iRobot
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Post by iRobot on Nov 23, 2021 19:43:22 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. Don't know if it is Hackett in the sole remaining Consultant's role but do note that, for the 6 months reported, said Consultant was paid £21,000 which, if linear, equates to £800 /week. If it is Hackett, then I fully appreciate your point around paying the guy who mugged you to help dust you down afterwards, but can't help wondering how much CG&Co would have charged to discover the info / cover off the role Hackett is (or may be) providing. I'm not aware of what CG&Cos average blended rate is running at per hour but I doubt you get very many of them for £800 a week. Hackett may be to blame for this particular Scheißsturm which - annoyingly, I know - may also make him the best person to navigate through it.
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mikes1531
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Post by mikes1531 on Dec 16, 2021 17:34:47 GMT
I don't understand 3.10 ("There remains three loans that have completed, whereby funds cannot be released to investors...") 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'm not getting too excited about this. It's a discussion about getting sale proceeds from the receivers into the FS accounts. Yes, that's a positive thing, but none of that money is going to be passed along the FS investors until the Quitclose Trust issue is resolved, and I've seen no suggestion/guesstimate to date regarding how long that might take.
I made a big mistake earlier this year when I wasn't requesting withdrawals every time any funds appeared in my account. I let it build up to a significant amount before submitting a withdrawal request. The last request I made was in May, and I'm still waiting for my money seven months later.
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Post by overthehill on May 18, 2022 21:10:26 GMT
Administrators report for oct2021 to apr2022 has been released for any insomniacs. Our apple pie is being feasted on by the buzzards, there might be a few crumbs left at the end for us. Insolvencies are the gift that just keeps on giving. At the current rate of recoveries (money that we can't withdraw anyway) an oct2023 administration end date is already looking like another pie in the sky. The system is rigged if you don't already realise it!
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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 18, 2022 21:29:34 GMT
Administrators report for oct2021 to apr2022 has been released for any insomniacs. Our apple pie is being feasted on by the buzzards, there might be a few crumbs left at the end for us. Insolvencies are the gift that just keeps on giving. At the current rate of recoveries (money that we can't withdraw anyway) an oct2023 administration end date is already looking like another pie in the sky. The system is rigged if you don't already realise it! The apple pies are sat in ringfenced oven & the buzzards only get a 2.5% peck as they go in plus annual pastry tax of £25k+VAT. An rogue baker may have some Quistclose oven gloves but may still get their fingers burnt. Buzzards are infinitely preferably to hyenas & vultures you may encounter elsewhere
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agent69
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Post by agent69 on May 18, 2022 21:34:10 GMT
On the payment side of the equation it says Irrecoverable VAT £873k?
What's that all about?
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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 18, 2022 22:05:24 GMT
On the payment side of the equation it says Irrecoverable VAT £873k?
What's that all about? As it says, they have to pay VAT on sales of certain property/assets but are unable to recover it. There are certain transactions that VAT can be reclaimed due to insolvency & bad debt. Cant say I understand the detail.
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zuluwarrior
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chap from Newcastle, dabbling here and there. Long-time lurker of the forums
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Post by zuluwarrior on May 18, 2022 22:38:45 GMT
On the payment side of the equation it says Irrecoverable VAT £873k?
What's that all about? As it says, they have to pay VAT on sales of certain property/assets but are unable to recover it. There are certain transactions that VAT can be reclaimed due to insolvency & bad debt. Cant say I understand the detail. Indeed, VAT in property is a very complex field. All residential property is exempt from VAT but a commercial landlord has the option to tax their building. There also falls to be certain timespans which VAT can be recovered in. Financial services cannot VAT register, I'm not sure if that stretches to P2P but expect it does.
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adrian77
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Post by adrian77 on May 19, 2022 10:23:51 GMT
I can guess 90% of this report ! However would like a quick read and as my main PC has failed could somebody post or PM me with the instructions of how to access this report - thanks a lot
PS and yes I have asked C&G
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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 19, 2022 11:31:13 GMT
I can guess 90% of this report ! However would like a quick read and as my main PC has failed could somebody post or PM me with the instructions of how to access this report - thanks a lot PS and yes I have asked C&G Sent out to investors in an email attachment so if you have email access you should be able to read it. Not available to public yet, CH pending so maybe tomorrow
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adrian77
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Post by adrian77 on May 20, 2022 1:00:22 GMT
never got the email with the attachment but got it off the iPS site as kindly given the password.
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adrian77
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Post by adrian77 on May 20, 2022 13:20:34 GMT
Had a quick look at this report - just a couple of quick observations/questions
Considering FS went bust in Oct 2019 I am very disappointed with how slow the progress has been for realising our assets - I know the courts move very slowly etc but there is still over £33m of our loans outstanding (3.12)
As per 6.2 £730K in fees already...
in appendix in the payments section we have numerous fees
e.g. receiver costs of £168+£148K = £316K which I think was on £4m recovered
e.g. respondents fees of £205K - is this the legal action taken against FS by a dubious borrower? If so then I hope he gets the bill although I doubt he will pay it? How the hell can FS end-up having to defend themselves when dealing with somebody they lent our money to! Also can somebody tell me what exactly these joint office holder fees are as £58K seems a lot to me...
in short however much is going to be left when this damn affair is finally settled!
