ilmoro
Member of DD Central
'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 Apr 30, 2023 21:25:11 GMT
I think you mean 93.7852% recoverable. But yes, you would, unless it was fraudulently transferred out of COL's account... Heaven forfend such an illegal act be suggested! You would but then we already know that the client account doesnt reconcile ... Well, quite. Shenanigans. Actually two distinct things ... the alleged payments are different to the CA shortfalls ... as yet the latter is not a part of the case
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Post by petebutt43 on May 1, 2023 2:37:32 GMT
Received 7.1% of my balance. Rather disappointing, but I suppose it's better than nothing. Received what they said, but 9 quid short? These are only interim distributions. Many more to come (hopefully), more than a few loans actually managed a bit of interest too. On completion I would expect around 50% overall, or less.
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ceejay
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Post by ceejay on May 1, 2023 8:45:09 GMT
I was mostly in bling and only about 5% received today. I note from todays email that more repayments are due next month. Perhaps that will be bling loans, since today's repayments look like property? Sorting out the tax position on this lot is going to be a nightmare! - as I read it, the repayments next month are only for those who have not received a distribution this month because BDO did not have sufficient bank details. I would take it that this distribution today is on all loans where they have recovered monies. There is not a second distribution on monies they have recovered to date to come to us. From the schedule they have provided, there are I think only two loans they are paying out on which are bling loans and they are quite small. It does not tally with previous reports from BDO which suggested they had recovered about £150k of the £1.5m of such loans, so I do not know where the rest of the recovered monies are apart from being taken in costs? Anyone holding bling loans, it seems to me are facing a total wipe out. Any further distributions, if any, will be for as yet unrecovered property loans. This is just as I see it and I may be wrong and am happy to be corrected. Cheers Picnicman. I agree with most of what you said until bit I have bolded ... there will surely be further distributions of some kind against all of the loans that have just been partly repaid, because all of the percentages are very round numbers! When this thing finally wraps up, the administrators will have to flush out all remaining funds, however small, against every single loan. Remember that they have to hold something back until they are ready to close the books - if only so that they can pay themselves! How large any further payments might be will depend on how cautious they are being right now.
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IFISAcava
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Post by IFISAcava on May 1, 2023 9:52:59 GMT
dermot - as I read it, the repayments next month are only for those who have not received a distribution this month because BDO did not have sufficient bank details. I would take it that this distribution today is on all loans where they have recovered monies. There is not a second distribution on monies they have recovered to date to come to us. From the schedule they have provided, there are I think only two loans they are paying out on which are bling loans and they are quite small. It does not tally with previous reports from BDO which suggested they had recovered about £150k of the £1.5m of such loans, so I do not know where the rest of the recovered monies are apart from being taken in costs? Anyone holding bling loans, it seems to me are facing a total wipe out. Any further distributions, if any, will be for as yet unrecovered property loans. This is just as I see it and I may be wrong and am happy to be corrected. Cheers Picnicman. I agree with most of what you said until bit I have bolded ... there will surely be further distributions of some kind against all of the loans that have just been partly repaid, because all of the percentages are very round numbers! When this thing finally wraps up, the administrators will have to flush out all remaining funds, however small, against every single loan. Remember that they have to hold something back until they are ready to close the books - if only so that they can pay themselves! How large any further payments might be will depend on how cautious they are being right now.Hard to know. Of the two I was in that have received a payment: For Da***n they previously said there was a 56% recovery before costs - they have paid 25% on one tranche (the BL), nothing on 4 tranches of DL (which presumably are the "subordinated tranches" they refer to). For Gr**t Ha****d they previously said there was a 47% recovery before costs - they paid 15% on four tranches of BL, nothing on 2 tranches of DL (ditto). So the payouts are low but a) I am not sure on what denominator the % recovery figures are worked out (just the BLs?) and b) we (and probably they) don't yet know what the final costs are and exactly how they will be divvied out across loans/other funds.
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IFISAcava
Member of DD Central
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Post by IFISAcava on May 1, 2023 9:59:41 GMT
Received 7.1% of my balance. Rather disappointing, but I suppose it's better than nothing. Received what they said, but 9 quid short? These are only interim distributions. Many more to come (hopefully), more than a few loans actually managed a bit of interest too. On completion I would expect around 50% overall, or less. Sorry to say I'd be extremely surprised if it is anywhere near 50% for most of us. Whilst a few loans may recover well, and if you are lucky they are the only ones you were holding when the music stopped, there's just too much in dodgy or disputed loans and the costs of the administration are likely to end up very high as a proportion of recoveries.
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moist
Member of DD Central
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Post by moist on May 3, 2023 9:10:08 GMT
Does anyone have an email address for BDO in relation to collateral. I have not received a distribution.....and cannot get an answer as to why not. Emails just get ignored.
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ganymede
Member of DD Central
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Post by ganymede on May 3, 2023 9:42:40 GMT
Does anyone have an email address for BDO in relation to collateral. I have not received a distribution.....and cannot get an answer as to why not. Emails just get ignored. Web Site for BDO / Collateral...
email address...
INVESTORCOLLATERAL@bdo.co.uk
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moist
Member of DD Central
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Post by moist on May 3, 2023 9:53:12 GMT
thats the one I have, anyone have a direct to person email address?
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duck
Member of DD Central
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Post by duck on May 3, 2023 10:09:54 GMT
thats the one I have, anyone have a direct to person email address? That appears to be the only address that is used. I have had several email conversations with JACK WAITE Executive / Business Restructuring ..... but he uses that address. Oh and Jack confirmed that he had my, my Ltd Co's and wifes bank account details on 21/07/2022 ................. 3 payments not made so far.
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brush
Member of DD Central
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Post by brush on May 3, 2023 10:17:50 GMT
5 payments not made yet. If problems with bank details we will be contacted apparently.
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mikeh
Member of DD Central
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Post by mikeh on May 3, 2023 14:18:00 GMT
I'm expecting 21.5% of my exposure mainly from uninvested cash. They (Jack) acknowledged receipt of my bank details back in August but I've received nothing as yet. I think we can assume that they are well and truly snowed under. I'll give them another week or so to sort themselves out.
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GeorgeT
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Post by GeorgeT on May 3, 2023 22:13:35 GMT
I'm expecting 21.5% of my exposure mainly from uninvested cash. They (Jack) acknowledged receipt of my bank details back in August but I've received nothing as yet. I think we can assume that they are well and truly snowed under. I'll give them another week or so to sort themselves out. In a similar position. Due a decent 4 figure sum according to their figures and last week's email with the percentages on, confirmed my bank details last year and had confirmation back (also from Jack) but have received no payment. Emailed them about it yesterday but no reply. Even a brief acknowledgement would be reassuring. Slightly worrying but will give it till end of week before escalating.
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mah
Member of DD Central
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Post by mah on May 4, 2023 18:12:53 GMT
Same here. Bank details still the same as original. I also emailed them on 7th July and they (Jack) ack'd it on 22/07/22. Anymore in the same boat ?
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Post by westcountryfunder on May 5, 2023 11:52:19 GMT
Same here. Bank details still the same as original. I also emailed them on 7th July and they (Jack) ack'd it on 22/07/22. Anymore in the same boat ?
Another 'same here'.
Jack acknowledged my email of bank details on 04/08/22.
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duck
Member of DD Central
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Post by duck on May 5, 2023 15:04:23 GMT
... Anymore in the same boat ?
Yep as I said earlier, same position here.
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