grumpsimus
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Post by grumpsimus on Mar 16, 2024 16:11:35 GMT
Admin seems to be being somewhat questionable in their dealings with lenders ... bare minimal to comply with Insolvency Law. No attempt to specifically notify them in relation to BA application or the proposals both which need/ed potential action to protect interests ... Failing to recognise lenders as creditors in the proposals despite clear precedent from other admin that they are likely to be (including the Lendy Court order) thereby attempting to avoid a CC and the scrutiny of fees that entails. Lender committee proposed likely to have no statutory power. This is also contrary to FCA guidance for insolvency of regulated companies which suggests all stakeholders incl clients should be involved. I would suggest that lenders need to consider whether they need to file a POD (for full loans, interest on the basis of Abl liabilities for their failings) to seek to object to this element of the proposals ... would also need volunteers to be on a CC. Very short timescales I agree that Quantuma seen very poor at effective communication with stakeholders . They are also rather slow, most Administrators manage to get their Proposals out within the required 8 weeks.
Unfortunately, it is not quite as clear cut as you suggest that lenders are creditors. Other Administrations aren't precedents in a legal sense. The FCA comments are just guidance, not binding. The problem is that P2P lending isn't really covered in Insolvency Law.
It is for each individual to decide whether they wish to file a POD, However, where to the money to pay this to come from? I can't see any any large pot of money on the horizon, Ablrate is clearly insolvent and the Quantuma Proposals indicate that unsecured creditors are unlikely to paid, you would just end up as another unpaid unsecured creditor, adding a bit more to Quantuma's fees.
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iRobot
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Post by iRobot on Mar 16, 2024 16:42:55 GMT
As ilmoro points out above, there appears to be a somewhat unfathomable* approach to Quantuma's treatment of 'loan investors' as Creditors and that 'further evaluation' is required. If you are a 'loan investor', you may wish to pre-empt that 'evaluation' and work on a forward-looking premise of being classed as a Creditor (witness the Lendy court case referenced above) and, accordingly, respond to Quantuma's request for correspondence on: - Whether (or not) that the Joint Administrators’ Proposals be approved
- Whether (or not) to form a Creditors Committee
- Whether (or not) that the Joint Administrators’ fees be fixed by reference to the time given by them and their staff in attending to matters arising in the Administration, such time to be charged at the hourly charge out rate of the grade of staff undertaking the work at the time it was undertaken.
- Whether (or not) that the unpaid pre-Administration costs set out in the Joint Administrators' Proposal be approved.
The date to lodge those objections (or approvals) is imminent. Fortunately it is possible to do so by email (to neil.allen@quantuma.com) although the nature of the info provided doesn't easily facilitate an emailed response (unless I'm missing the individual forms being stored / accessible elsewhere).
To make things a little easier the I've made the forms accessible via the following links. These can be downloaded or copied/pasted as required.
PROOF OF DEBT - GENERAL FORM
VOTE BY CORRESPONDENCE
NOTICE OF OBJECTIONS(The submission date on that 'Objections' one is '11-March-2024' which makes no sense given the date the date of the Proposal document itself is the same date.)
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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 Mar 16, 2024 16:50:26 GMT
Admin seems to be being somewhat questionable in their dealings with lenders ... bare minimal to comply with Insolvency Law. No attempt to specifically notify them in relation to BA application or the proposals both which need/ed potential action to protect interests ... Failing to recognise lenders as creditors in the proposals despite clear precedent from other admin that they are likely to be (including the Lendy Court order) thereby attempting to avoid a CC and the scrutiny of fees that entails. Lender committee proposed likely to have no statutory power. This is also contrary to FCA guidance for insolvency of regulated companies which suggests all stakeholders incl clients should be involved. I would suggest that lenders need to consider whether they need to file a POD (for full loans, interest on the basis of Abl liabilities for their failings) to seek to object to this element of the proposals ... would also need volunteers to be on a CC. Very short timescales I agree that Quantuma seen very poor at effective communication with stakeholders . They are also rather slow, most Administrators manage to get their Proposals out within the required 8 weeks.
Unfortunately, it is not quite as clear cut as you suggest that lenders are creditors. Other Administrations aren't precedents in a legal sense. The FCA comments are just guidance, not binding. The problem is that P2P lending isn't really covered in Insolvency Law.
It is for each individual to decide whether they wish to file a POD, However, where to the money to pay this to come from? I can't see any any large pot of money on the horizon, Ablrate is clearly insolvent and the Quantuma Proposals indicate that unsecured creditors are unlikely to paid, you would just end up as another unpaid unsecured creditor, adding a bit more to Quantuma's fees.
