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Post by diamon89 on Mar 11, 2022 8:40:12 GMT
Does anyone have an understanding of the current situation regarding the Quistclose trust claim?
The recent loan updates report that quite a few properties have been sold and funds received. But these funds are not being distributed to lenders because, as I understand it, of the overarching Quistclose claim. Does anyone know the status of this claim, or have a link to any court judgements about it?
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pfffill
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Post by pfffill on Mar 11, 2022 9:00:13 GMT
Does anyone have an understanding of the current situation regarding the Quistclose trust claim? The recent loan updates report that quite a few properties have been sold and funds received. But these funds are not being distributed to lenders because, as I understand it, of the overarching Quistclose claim. Does anyone know the status of this claim, or have a link to any court judgements about it? Sorry to say, I don't believe anyone, even in FSAG, has a clue when the Quistclose case will be resolved. Personally, I wouldn't take the recent funds received notices from CG&Co as any indication that resolution is near. That said, we might all wake up one day and find our measly, partial capital returns have been miraculously released. Nobody knows.
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grumpsimus
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Post by grumpsimus on Mar 11, 2022 17:29:01 GMT
Does anyone have an understanding of the current situation regarding the Quistclose trust claim? The recent loan updates report that quite a few properties have been sold and funds received. But these funds are not being distributed to lenders because, as I understand it, of the overarching Quistclose claim. Does anyone know the status of this claim, or have a link to any court judgements about it? The only people who know anything about the Quistclose Trust claim are the Administrators and the claimants. AFAIK, there hasn't been any formal Court hearings about it yet. Probably at the Letter before Action stage, with discussions between the parties and the Administrators taking advice from lawyers.
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j1
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Post by j1 on Apr 29, 2022 6:28:05 GMT
My position is that we have deep pockets and should send a message to anyone who thinks they can queue jump by going to court.
I can't attend the next meeting at present but I am desperately trying to change that so I can repeat the statement above.
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Post by cj on Apr 29, 2022 13:12:51 GMT
My position is that we have deep pockets and should send a message to anyone who thinks they can queue jump by going to court. I can't attend the next meeting at present but I am desperately trying to change that so I can repeat the statement above. When is the next meeting, and can you share details?
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jo
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Post by jo on Apr 29, 2022 13:58:51 GMT
My position is that we have deep pockets and should send a message to anyone who thinks they can queue jump by going to court. I can't attend the next meeting at present but I am desperately trying to change that so I can repeat the statement above. Working on the principle that 'there's always a bigger bully in the playground', is there not some legal injunction which could have seniority over a Quistclose? English law rarely reaches a dead end.
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Post by lostinspace on May 25, 2022 13:51:00 GMT
Update on Funding Secure site. Could it get any worse and can anyone translate to English -
NOTE 2
Since our last update in December 2021 regarding the freezing of the e-wallet account, discussions have continued with the creditor claimant’s solicitors. It is likely that the creditor claimant will now issue proceedings to seek to recover the monies held in the e-wallet account, which it claims are subject to a trust in its favour. As the monies in the e-wallet account are not assets of the Company, the Joint Administrators will take a neutral position in any proceedings. Discussions are ongoing as to how to best protect the interests of affected investors, in particular allowing them an opportunity to be joined to any proceedings, if they so wish after taking legal advice.
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rocky1
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Post by rocky1 on May 25, 2022 14:17:05 GMT
as said above.monies in the e wallet are not assets of the company.it is the paltry remains of millions of pounds worth of misrepresented/fraudulent loans that have already been plundered by every tom/dick/harry.WHO is this bloody ar$ehole creditor and what trust are they on about now that makes them first in line for the final crumbs.
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sundown
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Post by sundown on May 25, 2022 14:27:31 GMT
Update on Funding Secure site. Could it get any worse and can anyone translate to English - NOTE 2 Since our last update in December 2021 regarding the freezing of the e-wallet account, discussions have continued with the creditor claimant’s solicitors. It is likely that the creditor claimant will now issue proceedings to seek to recover the monies held in the e-wallet account, which it claims are subject to a trust in its favour. As the monies in the e-wallet account are not assets of the Company, the Joint Administrators will take a neutral position in any proceedings. Discussions are ongoing as to how to best protect the interests of affected investors, in particular allowing them an opportunity to be joined to any proceedings, if they so wish after taking legal advice. The previous update reads: "The administrators have received a claim from a creditor relating to monies paid into the Company’s client account prior to the administration, including an assertion that the said monies are subject to what is termed a “Quistclose Trust”. This therefore appears to only relate to money paid into the client account before the administration.
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rocky1
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Post by rocky1 on May 25, 2022 14:56:59 GMT
the administrators will take a neutral position.if lenders wish to be joined to proceedings after taking legal advice. what sort of sh*t is all this.we have no idea of what the claim is/how much it is for or sod all about any of it really because p2p lenders are kept in the dark. i bet they wont be neutral when it comes to their fees etc.the whole lot of us put money into loans that was not used for the agreements we lent on and have paid the price.this is just another kick in the teeth.really find it hard now to trust any p2p platforms marketing/speil about first charges and ltgdv and the bloody rest of it.sorry rant over
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Post by lostinspace on May 25, 2022 14:57:04 GMT
Sundown - I hope you are right but it is really difficult to understand the details of such important claims and issues from 2 sentence updates.
The updates provide more questions than answers
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merlin99
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Post by merlin99 on May 25, 2022 15:03:06 GMT
Therefore that would imply that the receivers were holding money in another account that has been derived from recoveries of money from outstanding loans. I cannot imagine that much was left in FS accounts when it went into administration. However FS have used this excuse for not paying out money that it holds because of a potential case regarding the Quist close funds which it says it has no interest in? So  is going on here? |
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Post by lostinspace on May 25, 2022 15:18:39 GMT
I agree.
I would be surprised if the directors left any money in the accounts when they ran off to play on jet skis in the sun with our savings. There too smart for that.
And yes what the 🤬 is going on !
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r1200gs
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Post by r1200gs on May 26, 2022 11:35:40 GMT
Does anyone have an understanding of the current situation regarding the Quistclose trust claim? The recent loan updates report that quite a few properties have been sold and funds received. But these funds are not being distributed to lenders because, as I understand it, of the overarching Quistclose claim. Does anyone know the status of this claim, or have a link to any court judgements about it? Sorry to say, I don't believe anyone, even in FSAG, has a clue when the Quistclose case will be resolved. Personally, I wouldn't take the recent funds received notices from CG&Co as any indication that resolution is near. That said, we might all wake up one day and find our measly, partial capital returns have been miraculously released. Nobody knows.For me, if some bastard gets to my returned capital and interest, I will be working three more years. In short, not all returns are measly. Full capital and interest was received on the tower block loan first charge as just one example. There's contradicting info all over the place, one moment I'm reassured the next I'm told I might need to fight in court?! I feel sick now, physically sick.
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Post by overthehill on May 26, 2022 13:16:56 GMT
Quistclose trust is open to abuse and perfectly suited to targetting investors' money in P2P companies that go into administration as the administrators aren't interested and won't defend the case as it's not targetting the company's money.
Hypothetically, Quistclose can be used as an insurance policy if things go bad by retrospectively claiming a company did not use a capital investment as agreed. Full spectrum of possible scenarios here.
I would think the Quistclose trust claimant must also be one of the secured creditors and trying to cast his net wider.
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is going on here?