Your point 3: I'm assuming these are: a) Land at W***on R**n, Shropshire. The latest update (29/10/21) said, "The Joint Administrators' solicitors are dealing with the Official Receiver in order to obtain comfort to release the funds held." 'Obtaining comfort' is presumably a legal expression, and nothing to do with easement in the lavatory. b) P**********ld Av****e. Latest update (30/07/21) said, "As per the previous update, the property has sold and a breakdown of the costs, to include the return to investors will be provided in due course." c) Residential conversion at Ch**** C**be Q****y. Latest update (29/10/21) said, "On 24 September 2021, the site was sold to an unrelated third party for the sum of £1,000,000. Funds have been received and the usual breakdown to investors will be provided in due course." I dont think those are the loans referred to. There are three specific loans where funds have been retained outside of the normal distribution practice (ignoring the current freeze) Those three loans are identified by the JA in the Dec 20 admin report as CH, borrower C***o 3, (loan 2175354900 Im told) and I * * Homes (Western R***) Dont know if anything is clearer which loans are pending from the last individual updates. Not in them so cant see
|
|