ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 22, 2023 11:03:41 GMT
I assume that all of you who have lost money from failed P2P Platforms are fed up to the back teeth with being milked and treated with disdain by IPs playing God with OUR money. Complaining to their various "Professional Body" will result in Jack Schitt, so what to do next? There are major and fundamental flaws regarding the IP "Industry" especially in how it is applied to the administration of failed P2P Platforms. How to get massive changes in this "industry" which benefits no-one but IPs? Complaining en masse to our MPs is the only course of action I can think of. Plus media coverage. Seems we can also Complain to The Insolvency Service:- www.gov.uk/guidance/how-insolvency-practitioners-are-authorised-in-great-britainWhilst I'm at it, RICS "Professional" Valuers also seem to think they're immune and off the hook. |
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p2pfan
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Full-Time Investor
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Post by p2pfan on Jun 22, 2023 11:30:27 GMT
You are totally right. 100% agree.
Insolvency Practitioners, with their unlimited and unaccountable billing for administrations they manage, are as close to legalised theft as it's possible to get.
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jo
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Post by jo on Jun 22, 2023 11:41:42 GMT
I assume that all of you who have lost money from failed P2P Platforms are fed up to the back teeth with being milked and treated with disdain by IPs playing God with OUR money. Complaining to their various "Professional Body" will result in Jack Schitt, so what to do next? There are major and fundamental flaws regarding the IP "Industry" especially in how it is applied to the administration of failed P2P Platforms. How to get massive changes in this "industry" which benefits no-one but IPs? Complaining en masse to our MPs is the only course of action I can think of. Plus media coverage. Seems we can also Complain to The Insolvency Service:- www.gov.uk/guidance/how-insolvency-practitioners-are-authorised-in-great-britainWhilst I'm at it, RICS "Professional" Valuers also seem to think they're immune and off the hook. Hit them up on Twitter - it's the largest anonymous* platform and they're all on it. *When I say anonymous, I don't mean for nefarious reasons. Farcebook tends to be linked to your own name and that doesn't necessarily suit everyone.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 22, 2023 12:29:25 GMT
I have said many times before, these IP shysters need to be *independently Audited during their "Administrations", it should be Law and Standard Practice.
Somehow I feel that their efficiency and Costs, Charges, Fees and Expenses would then be rather different.
Their opaqueness, woeful communications and unwillingness to be crystal clear about the machinations surrounding the money is indicative of only one conclusion.
And as I have also said before, how does a £25 per hour hour Administration Clerk suddenly transform into a £200+ per hour Administration Clerk just because they're working in an "Administration"? We will be told a load of BS justifying this point but a Clerk is a Clerk and I don't like being treated as a buffoon mug with teats. ie Milk me.
* As long as the FCA has NOTHING to do with it!
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agent69
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Post by agent69 on Jun 22, 2023 12:50:25 GMT
I suspect there are no easy answers when it comes to administration, particularly where the finances of the deceased company are as murky as appears to be the case with many P2P platforms. There are 3 obvious ways of the administrators being reimbursed:
- a percentage of recoveries
- a lump sum
- hourly rates
The problem is that when a company goes pop, time is of the escence when trying to keep them running as a going concern. The problem with options 1 and 2 above is that nobody would take on the work without a detailed look at the books. I don't know how long it would take, but potential administrators would need to know what recoveries were likely to be and what their costs might be, and that isn't going to be a quick exercise. So while it's far from ideal, I don't see ther being a lot of choice other than option 3.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 22, 2023 15:25:59 GMT
Regardless, there is, however, zero justification for PIs EXHORBITANT Hourly Rates, especially for Junior Staff, no justification whatsoever.
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agent69
Member of DD Central
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Post by agent69 on Jun 22, 2023 17:27:22 GMT
Regardless, there is, however, zero justification for PIs EXHORBITANT Hourly Rates, especially for Junior Staff, no justification whatsoever.There's no point in getting auditors involved as they are useless. So unless you are going to have somebody sat behind everyone in the administrator's office recording what they are doing, the only thing to challenge is the hourly rates.
25 years ago I was paying £350 / hr for lead counsel in an arbitration case with the Welsh office. It may sound a lot, but I don't think that £600 / £700 is unreasonable for the top people in the administration process. How much they should be charging for junior staff is a moot point, but I don't recall typists being charged out at £200 / hr. Either way, if they all charge the same then you have Hobsons choice.