Of course but thats not the point ... the point is influence. The CC of FS & Lendy have managed to have some impact.
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Post by overthehill on Mar 16, 2024 17:06:18 GMT
How did the parasites Quantuma get the gig, shown to be unfit already by other forum members ?
Is this what the ablrate rundown period was for actually, getting all the ducks in a row, collusion and formulating a plan to siphon off any value in the loans leaving lenders with nothing?
It f*****g stinks like a pile of dung. What FCA doing ?
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grumpsimus
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Post by grumpsimus on Mar 16, 2024 19:01:28 GMT
How did the parasites Quantuma get the gig, shown to be unfit already by other forum members ?
Is this what the ablrate rundown period was actually for, getting all the ducks in a row, collusion and formulating a plan to siphon off any value in the loans leaving lenders with nothing?
It f*****g stinks like a pile of dung. What FCA doing ?
Officially, they were appointed by the director of Ablrate one DBW, in consultation with the FCA!
Quantumas main area of expertise appears to be generating fees for Quantuma.
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p2pfan
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Post by p2pfan on Mar 16, 2024 22:17:42 GMT
As ilmoro points out above, there appears to be a somewhat unfathomable* approach to Quantuma's treatment of 'loan investors' as Creditors and that 'further evaluation' is required. If you are a 'loan investor', you may wish to pre-empt that 'evaluation' and work on a forward-looking premise of being classed as a Creditor (witness the Lendy court case referenced above) and, accordingly, respond to Quantuma's request for correspondence on: - Whether (or not) that the Joint Administrators’ Proposals be approved
- Whether (or not) to form a Creditors Committee
- Whether (or not) that the Joint Administrators’ fees be fixed by reference to the time given by them and their staff in attending to matters arising in the Administration, such time to be charged at the hourly charge out rate of the grade of staff undertaking the work at the time it was undertaken.
- Whether (or not) that the unpaid pre-Administration costs set out in the Joint Administrators' Proposal be approved.
The date to lodge those objections (or approvals) is imminent. Fortunately it is possible to do so by email (to neil.allen@quantumo.com) although the nature of the info provided doesn't easily facilitate an emailed response (unless I'm missing the individual forms being stored / accessible elsewhere).
To make things a little easier the I've made the forms accessible via the following links. These can be downloaded or copied/pasted as required.
PROOF OF DEBT - GENERAL FORM
VOTE BY CORRESPONDENCE
NOTICE OF OBJECTIONS(The submission date on that 'Objections' one is '11-March-2024' which makes no sense given the date the date of the Proposal document itself is the same date.) Thank you for making these forms more easily-accessible. Submitted. I would strongly urge everyone to complete these forms and object to the points to vote on as regards the administrators fees etc. Also please vote in favour of a creditors' committee, so that Quantuma can be held accountable and their activities nudged in the direction of what serves Ablrate's P2P lenders than other parties interests. Based on multiple other Quantuma administrations I've been subject to, Quatuma will milk this administration for even more money than they already will be licking their lips at earning if they realise that Ablrate victims are apathetic.
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Post by notsoable on Mar 17, 2024 11:26:47 GMT
Has anyone received e-mail notification from the platform about any of these newly uploaded documents? I certainly didn't.
I only know about them from following this forum.
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qwakuk
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Post by qwakuk on Mar 17, 2024 11:52:38 GMT
Tried submitting them but keep getting the following message
Your message to neil.allen@quantuma.com couldn't be delivered.
Your message contains invalid characters (bare line feed characters) which the email servers at quantuma.com don't support.
Created the message as any other email and requested delivery and read receipts.
Tried resending and same error, sent from Android phone but no option to get delivery receipts etc
Going to print and post just to be sure
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Mousey
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Post by Mousey on Mar 19, 2024 1:08:41 GMT
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Mar 20, 2024 0:45:03 GMT
As ilmoro points out above, there appears to be a somewhat unfathomable* approach to Quantuma's treatment of 'loan investors' as Creditors and that 'further evaluation' is required. If you are a 'loan investor', you may wish to pre-empt that 'evaluation' and work on a forward-looking premise of being classed as a Creditor (witness the Lendy court case referenced above) and, accordingly, respond to Quantuma's request for correspondence on: - Whether (or not) that the Joint Administrators’ Proposals be approved
- Whether (or not) to form a Creditors Committee
- Whether (or not) that the Joint Administrators’ fees be fixed by reference to the time given by them and their staff in attending to matters arising in the Administration, such time to be charged at the hourly charge out rate of the grade of staff undertaking the work at the time it was undertaken.
