TitoPuente
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Post by TitoPuente on Apr 15, 2018 21:28:05 GMT
I have not withdrawn any interest or whatsoever from COL in the fiscal year that just ended. Therefore my report to HMRC is nil. If they challenge it the response is that for the time being the only way for me to potentially dispose of my earned interests for the fiscal year is through a lawsuit. Whatever that means. Hopefully there is more clarity by the deadline. I think if has been paid it's taxable, whether or not you have withdrawn it, just like any other account. Paid to whom? It is not in my account. It is not in any account I have control of. Being cynical, what proof is there that we received any interest? On what grounds HMRC can say I received this so I have to pay that?
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TitoPuente
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Post by TitoPuente on Apr 15, 2018 19:11:06 GMT
I have not withdrawn any interest or whatsoever from COL in the fiscal year that just ended. Therefore my report to HMRC is nil. If they challenge it the response is that for the time being the only way for me to potentially dispose of my earned interests for the fiscal year is through a lawsuit. Whatever that means.
Hopefully there is more clarity by the deadline.
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TitoPuente
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Post by TitoPuente on Apr 8, 2018 13:22:22 GMT
Although no comment on this thread from the things, the following update has just been posted: The administrator’s report that was expected this week has been delayed due to the weather conditions earlier this month, which delayed the teams from making their on-site assessments. The report is now expected next week. Promise not honoured. Sorry, I see it was just an expectation.
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TitoPuente
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Post by TitoPuente on Apr 3, 2018 15:08:41 GMT
Has anyone contacted the FCA? Was there any formal or informal response?
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TitoPuente
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Post by TitoPuente on Mar 21, 2018 10:47:49 GMT
I feel protected by the FCA. They do a great job... NOT!
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TitoPuente
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Post by TitoPuente on Mar 20, 2018 21:26:04 GMT
Like in many cases this is a perverse incentives situation in which the Administrator has no incentive to expedite the process and all incentives to sit around and rack up the billing hours as much as they can. Correct me if I am wrong.
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TitoPuente
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Post by TitoPuente on Mar 6, 2018 8:25:30 GMT
Hi SophieThing as neither the hoped for repayment nor the hoped for update have yet happened, would it be possible to get a more substantive update on progress and likely timelines? Not expecting war & peace and I'm encouraged by the fact that the business continues to trade. However, it would be helpful if expectations can be managed a little more. Hi ptr120 , I'm sorry there is nothing further to update at present. I have added another holding note for now. This is at the top of our agenda and we're doing what we can. As soon as I have anything to add, I will do so. Kind regards Sophie The fact that the sale process is still progressing *is* an update. No update at all means that we lenders don't know if the sale fell through or any other possible forking path. This is something that platforms don't seem to understand.
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TitoPuente
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Post by TitoPuente on Mar 4, 2018 13:44:10 GMT
Hi ptr120 , I have added a holding note as per your suggestion. We are not in a position to provide further details at this stage, but I hope to be able to provide a proper update this week. Kind regards Sophie The hope didn't materialise. Assuming the sale process will, at some point, complete (another hope), the next key question is if the proceeds from the sale will still be sufficient to foot the total bill (admin costs + principal + interests + default interests) given that the last term of the summation is now larger than the number used to comfort us in mid December.
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TitoPuente
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Post by TitoPuente on Mar 2, 2018 17:47:48 GMT
Back to the headless chicken act.
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TitoPuente
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Post by TitoPuente on Mar 1, 2018 14:26:26 GMT
... and the standard deviation comes from what source or calculation?
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TitoPuente
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Post by TitoPuente on Mar 1, 2018 11:38:30 GMT
Bang on it would be a very canny idea to allow Jessica to undertake her work without distractions from us; how much do insolvency practitioner's get paid by the hour? It would be interesting to read their fee's structure as it may likely relate to ourselves. This may be a good question to ask of them at the beginning of this journey together. Had a long chat with Jessica this morning. Col were not out of cash, the administration was forced by the FCA. Intention is that fees are paid from COLs arrangement fees on loans. Just a note to highlight that one more time a body that should be adding value, structure and order to a system has wrecked havoc and created unnecessary disarray. I am sure there was a softer, more intelligent way to enforce regulation. Shame on FCA. Hopefully this situation is resolved without investors losing a penny. Otherwise, the FCA will have defeated its own purpose.
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TitoPuente
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Post by TitoPuente on Mar 1, 2018 10:09:42 GMT
Collateral did no go "kaput". It was put under administration for a technicality relating to the FCA authorisation. Just to be clear, the company is not insolvent. Although tbf it was running losses with negative liabilities in its last accounts. Without inquiring what is a "negative liability", and with zero intentions to have a interchange of thoughts about this, I want to remark that a company can make a loss without being insolvent. Most startups and young companies have operating loses during early years without falling into insolvency.
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TitoPuente
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Post by TitoPuente on Mar 1, 2018 9:28:36 GMT
Collateral goes kaput - the natural question we should all be asking is: Who's next? Collateral did no go "kaput". It was put under administration for a technicality relating to the FCA authorisation. Just to be clear, the company is not insolvent.
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TitoPuente
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Post by TitoPuente on Mar 1, 2018 8:22:50 GMT
We are not creditors to Collateral (UK) Limited.
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TitoPuente
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Post by TitoPuente on Feb 10, 2018 13:48:10 GMT
Paul64 could you clarify (and possibly remove) the 2/2/18 update? Could you post the (probably) right 2/2/18 comment that (possibly) got lost? Could you comment on the negative days that don't seem to tally with the 19/1/18 update?
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