Bottom line is it's a sh*t process, with no real alternative.
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registerme
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Post by registerme on Jun 22, 2023 19:02:24 GMT
Reminds me of a lawyer I know who back in the day would book doing the crossword to "General administration".
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mah
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Post by mah on Jun 25, 2023 20:58:22 GMT
I assume that all of you who have lost money from failed P2P Platforms are fed up to the back teeth with being milked and treated with disdain by IPs playing God with OUR money. Complaining to their various "Professional Body" will result in Jack Schitt, so what to do next? There are major and fundamental flaws regarding the IP "Industry" especially in how it is applied to the administration of failed P2P Platforms. How to get massive changes in this "industry" which benefits no-one but IPs? Complaining en masse to our MPs is the only course of action I can think of. Plus media coverage. Seems we can also Complain to The Insolvency Service:- www.gov.uk/guidance/how-insolvency-practitioners-are-authorised-in-great-britainWhilst I'm at it, RICS "Professional" Valuers also seem to think they're immune and off the hook. I have complained to all the IPAs and they are all the same - a pure waste of time and energy. Have you tried the RICS and are they the same ? If so, I won't bother.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jun 25, 2023 22:15:32 GMT
Regardless, there is, however, zero justification for PIs EXHORBITANT Hourly Rates, especially for Junior Staff, no justification whatsoever.There's no point in getting auditors involved as they are useless. So unless you are going to have somebody sat behind everyone in the administrator's office recording what they are doing, the only thing to challenge is the hourly rates.
25 years ago I was paying £350 / hr for lead counsel in an arbitration case with the Welsh office. It may sound a lot, but I don't think that £600 / £700 is unreasonable for the top people in the administration process. How much they should be charging for junior staff is a moot point, but I don't recall typists being charged out at £200 / hr. Either way, if they all charge the same then you have Hobsons choice.
Bottom line is it's a sh*t process, with no real alternative.
Get Auditors involved increase the costs ...
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
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Post by ozboy on Jun 27, 2023 19:40:07 GMT
I assume that all of you who have lost money from failed P2P Platforms are fed up to the back teeth with being milked and treated with disdain by IPs playing God with OUR money. Complaining to their various "Professional Body" will result in Jack Schitt, so what to do next? There are major and fundamental flaws regarding the IP "Industry" especially in how it is applied to the administration of failed P2P Platforms. How to get massive changes in this "industry" which benefits no-one but IPs? Complaining en masse to our MPs is the only course of action I can think of. Plus media coverage. Seems we can also Complain to The Insolvency Service:- www.gov.uk/guidance/how-insolvency-practitioners-are-authorised-in-great-britainWhilst I'm at it, RICS "Professional" Valuers also seem to think they're immune and off the hook. I have complained to all the IPAs and they are all the same - a pure waste of time and energy. Have you tried the RICS and are they the same ? If so, I won't bother.
Yep, complained heavily to RICS five or more years ago, info on here somewhere. Got back the bog standard and indignant "How dare you make accusations against one of our Highly Professional and Honest (  ) Members" BS. So, as we know, just the usual Closed Shop That Only Exists To Cover Naughty Member's Backsides And Keep Our Clean Image And You Can Just Fornicate Off With Your Complaint" like ALL these "Professional Bodies." They are ALL a pink gin swiling crock.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on Jun 28, 2023 16:39:50 GMT
I think everyone on here will know my opinion of this Propaganda. I also note that the word " profession" and it's variations is mentioned three times. |
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Post by brummiefred on Jun 29, 2023 13:15:02 GMT
The Royal Institution of Chartered Surveyors (Rics) has been plunged into crisis after its standards board quit en masse following a row with management.
The standards and regulation board (SRB) resigned in protest over plans to oust its chairman, Dame Janet Paraskeva, after she blew the whistle on alleged governance failures.
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) Members" BS. So, as we know, just the usual Closed Shop That Only Exists To Cover Naughty Member's Backsides And Keep Our Clean Image And You Can Just Fornicate Off With Your Complaint" like ALL these "Professional Bodies." They are ALL a pink gin swiling crock.