dh1
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Post by dh1 on Mar 24, 2024 19:35:23 GMT
I hope there are volunteers for the Creditors Committee.....
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dawn
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Post by dawn on Mar 25, 2024 8:12:41 GMT
Re. the Proof of Debt form: outstanding/accrued interest does not seem to be an available figure on the platform is it ? Also: what is the consensus on what should be put on the vote and objection forms ? For votes: I'm not sure why one would vote against 1), but there could be very good reasons for voting against 2). As to the objections, I would think we would want to object to both. As for the interest, perhaps you can estimate how much you have accrued? As for the forms, I'm not sure which questions on which you form you refer to. On the 'VOTE BY CORRESPONDENCE' form, I voted against both (1) and (2). On the 'NOTICE OF OBJECTIONS' form, I also voted against both the proposed decisions. As regards the third selection on the second form, "Are you also asking the Joint Administrator to convene a physical meeting of creditors?" I was in two minds about it. That is because with a previous administration I suffered, the administrators charged £15,000 for a one hour physical meeting. The billing included the invitations to all the creditors etc., their staff travelling from Manchester to London, booking a room in a fancy hotel etc. In terms of the creditors, I was the only person who bothered to turn up. However, I decided to vote in favour of it, because whatever Quantuma bill for meeting, I will at least be able to stare into the whites of their eyes and let them know in no uncertain terms that they will not be given free reign to loot every penny possible from Ablrate's loan redemptions to stuff their pockets. Where can I find the 'VOTE BY CORRESPONDENCE' form and the 'NOTICE OF OBJECTIONS' form? When I log in I can see 3 documents under each load, none of which are these forms, but one of which implies I need to complete a separate form for each loan that I am part of. Any help would be much appreciated.
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k6
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Post by k6 on Mar 25, 2024 8:18:23 GMT
As for the interest, perhaps you can estimate how much you have accrued? As for the forms, I'm not sure which questions on which you form you refer to. On the 'VOTE BY CORRESPONDENCE' form, I voted against both (1) and (2). On the 'NOTICE OF OBJECTIONS' form, I also voted against both the proposed decisions. As regards the third selection on the second form, "Are you also asking the Joint Administrator to convene a physical meeting of creditors?" I was in two minds about it. That is because with a previous administration I suffered, the administrators charged £15,000 for a one hour physical meeting. The billing included the invitations to all the creditors etc., their staff travelling from Manchester to London, booking a room in a fancy hotel etc. In terms of the creditors, I was the only person who bothered to turn up. However, I decided to vote in favour of it, because whatever Quantuma bill for meeting, I will at least be able to stare into the whites of their eyes and let them know in no uncertain terms that they will not be given free reign to loot every penny possible from Ablrate's loan redemptions to stuff their pockets. Where can I find the 'VOTE BY CORRESPONDENCE' form and the 'NOTICE OF OBJECTIONS' form? When I log in I can see 3 documents under each load, none of which are these forms, but one of which implies I need to complete a separate form for each loan that I am part of. Any help would be much appreciated. You can download them from Page7 in this chat
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dawn
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Post by dawn on Mar 25, 2024 8:29:36 GMT
Where can I find the 'VOTE BY CORRESPONDENCE' form and the 'NOTICE OF OBJECTIONS' form? When I log in I can see 3 documents under each load, none of which are these forms, but one of which implies I need to complete a separate form for each loan that I am part of. Any help would be much appreciated. You can download them from Page7 in this chat Thank you very much - I'll do that now.
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Post by darren on Mar 25, 2024 13:17:31 GMT
I'd also like to thank iRobot, Ilmoro, et al, for the forms and the advice on how to complete them.
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Post by timsykes on Mar 25, 2024 17:17:47 GMT
A vote of thanks for the assistance from me also! Forms away. Good luck everybody!
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Post by feedme on Mar 27, 2024 12:50:20 GMT
I've had a very busy week. Having missed the deadline, what are the consequences - if any?