- Whether (or not) that the unpaid pre-Administration costs set out in the Joint Administrators' Proposal be approved.
The date to lodge those objections (or approvals) is imminent. Fortunately it is possible to do so by email (to neil.allen@quantumo.com) although the nature of the info provided doesn't easily facilitate an emailed response (unless I'm missing the individual forms being stored / accessible elsewhere).
To make things a little easier the I've made the forms accessible via the following links. These can be downloaded or copied/pasted as required.
PROOF OF DEBT - GENERAL FORM
VOTE BY CORRESPONDENCE
NOTICE OF OBJECTIONS(The submission date on that 'Objections' one is '11-March-2024' which makes no sense given the date the date of the Proposal document itself is the same date.) Thank you for making these forms more easily-accessible. Submitted. I would strongly urge everyone to complete these forms and object to the points to vote on as regards the administrators fees etc. Also please vote in favour of a creditors' committee, so that Quantuma can be held accountable and their activities nudged in the direction of what serves Ablrate's P2P lenders than other parties interests. Based on multiple other Quantuma administrations I've been subject to, Quatuma will milk this administration for even more money than they already will be licking their lips at earning if they realise that Ablrate victims are apathetic. I fully endorse the request for everyone to complete and submit these forms - if we don't object, Quantuma will have free rein to do as they please. The one bit I'm unsure of is the potential benefit of a physical meeting of creditors? I intend to complain about Quantuma's poor communication with lenders, assumptions that are contrary to the best interests of lenders, lack of progress on contingent creditors, unrealistic timeframes and deemed consent - taken together, I believe these factors constitute bullying of lenders by Quantuma.
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james100
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Post by james100 on Mar 20, 2024 8:46:56 GMT
As ilmoro points out above, there appears to be a somewhat unfathomable* approach to Quantuma's treatment of 'loan investors' as Creditors and that 'further evaluation' is required. If you are a 'loan investor', you may wish to pre-empt that 'evaluation' and work on a forward-looking premise of being classed as a Creditor (witness the Lendy court case referenced above) and, accordingly, respond to Quantuma's request for correspondence on: - Whether (or not) that the Joint Administrators’ Proposals be approved
- Whether (or not) to form a Creditors Committee
- Whether (or not) that the Joint Administrators’ fees be fixed by reference to the time given by them and their staff in attending to matters arising in the Administration, such time to be charged at the hourly charge out rate of the grade of staff undertaking the work at the time it was undertaken.
- Whether (or not) that the unpaid pre-Administration costs set out in the Joint Administrators' Proposal be approved.
The date to lodge those objections (or approvals) is imminent. Fortunately it is possible to do so by email (to neil.allen@quantumo.com) although the nature of the info provided doesn't easily facilitate an emailed response (unless I'm missing the individual forms being stored / accessible elsewhere).
To make things a little easier the I've made the forms accessible via the following links. These can be downloaded or copied/pasted as required.
PROOF OF DEBT - GENERAL FORM
VOTE BY CORRESPONDENCE
NOTICE OF OBJECTIONS(The submission date on that 'Objections' one is '11-March-2024' which makes no sense given the date the date of the Proposal document itself is the same date.) Totally snowed under with work and need someone to help make this easy for me, please: Proof of Debt form - is this just my current account balance & ok to put details as 'refer to account #xxxx records' Vote by Correspondence form - Decisions = 1) against, and 2) against Notice of Objections form - Proposed decisions 1) object, and 2) object What's the verdict on requesting a physical meeting of creditors (Notice of Objections form)? Anything else I need to add? Tagging p2pfan iRobot ilmoro for speed - all assistance gratefully received!
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macq
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Post by macq on Mar 20, 2024 10:36:27 GMT
Had not picked up on the admin notes until the email this morning and have not looked yet as just about to go to hospital appointment (made more sense to come here first with the bit of time i had!) but notice people mentioning a proof of debt form.Should they not know what each person has invested & expected repayments/interest etc without a claim form or am i missing something?
