Post by davidkent on Mar 28, 2024 16:24:09 GMT
I am a novice in this subject and would appreciate any insight here.
I invested an amount (fortunately small) in Ablrate about two years ago.
I know about the admin situation, but am confused about emails received this week.
I received this on 27 March:
Sent: Wednesday, March 27, 2024 at 10:56 AM
From: "Mail From Ablrate" <info@ablrate.com>
Subject: Ablrate Loan Final Repayment Made
"We just wanted to let you know that you have received the final payment into your account from Loan No.1000170 - 'O*O II W*ddon Road'....
This loan is now matured, your loan agreement has been cancelled and the funds available for you to withdraw. If you have any questions on this or any other aspect of the platform, please do not hesitate to get in touch through the contacts below or by emailing customerservices@ablrate.com.
Many thanks for your business from all at Ablrate."
So I wrote to the admins saying:
In view of the comment "This loan is now matured, your loan agreement has been cancelled and the funds available for you to withdraw,", I assume this means that I can now actually withdraw my money from Ablrate?
I then received this reply:
"The Platform was updated to reflect the fact the O***o loan had been received in full. This was done in order to update balances available to individual lenders within that loan.
However, the position has not altered from that given in the proposals in respect of processing withdrawal requests, namely, the position in respect of withdrawals is that as the Court needs to approve the apportionment of administration costs between Trust Assets, it will only be appropriate to distribute Trust Assets to lenders (i.e. process withdrawal requests) once there is greater visibility as to overall recoveries. This is because the level of recoveries over time will directly impact what portion of the Joint Administrators’ costs and expenses each lender will bear.
I realise that some lenders are nervous about having made withdrawal requests that have not been processed, as making a withdrawal request reduces the balance available to them. I am working on an update to the Platform that will allow us to switch withdrawal requests off temporarily, and reverse pending withdrawal requests so lender balances are put back to the position they would have been before the withdrawal request was made. This will enable lenders to see an accurate record of funds available to them when they log in.
The Administrators are planning to issue updates via the Platform next week. I hope to include then an explanation of the changes made to the Platform, details of the outcome in respect of the proposals, and to reiterate the point regarding the processing of withdrawals. An updated FAQ will follow in due course."
To me there appears to be a contradiction, so I have replied today:
Thank you. But surely what you say contradicts what the Ablrate email of 27 March 2024 says.
You say: 'the position in respect of withdrawals is that as the Court needs to approve the apportionment of administration costs between Trust Assets, it will only be appropriate to distribute Trust Assets to lenders (i.e. process withdrawal requests) once there is greater visibility as to overall recoveries.'
And yet the Ablrate email says: 'This loan is now matured, your loan agreement has been cancelled and the funds available for you to withdraw.'
Which one is it? Or was the Ablrate email a mistake?"
Sent: Wednesday, March 27, 2024 at 10:56 AM
From: "Mail From Ablrate" <info@ablrate.com>
Subject: Ablrate Loan Final Repayment Made
"We just wanted to let you know that you have received the final payment into your account from Loan No.1000170 - 'O*O II W*ddon Road'....
This loan is now matured, your loan agreement has been cancelled and the funds available for you to withdraw. If you have any questions on this or any other aspect of the platform, please do not hesitate to get in touch through the contacts below or by emailing customerservices@ablrate.com.
Many thanks for your business from all at Ablrate."
So I wrote to the admins saying:
In view of the comment "This loan is now matured, your loan agreement has been cancelled and the funds available for you to withdraw,", I assume this means that I can now actually withdraw my money from Ablrate?
I then received this reply:
"The Platform was updated to reflect the fact the O***o loan had been received in full. This was done in order to update balances available to individual lenders within that loan.
However, the position has not altered from that given in the proposals in respect of processing withdrawal requests, namely, the position in respect of withdrawals is that as the Court needs to approve the apportionment of administration costs between Trust Assets, it will only be appropriate to distribute Trust Assets to lenders (i.e. process withdrawal requests) once there is greater visibility as to overall recoveries. This is because the level of recoveries over time will directly impact what portion of the Joint Administrators’ costs and expenses each lender will bear.
I realise that some lenders are nervous about having made withdrawal requests that have not been processed, as making a withdrawal request reduces the balance available to them. I am working on an update to the Platform that will allow us to switch withdrawal requests off temporarily, and reverse pending withdrawal requests so lender balances are put back to the position they would have been before the withdrawal request was made. This will enable lenders to see an accurate record of funds available to them when they log in.
The Administrators are planning to issue updates via the Platform next week. I hope to include then an explanation of the changes made to the Platform, details of the outcome in respect of the proposals, and to reiterate the point regarding the processing of withdrawals. An updated FAQ will follow in due course."
To me there appears to be a contradiction, so I have replied today:
Thank you. But surely what you say contradicts what the Ablrate email of 27 March 2024 says.
You say: 'the position in respect of withdrawals is that as the Court needs to approve the apportionment of administration costs between Trust Assets, it will only be appropriate to distribute Trust Assets to lenders (i.e. process withdrawal requests) once there is greater visibility as to overall recoveries.'
And yet the Ablrate email says: 'This loan is now matured, your loan agreement has been cancelled and the funds available for you to withdraw.'
Which one is it? Or was the Ablrate email a mistake?"
Why is Ablrate sending emails saying investors can withdraw if they cannot?
Can anyone shed any light on this please? Thanks.
David