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brianlom1
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Post by brianlom1 on Mar 28, 2024 1:26:28 GMT
I've had a very busy week. Having missed the deadline, what are the consequences - if any? feedme - you won't be the only person who missed the unreasonably tight deadline, this is one of a number of matters I complained to Quantuma about last week (cc: FCA). You could try doing likewise and attach copies of the completed forms - the more people who complain, the better the chances of a deadline extension.
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grumpsimus
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Post by grumpsimus on Apr 10, 2024 15:03:44 GMT
In the SoAP for Ablrate Ltd (11 Mar 2024) it was stated that "To date, the director has not submitted a signed Statement of Affairs" In the SoAP for Aviation and Tech Capital Ltd (11 Mar 2024), it was stated that "To date, the directors have not submitted a signed Statement of Affairs, although they are currently in the process of drafting this" As there was only one Director at the time the Administrator was appointed, I am not sure who "they" are. But given that David Bradley-Ward first approached Quantuma in October 2023 with a view to placing the companies into Administration, I am wondering why the SoA that he is said to be in the process of drafting is taking so long to appear. There are many guides to the administration process available on line. Here is the extract from one(*) about the time limit on the delivery of the SoA "Statement of affairs The directors are required to provide the Administrators with a Statement of Affairs within 11 days of receipt of the notice requiring it. In practice, such notice is usually issued with one week of the Administration Order being granted. The Statement of Affairs summarises the company’s assets, their anticipated realisable value and the company’s liabilities. It also contains a list of creditors and shareholders of the company." (*) www.moorfieldscr.com/media/1482/moorfields-guide-to-administration-director-or-company-new-rules.pdfI clipped a couple of snippets from David Bradley-Ward's email announcing the administration to lenders on 22 Dec 2023 "This decision was not made lightly, and it comes with the intention of safeguarding the interests of our lenders." "Moving forward, we are committed to working closely with our administrators," "transparency remains a core value for us, and we believe in sharing the full story with you." "rest assured that our team will continue to work tirelessly in support of the recovery efforts." "We remain committed to serving your best interests throughout this process and beyond." Individually and collectively such comments caused me to expect that he would submit a signed SoA for both companies. So, better late than never, I continue to look forward to seeing it. In practical terms it is often the Administrators who actually prepare the SoA, but it should be signed by the Director to show that he agree with it. I suspect what we have seen so far is a pretty fair indication of the current position. This is no money, no assets and debts.
DBW was always good at nice words. However, I suspect he has moved to other things like ASMX as his next get rich quick scheme and I don't think many people here will wish to get involved with it. Effectively he has lost all interest in Ablrate, which is now not his problem.
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Post by overthehill on Apr 18, 2024 14:09:06 GMT
Probably just a coincidence and not the wrath of god...
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ilmoro
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Post by ilmoro on Apr 18, 2024 14:38:44 GMT
All lenders should read the latest letter from the administrators You can find it in the documents tab on each loan in the ablrate platform It is titled "Letter Re Decision Outcome Enc AM07 - 18.04.2024" You will also have received an email from the administrator summarising. There will not be a creditors' committee. There will be an informal lenders' committee (subject to any lenders wanting to participate). Up to 5 lenders will be appointed. Self nomination is the mechanism for appointing members, with a lenders' vote if there are more than 5 nominations. I am not sure of this part, please help me out if you interpret it differently. Given that the administrator says that if it had treated the loan investors votes at their full value, total objections were less than 10% of the value of all claims. The creditors on Aviation and Tech Capital were £901,504 and on Ablrate £32,400 = £933,904 Does that mean that the lenders who submitted objections had a total of about £100k owed to them by borrowers? If so, given the loan book is £21,484,607.61, it indicates that the level of engagement from lenders on this was very low. I find that hard to believe, so do please correct me if I have got this wrong. Doesnt surprise me. Quantuma have, either by accident or design, managed to make it difficult for lenders to get information or know whats going on. Less than 10 people asked for a physical creditors meeting apparently. No action group to coordinate response. On creditors, they are sticking to the law as they are entitled to do, even though that ignores, FCA guidance, precedent from other administrations and an indicative Court ruling. Question is who is going to take on the thankless task of holding them to account. No idea if any of the leading LAG or FSAG are Ablrate lenders but doubt they would want to add to their workload to wade through another pile of p2p excrement. You, of course, having put in all the detailed work are the obvious choice. Up for it?
