r1200gs
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Post by r1200gs on Mar 25, 2022 10:49:06 GMT
Now here we are coming up to the end of March 2022 and we still do not have a bloody clue what is going on here, nobody telling us anything at all. No idea if anyone is even fighting our corner, we appear to be completely defenceless while others squabble over money repaid that should now be in the hands of lenders. Not in my worst nightmares could I have imagined it coming to this, just sitting in in complete ignorance and hope with not a chance of even fighting back. I want my money!
Yes, I do feel better for that.
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aj
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Post by aj on Mar 25, 2022 11:26:18 GMT
The cash isn't being returned as the borrower has threatened to make a claim about something.
As far as I can tell the administrators main defense strategy is to wait for any possible claims to be out of limitation period (6 years from date of claim being possible in the UK?) before returning our money. This should mean that our cash is returned some time in 2026?
At the moment the quistclose nonsense is unresolved but at least that claim is underway so it should all be done and dusted by 2026...
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adrian77
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Post by adrian77 on Mar 25, 2022 12:11:01 GMT
As above this has been going on since Sep 2020 -this is ridicilous - as I see it is our money and we are owed what is ours (yes I am in this one)
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r1200gs
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Post by r1200gs on Mar 30, 2022 11:33:42 GMT
The cash isn't being returned as the borrower has threatened to make a claim about something. As far as I can tell the administrators main defense strategy is to wait for any possible claims to be out of limitation period (6 years from date of claim being possible in the UK?) before returning our money. This should mean that our cash is returned some time in 2026? At the moment the quistclose nonsense is unresolved but at least that claim is underway so it should all be done and dusted by 2026... Oh surely not? If this was the case then why can't they at least tell us?! I cannot believe I am told nothing, have nobody I can be sure is fighting my corner, have no input, nobody to complain to.....this is unbelievable. Absolutely mushrooms kept in the dark and we don't even get fed bull s**t.
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Post by lostinspace on Mar 30, 2022 13:32:20 GMT
It's a hard pill to swallow but to me it looks like the solicitors and administrators are chipping away at our cash and so in no rush to complete this.
FCA have washed there hands of this and won't acknowledge the blatant fraud of the company
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aj
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Post by aj on Aug 2, 2022 10:47:10 GMT
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r1200gs
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Post by r1200gs on Aug 2, 2022 11:20:22 GMT
Meanwhile, various legal shenanigans seem intent on trashing the chance of us actually getting the money recovered from being actually paid to us.
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r1200gs
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Post by r1200gs on Mar 6, 2023 10:49:11 GMT
Can anybody clarify - is this money subject to the claim by by some thieving ratbag under his Quistclose trust ? O9/09/2020. "The receivers, Avison Young, completed a sale of the property on 24 July 2020 at a sale price of £1.3million. In addition to this, an exclusivity fee of £25,000 was also received by the receivers. The net proceeds following the deduction of legal fees and receivers’ fees have now been received. However, the borrower has previously raised concerns surrounding the loan and the appointment of receivers. At the present time therefore (without waiving privilege) the Joint Administrators have been advised to hold the funds received in a suspense account, whilst the position is resolved. A further update will be made in due course." We are heading talking two and half years here!
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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 6, 2023 11:12:22 GMT
Can anybody clarify - is this money subject to the claim by by some thieving ratbag under his Quistclose trust ? O9/09/2020. "The receivers, Avison Young, completed a sale of the property on 24 July 2020 at a sale price of £1.3million. In addition to this, an exclusivity fee of £25,000 was also received by the receivers. The net proceeds following the deduction of legal fees and receivers’ fees have now been received. However, the borrower has previously raised concerns surrounding the loan and the appointment of receivers. At the present time therefore (without waiving privilege) the Joint Administrators have been advised to hold the funds received in a suspense account, whilst the position is resolved. A further update will be made in due course." We are heading talking two and half years here! Shouldnt be, it was still isolated in the last report, in fact most the of the money from redemptions is isolated in the administration client account, outside of the company accounts. Nothing is going to change until the QT thing gets resolved or some other way of distributing funds is found. As to the issue relating to this specific loan, I would assume anyone in it will have been given updates on the current position and whether the borrowers challenge is still live.