I thank you
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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 20, 2022 15:24:09 GMT
Had a quick look at this report - just a couple of quick observations/questions Considering FS went bust in Oct 2019 I am very disappointed with how slow the progress has been for realising our assets - I know the courts move very slowly etc but there is still over £33m of our loans outstanding (3.12) As per 6.2 £730K in fees already... in appendix in the payments section we have numerous fees e.g. receiver costs of £168+£148K = £316K which I think was on £4m recovered e.g. respondents fees of £205K - is this the legal action taken against FS by a dubious borrower? If so then I hope he gets the bill although I doubt he will pay it? How the hell can FS end-up having to defend themselves when dealing with somebody they lent our money to! Also can somebody tell me what exactly these joint office holder fees are as £58K seems a lot to me... in short however much is going to be left when this damn affair is finally settled! I thank you Unfortunately poor assets dont fly off the shelves, similar situation with the other platforms where disposals have taken even longer, pandemics dont help of course. Important to separate out fees to lenders, from overall admin fees, 6.2 + 6.3 are the relevant bits, so about £810k and they have realised £40m. There will be costs as well which are outlined in Appendix 3.4 - not the easiest information to fillet. Respondents cost relate to the legal costs of those challenging the 5% fee The £58k are the fees for the work involved in the realisations achieved from loans in the last 6 months, thats the £4m in 3.8. That will depend on how much they realise for the remaining £33m, there is £10m on account to come back
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iRobot
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Post by iRobot on May 21, 2022 11:30:19 GMT
Considering FS went bust in Oct 2019 I am very disappointed with how slow the progress has been for realising our assets - I know the courts move very slowly etc but there is still over £33m of our loans outstanding (3.12) Unfortunately poor assets dont fly off the shelves, similar situation with the other platforms where disposals have taken even longer, pandemics dont help of course. And even loans against (half) decent assets can take an eternity to resolve if the Borrower is prepared to be obstructive to the bitter end. One loan I have exposure to on another platform has been in default since June 2017 and, in this case, I believe the platform has done everything in its' power to progress matters as expediently as possible. Yep, CV-19 and the snowballing impact on the Courts / Judicial Process hasn't helped, but it's the Borrower who has maximised this to their advantage(?) and has frustrated proceedings at every turn.
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jo
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Post by jo on May 21, 2022 14:34:25 GMT
Unfortunately poor assets dont fly off the shelves, similar situation with the other platforms where disposals have taken even longer, pandemics dont help of course. And even loans against (half) decent assets can take an eternity to resolve if the Borrower is prepared to be obstructive to the bitter end. One loan I have exposure to on another platform has been in default since June 2017 and, in this case, I believe the platform has done everything in its' power to progress matters as expediently as possible. Yep, CV-19 and the snowballing impact on the Courts / Judicial Process hasn't helped, but it's the Borrower who has maximised this to their advantage(?) and has frustrated proceedings at every turn. Every delay allows the obstructive borrower more time to irrevocably salt away recoverable assets. I wish platforms were more cognitive to that. The percentage of distressed borrowers extended forbearance coming good, is vanishingly small compared to the wide boy borrowers (at least when it comes to P2P).
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iRobot
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Post by iRobot on May 21, 2022 20:28:13 GMT
Every delay allows the obstructive borrower more time to irrevocably salt away recoverable assets. I wish platforms were more cognitive to that. The percentage of distressed borrowers extended forbearance coming good, is vanishingly small compared to the wide boy borrowers (at least when it comes to P2P). Don't disagree that platforms can be their own worst enemies - although, in the case of FS, that particular platform was very much the Lenders' worst enemy come the end. But it's not just the platforms.What frustrates is that the legal system so often appears to be favouring the 'guilty' party in these situations and this - if only due to increased costs - can lead to a poorer outcome for those on the right side (contractually, at least) of the law. The ' another platform' situation I referred to above is a perfect case in point. On that one, the update from earlier this month states: " A 2-day hearing was listed for 13 April 2022 but was adjourned following an application filed by ****** **** (the son) with medical evidence confirming he was too ill to attend the hearing. This was made without notice and we filed an emergency application to have the hearing reinstated which the Court refused because the original hearing time had been reallocated. The matter has now been relisted for mid-August 2022 and we have lodged a formal complaint with the Court." An easily obtained piece of paper from a time constrained / overworked / sympathetic / privately <ahem> funded * medical practitioner and - hey-presto! - another 4 months delay; and this on a loan that's soon to be in its sixth year of delinquency following delay upon delay - frequently as a result of the Borrower's family orchestrating the court and the legal process to their advantage. (Although one legal turn of events which wasn't so favourable for the Borrower's son was when, in 2019, he found himself on the wrong end of a custodial sentence for fraudulent trading. Honestly, you couldn't make this stuff up! ) * who knows, could be one or more or none of these
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