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Post by notsoable on Apr 18, 2024 18:13:25 GMT
I really find this update quite interesting in so far as -- you've rejected some of our proposals but we'll just ignore that and apply to court instead; and an example given for negligence, when I read that I had the last AF loan in mind as an obvious candidate though one loan of many no doubt.
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p2pfan
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Post by p2pfan on Apr 18, 2024 19:35:02 GMT
All lenders should read the latest letter from the administrators You can find it in the documents tab on each loan in the ablrate platform It is titled "Letter Re Decision Outcome Enc AM07 - 18.04.2024" You will also have received an email from the administrator summarising. There will not be a creditors' committee. There will be an informal lenders' committee (subject to any lenders wanting to participate). Up to 5 lenders will be appointed. Self nomination is the mechanism for appointing members, with a lenders' vote if there are more than 5 nominations. I am not sure of this part, please help me out if you interpret it differently. Given that the administrator says that if it had treated the loan investors votes at their full value, total objections were less than 10% of the value of all claims. The creditors on Aviation and Tech Capital were £901,504 and on Ablrate £32,400 = £933,904 Does that mean that the lenders who submitted objections had a total of about £100k owed to them by borrowers? If so, given the loan book is £21,484,607.61, it indicates that the level of engagement from lenders on this was very low. I find that hard to believe, so do please correct me if I have got this wrong. I've just read the report and, like you, I was aghast at what I read in terms of the point you have highlighted. I know it's not true. "Does that mean that the lenders who submitted objections had a total of about £100k owed to them by borrowers?" The amount I alone am owed via Ablrate is significantly over £100k and I objected to all the points. Therefore, Quantuma's assertion cannot be correct. I do believe there is a huge amount of apathy among Ablrate creditors. It astounds me that people stand to lose their money yet there has been and remains radio silence from the vast majority of Ablrate borrowers on these forums or anywhere else e.g. social media or on review sites. However, I don't believe the level of apathy is to extreme degree that Quantuma are claiming: "On that basis total objections were less than 1% in value of all claims." As ilmoro has rightfully stated, Quantuma have made it difficult to appraise or challenge matters in this situation. They hold all the cards and the law will back them to the hilt. Administration in this country is always very one-sided.
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lofty
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Post by lofty on Apr 18, 2024 20:04:31 GMT
"I do believe there is a huge amount of apathy among Ablrate creditors. It astounds me that people stand to lose their money yet there has been and remains radio silence from the vast majority of Ablrate borrowers on these forums or anywhere else e.g. social media or on review sites."
Your point is valid, but I suspect lots of lenders are likely to have been caught up in Collateral, Lendy, FundingSecure, the list goes on. Now Ablrate. Not sure its apathy, more sheer resignation! You complain, it goes to court. You win, the fees outweigh the claims. It feels like an on-going torture.
For those that do fight the good fight I salute you. Hopefully, in 10 years ITV will make a drama about you.
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duck
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Post by duck on Apr 20, 2024 5:23:27 GMT
..... Your point is valid, but I suspect lots of lenders are likely to have been caught up in Collateral, Lendy, FundingSecure, the list goes on. Now Ablrate. Not sure its apathy, more sheer resignation! I am one of those and like p2pfan I objected to all 4. Unlike p2pfan I have considerably less than £100k tied up. After 6 years of daily work on Collateral I can confim that for some 'apathy' is true but I would also like to add in another couple of factors being unwilling to challenge authority (or in some cases scared to make a bit of 'noise'). not being good with words. facing up to the fact that you have lost money is not easy for a lot of people, taking action brings that fact very much to the fore in your mind. I have to say it took me some time to work through the various Quantuma documents and I am very familiar to officialdom, I can imagine some people were simply put off from making representations. So whilst this thread is about Abl can I simply suggest that whatever platforms you are caught up in you support those who are fighting for you.
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