dh1
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Post by dh1 on Jun 29, 2024 16:31:52 GMT
Perhaps also worth noting that the BDO liquidation of Collateral can't really finish up either until this Court process has ended. You never know, if assets are siezed, those defrauded may get some money.... I don't think the liquidation will wind up properly until at least the end of 2025.
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duck
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Post by duck on Jun 30, 2024 5:26:10 GMT
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dh1
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Post by dh1 on Jun 30, 2024 18:47:32 GMT
There are indeed many unknowns. I suspect these will be narrowed at the November hearing when I'm hoping that the Court will confiscate but will also indicate why. The why is useful because if it can be shown that proceeds of crime came from specific bits of fraudulent activity, then those defrauded can (possibly) be identified. I am not comfortable with BDO sorting all this and I don't think they will be either (not sure that any of the Companies involved were in fact defrauded, "just" the lenders).
Following your helpful pointer, duck I suspect that the FCA will do the same again (if the proceedings are successful) and invite those possibly defrauded to make a claim, guided by the judgement.
It isn't worth speculating at the moment, really as the Court needs to come to its conclusions first - given the potential 2 day hearing - thanks Mousey - I think it is a complex bit of work which we (for a change) are thankfully not paying for.
On a general note, it is often very difficult to see the "big picture" in p2p, hence my contribution which I hope is useful.
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duck
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Post by duck on Jun 30, 2024 23:21:58 GMT
...... I am not comfortable with BDO sorting all this and I don't think they will be either....
.......
On a general note, it is often very difficult to see the "big picture" in p2p, hence my contribution which I hope is useful.
Thanks to information from another member here, I can now say that the FCA have already indicated that BDO will not be involved. The FCA do of course hold all investors names and contacts already, they used them when Op Denton was set up. So true about the "big picture" it is so easy to get fixated on small details especially when 'investigating'.
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Post by brightspark on Jul 1, 2024 7:29:05 GMT
Investors are being side-tracked and blind sided by this confiscation twaddle. The FCA was completely derelict in its handling of Collateral. Whether or not compensation should be paid by the FCA has been a matter for government for some months previous. How long or where the Curries languish in gaol and whether any of their assets can at this late stage be seized, investors should neither know nor care. Mentally I have written off my investment in Collateral and I would advise other investors to do likewise. Good riddance to this outgoing dishonourable government, the FCA and most of the ill-conceived and misbegotten Peer to Peer industry.
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duck
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Post by duck on Jul 2, 2024 7:33:11 GMT
Investors are being side-tracked and blind sided by this confiscation twaddle. The FCA was completely derelict in its handling of Collateral. Whether or not compensation should be paid by the FCA has been a matter for government for some months previous. How long or where the Curries languish in gaol and whether any of their assets can at this late stage be seized, investors should neither know nor care. ...... Indeed the confiscation hearing is a side track that the FCA finally went down, but as my FOI shows the FCA were late to this party and even then they made serious mistakes. Fact is the FCA had evidence very early on showing that everything was, shall we say, far from correct with Collateral and decided to either pass the parcel or ignore what they knew could/was causing serious financial harm to consumers. This was still continuing two years later when the Curries pulled the plug. When the s..t hit the fan it is noted that the FCA's major concern was 'legal and reputational damage' to themselves wrt their failures. This is the mode they have been in ever since. For years now legal proceedings have been a very useful cover to enable the FCA to avoid scrutiny by those who have the power to do so. Collateral has been raised 4 times by the Treasury Committee but each time the legal restrictions have got in the way. No doubt if the confiscation proceedings do produce some cash for investors there will be a big press release "FCA secures money for Collateral investors" ...... another diversionary tactic to try to divert from their catastrophic failures.
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dh1
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Post by dh1 on Jul 15, 2024 9:50:52 GMT
It is understood a three-day-hearing is currently scheduled to start on 5th November 2024I'm thinking of attending this hearing as I haven't seen this sort of process in play before. I also can't escape the feeling that the Court might be a bit more enthusiastic if a defrauded person or two actually showed up.... Also, I might bump into a Currie or two. Not deliberately, of course.
Anyone else planning to attend?
Mousey - have you any tips for attendance? EG how to reduce the risks of spending the money to turn up and the thing not going ahead.
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