grumpsimus
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Post by grumpsimus on Jan 9, 2024 18:59:51 GMT
Whilist we wait with bated breathe for the appointment of the Administrator - incidentally what took so long to do this, it was obviouse that Ablrate was insolvent long ago. I have been looking at my outstanding loans, which appear to be a large pile of steaming horse manure. I am not expecting any further cash from any of them. Does anyone serious expect to get back anything from Ablrate?
I wonder if there will be any money to pay the Administrators fees? If not why is any firm going to take this on?
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Post by overthehill on Jan 9, 2024 22:52:48 GMT
Whilist we wait with bated breathe for the appointment of the Administrator - incidentally what took so long to do this, it was obviouse that Ablrate was insolvent long ago. I have been looking at my outstanding loans, which appear to be a large pile of steaming horse manure. I am not expecting any further cash from any of them. Does anyone serious expect to get back anything from Ablrate?
I wonder if there will be any money to pay the Administrators fees? If not why is any firm going to take this on?
I can only speak to the AF loans which all have charges against assets and/or active projects. It all depends what has actually been happening during the 'better than administration' period and if the loan to asset ties are worse, same or better after the tampering. I know where my money is ?
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grumpsimus
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Post by grumpsimus on Jan 10, 2024 22:09:38 GMT
Whilist we wait with bated breathe for the appointment of the Administrator - incidentally what took so long to do this, it was obviouse that Ablrate was insolvent long ago. I have been looking at my outstanding loans, which appear to be a large pile of steaming horse manure. I am not expecting any further cash from any of them. Does anyone serious expect to get back anything from Ablrate?
I wonder if there will be any money to pay the Administrators fees? If not why is any firm going to take this on?
I can only speak to the AF loans which all have charges against assets and/or active projects. It all depends what has actually been happening during the 'better than administration' period and if the loan to asset ties are worse, same or better after the tampering. I know where my money is ?
You are rather more optimistic about the AF loans than I am. I have seen the value of 'assets' plument when you try to sell them. Active projects are only any good if they eventually make money, rather than spend it. I suggest you have a look at the tread on AF Loans on this board, it seems AF has lots of rather big problems.
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Mousey
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Post by Mousey on Jan 12, 2024 20:44:02 GMT
In the Business and Property Courts at Bristol Bristol Civil Justice Centre
Monday, 15 January 2024 10:30 AM
Before: His Honour Judge Russen KC
2 hours
In the matter of CR-2023-BRS-000135 - Aviation and Tech Capital Ltd In the matter of CR-2023-BRS-000136 - ABLRate Assets Ltd
Video - Teams
Requests from the media and others to observe a hearing remotely in the Business and Property Courts at Bristol should be made direct to: BristolSpecialist@justice.gov.uk;
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Mousey
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Post by Mousey on Jan 16, 2024 12:42:05 GMT
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macq
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Post by macq on Jan 16, 2024 16:01:42 GMT
But do they have a branch in Leeds?
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micky
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Post by micky on Jan 22, 2024 14:39:20 GMT
This maybe of interest to members of Albrate I've just signed this petition, hopefully many more other people will get on board with it- Dear friends, I just signed the petition "P2P COMPANIES IN ADMINISTRATION FOR YEARS" and wanted to ask if you could add your name too. This campaign means a lot to me and the more support we can get behind it, the better chance we have of succeeding. You can read more and sign the petition here: you.38degrees.org.uk/petitions/p2p-companies-in-administration-for-years?share=a2d9f177-3a2e-4d9e-bba1-e01bcc7adf3c&source=&utm_medium=socialshare&utm_source= Can you also take a moment to share the petition with others? It's really easy – all you need to do is forward this email or click these links: Share on Facebook Share on Twitter Thank you! Michael
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Feb 29, 2024 13:49:16 GMT
What became of the wind-down plan?
Does anyone realistically believe that administrators appointed by DBW will act in our best interests?
The basis of P2P is that lenders have a direct contractual relationship with borrowers and the P2P platform is our agent - how can it be that the agent goes bust and their administrator is able to be paid (at £600/hour or whatever the going rate is nowadays) out of the proceeds of our recovered assets?
