r1200gs
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Post by r1200gs on May 5, 2023 10:20:53 GMT
Faced with actually giving us our money back or what is left of it, they really can bring a rabbit out of a hat. Any of you here actually Russian oligarchs waiting for 20 percent of that £1000 that you invested five years ago? Take a look...quite the task they have set, must take a lot of time, and money. ofsistorage.blob.core.windows.net/publishlive/2022format/ConList.html |
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adrian77
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Post by adrian77 on May 5, 2023 15:34:32 GMT
what an interesting post...
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michaelc
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Post by michaelc on May 11, 2023 15:37:29 GMT
Yeah and I noticed just now they've sent an email allowing "ISA transfers out". How bloody noble of them.
Lots more meetings for them to set up the ISA transfer out process followed by some lovely admin work executing each request.
And, no doubt one or two of our resident financial experts can correct me but if you've just lost a shed load of cash on this platform, doesn't the remaining the get set against tax anyway?
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rocky1
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Post by rocky1 on May 11, 2023 15:49:10 GMT
administrators act as agents of the company AND without any personal liability. a bit like what the directors of these p2p platforms seem to do.all under the watchful eye of the FCA of course.
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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 11, 2023 16:40:25 GMT
Yeah and I noticed just now they've sent an email allowing "ISA transfers out". How bloody noble of them. Lots more meetings for them to set up the ISA transfer out process followed by some lovely admin work executing each request. And, no doubt one or two of our resident financial experts can correct me but if you've just lost a shed load of cash on this platform, doesn't the remaining the get set against tax anyway? Not for loans held in an ISA. Have to be subject to tax to qualify which as they are held in a tax-free wrapper they clearly arent. Loans in a standard account should do and in most cases FS will have already included them in the tax statement when they became eligible. However as per the note on the site no guarantee this is correct. The ISA transfer process should already exist ... the issue will be extra costs to run it
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Post by stankroenke1 on May 15, 2023 16:37:35 GMT
Any news on the CC meeting, are payments coming as promised in the next few days or not ?
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jonno
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nil satis nisi optimum
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Post by jonno on May 19, 2023 10:00:02 GMT
I've just received a document update from the Admins. Nothing particularly earth-shattering other than the platform is to reopen for withdrawals on 22nd May.
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adrian77
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Post by adrian77 on May 19, 2023 10:18:37 GMT
so we have another document from the administrators that says cock all; brilliant
Mousey reported the below in early January
well it is now mid May so surely somebody somewhere must know what is happening I just wonder how much of the 25% we are going to see after 'expenses'
I need a drink as this whole farce is winding me up...
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Post by blackdogtaff on May 19, 2023 17:05:01 GMT
Hiya, been off the forum for a good while and just catching up...
Am I reading the above right,
The funds received (paid back)when fs site reopens will only be 25% of moneys recovered?
So on a basis of approx 3k in a loan that only "paid back" 50%...£1,500...I would only get 25% of that back or is the 25% only on a/some specific loan/loans...
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Post by timsykes on May 19, 2023 22:03:17 GMT
Hiya, been off the forum for a good while and just catching up... Am I reading the above right, The funds received (paid back)when fs site reopens will only be 25% of moneys recovered? So on a basis of approx 3k in a loan that only "paid back" 50%...£1,500...I would only get 25% of that back or is the 25% only on a/some specific loan/loans... Hi blackdogtaff, I believe the snippet you're referencing relates to just one loan - one of the art ones IIRC - which went to a successful but private litigation.
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adrian77
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Post by adrian77 on May 20, 2023 8:14:07 GMT
have read the latest administration report which ,as I see it, says nothing new but that they need more time, more money
a list of expenses some of which I don't understand and they can't make any realistic predictions
Just how much longer if this farce going to on for...
I am clearly in the wrong business
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 20, 2023 8:38:47 GMT
"Just how much longer if this farce going to on for..."
Funnily enough, when there's very, VERY little money left , magically, full and tidy completion of the wind up will coincide and suddenly be possible.
Uncanny that.
Innit.
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morris
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Post by morris on May 20, 2023 9:48:01 GMT
FS said in a recent email it will be possible to transfer funds once available using their normal transfer procedure.
Nowhere have they given a clear and unambiguous address where transfer documentation should be sent by the receiving financial institution.
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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 May 20, 2023 9:49:14 GMT
"Just how much longer if this farce going to on for..."Funnily enough, when there's very, VERY little money left , magically, full and tidy completion of the wind up will coincide and suddenly be possible. Uncanny that. Innit. Yes, thats how Insolvency works, you recover all the money you can, distribute it to the various beneficiaries, and when there is nothing left it ends. There isnt actually any benefit to CG to extend the FS admin as their fees are related to recoveries and a fixed £25kpa. The longer recoveries go on the less they actually get in relation to time. It wont be very profitable for them. If they provided their time spent/fees data (no requirement as its not the basis of remuneration) I doubt it would look very healthy.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 20, 2023 10:12:23 GMT
Here's a question for you ilmoro. Within any IP's organisation, their own, directly employed staff get paid, say, Ordinary Clerk, at £15 per hour. But when that Ordinary Clerk happens to be working on an IP case, they are suddenly & magically promoted to Super Duper Clerk, and charged out at £100 to £200 per hour? I don't know many Ordinary Clerks in the UK on £195,000 to £390,000 pa. (37.5 hour week) Do you?  Reference / ChatGPT - "The average fee per hour charge-out rate for a clerk in an insolvency case in the UK can vary depending on factors such as the specific region, experience level, and complexity of the case. However, as of my knowledge cutoff in September 2021, the average charge-out rate for a clerk in insolvency cases in the UK ranged from £100 to £200 per hour. It's important to note that rates may have changed since then, and it's advisable to consult current industry sources or professionals for the most up-to-date information." |
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