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andy5
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Post by andy5 on Mar 20, 2024 10:44:04 GMT
Mail from Ablrate at 0929 20 Mar 2024 "Dear Sir / Madam Please note that the Joint Administrators' proposals for ABLRate Assets Ltd and Aviation And Tech Capital Ltd have been uploaded to each active loan. The Joint Administrators were previously informed that uploading these documents in this way would send an alert/notification to all lenders within said loan - hence adding the documents to each active loan. It has come to our attention that not all lenders have received an alert/notification, therefore, I am writing this newsletter to bring this to your attention. The proposals contain important information regarding the work carried out to date, the work to be carried out in future, and how the costs of the administration will be met. Please give these your urgent attention. The proposals also set out certain decisions to be voted upon by creditors, and the deadline for responding is 23:59 on 25 March 2024. Yours faithfully For and on behalf of Brian Burke Joint Administrator of ABLRate Assets Ltd and Aviation And Tech Capital Ltd Licensed in the United Kingdom to act as an Insolvency Practitioner by the Insolvency Practitioners Association. The affairs, business and property of ABLRate Assets Ltd and Aviation And Tech Capital Ltd (In Administration) are managed by the Joint Administrators, who act as agents of the Company and contract without personal liability. Neil Allen Manager - Insolvency Quantuma Advisory Limited" I've received this I've just replied: What alerts? If there are proposals specific to each loan I can't see anything If general, I can find something dated 23rd December, nothing since, and that does not contain the word March Maybe you could look at this again_
It looks like I can learn a bit more on here about what these people are up to than from the horse's mouth Edit: the 23rd December item is on the Documents tab on each loan. There is also something dated 17th January on the Admin Notes tab Can anyone on here please educate me about any other places I should be looking?
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Post by overthehill on Mar 20, 2024 11:25:25 GMT
Mail from Ablrate at 0929 20 Mar 2024 "Dear Sir / Madam Please note that the Joint Administrators' proposals for ABLRate Assets Ltd and Aviation And Tech Capital Ltd have been uploaded to each active loan. The Joint Administrators were previously informed that uploading these documents in this way would send an alert/notification to all lenders within said loan - hence adding the documents to each active loan. It has come to our attention that not all lenders have received an alert/notification, therefore, I am writing this newsletter to bring this to your attention. The proposals contain important information regarding the work carried out to date, the work to be carried out in future, and how the costs of the administration will be met. Please give these your urgent attention. The proposals also set out certain decisions to be voted upon by creditors, and the deadline for responding is 23:59 on 25 March 2024. Yours faithfully For and on behalf of Brian Burke Joint Administrator of ABLRate Assets Ltd and Aviation And Tech Capital Ltd Licensed in the United Kingdom to act as an Insolvency Practitioner by the Insolvency Practitioners Association. The affairs, business and property of ABLRate Assets Ltd and Aviation And Tech Capital Ltd (In Administration) are managed by the Joint Administrators, who act as agents of the Company and contract without personal liability. Neil Allen Manager - Insolvency Quantuma Advisory Limited" I've received this I've just replied: What alerts? If there are proposals specific to each loan I can't see anything If general, I can find something dated 23rd December, nothing since, and that does not contain the word March Maybe you could look at this again_
It looks like I can learn a bit more on here about what these people are up to than from the horse's mouth Edit: the 23rd December item is on the Documents tab on each loan. There is also something dated 17th January on the Admin Notes tab Can anyone on here please educate me about any other places I should be looking?
Couldn't find what they are talking about in the few loans I checked, I'm assuming it is a single document. Off to cracking start but it's not hard to imagine that it could be part of the plan.
I recommend this line of work to anyone : under worked, over paid, infinite supply of work and very little competition.
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iRobot
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Post by iRobot on Mar 20, 2024 11:44:39 GMT
I've received this I've just replied: What alerts? If there are proposals specific to each loan I can't see anything If general, I can find something dated 23rd December, nothing since, and that does not contain the word March Maybe you could look at this again_
It looks like I can learn a bit more on here about what these people are up to than from the horse's mouth Edit: the 23rd December item is on the Documents tab on each loan. There is also something dated 17th January on the Admin Notes tab Can anyone on here please educate me about any other places I should be looking? Couldn't find what they are talking about in the few loans I checked, I'm assuming it is a single document. Off to cracking start but it's not hard to imagine that it could be part of the plan.
I recommend this line of work to anyone : under worked, over paid, infinite supply of work and very little competition. For the loans I have access to, I can see: ABLRate ADM Order ABLRate BA Order AM03 & ABLRate Proposals AM03 & Aviation Proposals Aviation ADM Order Aviation BA Order I presume these are the docs being referred to. Quantuma has used a ' 000. Quantuma Letter / 001.Quantuma FAQ / 002.Quantuma etc' notation to previously added docs and it would have seemed logical to continue that practice. (As previously mentioned, IPs and communication skills are not commonly seen together.)
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