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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 Mar 11, 2024 22:26:43 GMT
I wonder if there will be any money to pay the Administrators fees? If not why is any firm going to take this on?
my understanding is that the Administrators can charge ( bill ) the Directors if there are not enough funds to pay the fees
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Post by Ace on Mar 11, 2024 22:56:27 GMT
I wonder if there will be any money to pay the Administrators fees? If not why is any firm going to take this on?
my understanding is that the Administrators can charge ( bill ) the Directors if there are not enough funds to pay the fees I wish that was true. However, my understanding is that it would only be the case for a limited company if the director was found guilty of misconduct.
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eeyore
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Post by eeyore on Mar 12, 2024 9:45:48 GMT
Did anyone see the Statement of administrator's proposal already? I note from quantuma's own website that ablrate's loan book is over £20m and that there are approximately 6,000 of us lenders www.quantuma.com/insights/quantuma-appointed-administrators-p2p-lender-ablrate" At its largest, the Platform hosted loans with a combined value of over £32 million. The current combined value of loans, both performing and non-performing, is in excess of £20 million, with approximately 6,000 lenders." That I find is surprising and shows the level of competence of the management - from its peak, two-thirds is now unrecoverable. (Any funds that can be recovered will likely be swallowed by administration fees.)
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Post by scepticalinvestor on Mar 12, 2024 11:13:02 GMT
Did anyone see the Statement of administrator's proposal already? I note from quantuma's own website that ablrate's loan book is over £20m and that there are approximately 6,000 of us lenders www.quantuma.com/insights/quantuma-appointed-administrators-p2p-lender-ablrate" At its largest, the Platform hosted loans with a combined value of over £32 million. The current combined value of loans, both performing and non-performing, is in excess of £20 million, with approximately 6,000 lenders." That I find is surprising and shows the level of competence of the management - from its peak, two-thirds is now unrecoverable. (Any funds that can be recovered will likely be swallowed by administration fees.) Hopefully I’m not missing something obvious, but where did you get the 2/3 from? I read that to mean that ABL had a loan portfolio of 32m at its peak and at the point of administration the loan book totalled 20m.
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grumpsimus
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Post by grumpsimus on Mar 12, 2024 11:57:21 GMT
I think people are getting a bit confused about the figures. It should be remembered that Ablrate has been going since 2014 and closed for new business in 2022. According to the last communication from DBW around the beginning of this year to shareholders, Ablrate originated nearly £68 million of loans and paid out £14 million in interest, of course a number of these loans were repaid in full. Therefore, the £32 million figure quoted by Quantuma is probably the maxium amount of loans at any one time.
With regard to the loan book DBW says roughly £22 milliom is outstanding, £3.7million should roll off the bok in the next 12 months, with the balance defaulted. Roughly £7 million of this is owed by AF. Quantuma give the figure of in excess of £20 million. Therefore, they seem roughly in agreement of this.
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eeyore
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Post by eeyore on Mar 12, 2024 14:12:30 GMT
That I find is surprising and shows the level of competence of the management - from its peak, two-thirds is now unrecoverable. (Any funds that can be recovered will likely be swallowed by administration fees.) Hopefully I’m not missing something obvious, but where did you get the 2/3 from? I read that to mean that ABL had a loan portfolio of 32m at its peak and at the point of administration the loan book totalled 20m. £20M is two-thirds of £30M... grumpsimus gives the all-time volume of loans issued by ABL as £68M, so roughly one-third of ABL's loans have gone bad*, not including all the loans which were written-off before administration. However the figures are presented, the competence of management in their loan selection is shocking. * Unless there's anyone who believes that lenders will get any significant return on the outstanding loans from the administration.
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grumpsimus
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Post by grumpsimus on Mar 12, 2024 15:51:18 GMT
£20M is two-thirds of £30M... grumpsimus gives the all-time volume of loans issued by ABL as £68M, so roughly one-third of ABL's loans have gone bad*, not including all the loans which were written-off before administration. However the figures are presented, the competence of management in their loan selection is shocking. * Unless there's anyone who believes that lenders will get any significant return on the outstanding loans from the administration. They are not really my figures but came from DBW who should rather more than me.
I think the competence of the management is a bit irrelevant at this stage. Ablrate is insolvent and that is the situation we have to deal with now. Personally, I am not expecting much, probably nothing from the Administration.
I do find it rather worrying that we have not heard from Quantuma with their Proposals for the administration. The 8 weeks is now up and it is overdue. In my experience this is fairly unusual.
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