19-06-2020, 06:11 PM
I had given up on anything happening, and have just received this email:
Are your statements matching what you expect?
Quote:Dear Sir or MadamNot convinced my attached file is correct, as it shows loans and I thought I was all cash - but it's over 2.5 years since I logged into Collateral so perhaps I am mis-remembering. Who knows.
Collateral (UK) Limited
Collateral Sales Limited
Collateral Security Trustee Limited (together 'the Companies') - All in Creditors' Voluntary Liquidation
I am writing further to our previous correspondence in relation to the Companies. I also refer to our previous reports and communications in relation to investors' exposure to the Collateral platform and to our efforts in retrieving and restoring the Companies' electronic records. These are set out in detail in our previous reports and updates that can be accessed through the dedicated website at https://www.bdo.co.uk/en-gb/collateral-c...iquidation .
As you may recall from previous updates, during 2019 we sent a copy of the initial analysis detailing investors' exposure to each loan on the Collateral platform, as it had been extracted from the Companies' restored data, to a group of 30 investors. For a majority of investors that information reconciled exactly to the summary information that had been provided to us at the outset of the administrations (details of which had been sent to investors in June 2018) but, for a significant minority of investors, the extracted detailed analysis did not reconcile to the summary figure.
The detailed schedules had been sent to 30 investors, on the basis that these investors had the most significant discrepancies between the summary figures provided to us at the outset of the administrations and the information extracted from the restored electronic data. We had asked the investors to review the data and let us have any comments on the schedules provided.
In light of the feedback received from the investors, we have been able to undertake further work on the retrieved data such that, apart from in a very small number of cases (less than 10 out of 1,133 investors), the detailed exposure analyses now reconcile to the summary figures previously provided. For those investors whose balances do not reconcile, the differences are immaterial.
Accordingly, we now attach an excel file containing your detailed exposure to the platform. Can you please review the attached analysis and let us know if you have any comments. If you disagree with the balance that has been extracted from the Companies' electronic data, please contact us as soon as possible with your comments.
Please note that the schedule shows your exposure to the loans on the Collateral platform as at 28 February 2018 and no interest has been applied. The schedule also does not capture any balance of cash held on the platform that had not been invested in any of the available loans.
Finally, we understand that most investors were familiar with the names of properties or the chattel assets that they had invested in but were not necessarily aware of the names of the corporate entity that the loan was issued to. As the information extracted shows the name of the borrower, to assist investors, we have prepared a separate table which matches the borrowers to the properties/chattel assets, attached to this email (Appendix I). Please note that the names of borrowers in the schedules appear as extracted from the Collateral database and the Liquidators' investigations continue in relation to a number of them. In relation to loans where the Liquidators' investigations are ongoing, we are unable to disclose more information at this stage.
Should you have any queries in relation to the above, please do not hesitate to contact us. We look forward to hearing from you with any comments at your earliest convenience.
Yours faithfully
Shane Crooks
Joint Liquidator
Are your statements matching what you expect?