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r1200gs
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Post by r1200gs on Mar 6, 2023 11:34:53 GMT
Can anybody clarify - is this money subject to the claim by by some thieving ratbag under his Quistclose trust ? O9/09/2020. "The receivers, Avison Young, completed a sale of the property on 24 July 2020 at a sale price of £1.3million. In addition to this, an exclusivity fee of £25,000 was also received by the receivers. The net proceeds following the deduction of legal fees and receivers’ fees have now been received. However, the borrower has previously raised concerns surrounding the loan and the appointment of receivers. At the present time therefore (without waiving privilege) the Joint Administrators have been advised to hold the funds received in a suspense account, whilst the position is resolved. A further update will be made in due course." We are heading talking two and half years here! Shouldnt be, it was still isolated in the last report, in fact most the of the money from redemptions is isolated in the administration client account, outside of the company accounts. Nothing is going to change until the QT thing gets resolved or some other way of distributing funds is found. As to the issue relating to this specific loan, I would assume anyone in it will have been given updates on the current position and whether the borrowers challenge is still live. Yet according to the description I see, this money should not be subject to the claim by JC Starr. From CG... "As part of the proceedings, those Investors who have balances in the e-wallet account are being given the opportunity to be joined to any proceedings"But it's not in the e-wallet. And... "The Joint Administrators have received a significant number of requests asking what the e-wallet balance is. This is the amount of your current available funds (plus any pending withdrawals). These sums can be found in the “Current Overview” under “Account Information”.
This is precisely zero in my account. So, confused.
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r1200gs
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Post by r1200gs on Apr 27, 2023 12:43:09 GMT
So, if I have this right, this money should now be released?
My questions to the administrators (and aired on Facebook) regarding the priority of the £575,000 loan and when it stopped earning interest at the expense of other lenders capital remain unanswered.
So many mysteries....
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ilmoro
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Post by ilmoro on Apr 27, 2023 13:07:05 GMT
So, if I have this right, this money should now be released? My questions to the administrators (and aired on Facebook) regarding the priority of the £575,000 loan and when it stopped earning interest at the expense of other lenders capital remain unanswered. So many mysteries.... Unclear. The recovered funds from this loan were being held due to legal action by the borrower so it will depend on the status of that legal action as to whether the funds can be released from the suspense account where they are held. The admin update in relation to payments only relates to the funds blocked from being distributed by the QT claim not the three loans where funds were held due to separate legal issues.
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Post by overthehill on Apr 27, 2023 14:13:34 GMT
So, if I have this right, this money should now be released? My questions to the administrators (and aired on Facebook) regarding the priority of the £575,000 loan and when it stopped earning interest at the expense of other lenders capital remain unanswered. So many mysteries....
I'm just waiting to see how it unfolds but wasn't the ~800k in the e-wallet when it was frozen just every investor's repayments or deposits that weren't withdrawn in time and this claimant had his 500k deposit invested in various loans which presumably went belly up and now he wants it back from the frozen funds instead.
I'm expecting the funds from all my repaid loans to be made available now - correct or not ?
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r1200gs
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Post by r1200gs on Apr 27, 2023 17:05:35 GMT
So, if I have this right, this money should now be released? My questions to the administrators (and aired on Facebook) regarding the priority of the £575,000 loan and when it stopped earning interest at the expense of other lenders capital remain unanswered. So many mysteries....
I'm just waiting to see how it unfolds but wasn't the ~800k in the e-wallet when it was frozen just every investor's repayments or deposits that weren't withdrawn in time and this claimant had his 500k deposit invested in various loans which presumably went belly up and now he wants it back from the frozen funds instead.
I'm expecting the funds from all my repaid loans to be made available now - correct or not ?
There was no opportunity to withdraw the funds. My recollection (perhaps I dreamed it?) was that the funds from the sale could first not be released due to legal from the borrower, and when that was settled, the administrators continued to hold the money due to the QC claim from Mr. Tight white trousers and nice watch.
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Post by overthehill on Apr 27, 2023 17:24:26 GMT
I'm just waiting to see how it unfolds but wasn't the ~800k in the e-wallet when it was frozen just every investor's repayments or deposits that weren't withdrawn in time and this claimant had his 500k deposit invested in various loans which presumably went belly up and now he wants it back from the frozen funds instead.
I'm expecting the funds from all my repaid loans to be made available now - correct or not ?
There was no opportunity to withdraw the funds. My recollection (perhaps I dreamed it?) was that the funds from the sale could first not be released due to legal from the borrower, and when that was settled, the administrators continued to hold the money due to the QC claim from Mr. Tight white trousers and nice watch. Sorry I was talking about the ewallet in general and the frozen funds of all repaid loans not just this one. Are you saying this whole mess is because of this single new brighton loan ?
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