16-11-2019, 02:51 AM
Is any other CUK investor aware of this situation. Comments welcome
BDO 6 Month statement overdue !
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16-11-2019, 02:51 AM
Is any other CUK investor aware of this situation. Comments welcome
1 user Likes idontgivea's post - ozboy
16-11-2019, 06:19 AM
1 user Likes ozboy's post - TitoPuente
16-11-2019, 12:26 PM
And, of course, The Law Is An Ass. Who in their right mind thinks that a Report ONCE a year is anywhere near adequate?
As always, Powerful Forces are at work to ensure certain entities flourish whilst others suffer. I am far from a Left Winger but I do sometimes think Corbyn & Co have a valid point or two.
26-11-2019, 02:51 AM
So a Yearly report is due Nov 27 then ?
26-11-2019, 05:45 AM
(26-11-2019, 02:51 AM)garycook Wrote: So a Yearly report is due Nov 27 then ? Not sure where you are getting that date from. Collateral Companies – in Creditors’ Voluntary Liquidation shows " with Shane Crooks and Mark Shaw being appointed as Joint Liquidators of the Companies on 10 May 2019." Guidance Liquidation and insolvency from Gov.UK shows at 5.3 timescales and reporting to CH requirements. Are you forgetting that the clocks were re-set when Administration changed to liquidation?
28-11-2019, 03:13 AM
idga, So the next report is due around 10/05/2020 correct ? The last report I received was 27/11/2018.
28-11-2019, 05:49 AM
(28-11-2019, 03:13 AM)garycook Wrote: idga, So the next report is due around 10/05/2020 correct ? The last report I received was 27/11/2018.If statutory regulations are followed (no reason to think they won't) that would be my guess. Of course there is always the possibility of one appearing earlier .....
28-11-2019, 11:54 AM
Meanwhile, rest assured, the fees are racking up nicely.
1 user Likes dualinvestor's post - ozboy
28-11-2019, 06:26 PM
(28-11-2019, 03:13 AM)garycook Wrote: idga, So the next report is due around 10/05/2020 correct ? The last report I received was 27/11/2018. I believe the last report of the Administrators to creditors was around the end of April/beginning of May 2019. If for some reason you did not receive it you should be able to see it on BDO's dedicated website. In the report they expressed that by operation of law the Administration had changed into a Liquidation and that one of the differences as far as creditors were concerned would be the statutory reporting schedule will be annual henceforth. There may be an interim report if the Liquidators as they are now denominated, have anything significant to report but in the absence of one the next formal report is due around May of next year. I have noticed that the Administrators of Lendy have issued more frequent reports than required by law but the level of dissatisfaction remains quite high because of vague content and unfulfilled anticipated actions.
The opinions and observations that I display on this forum are personal and do not necessarily concur with the proprietors of the forum. I represent no platform or other organisation in my postings and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, reliability of the information contained in my posts. Or for people acting or refraining to act upon them.
1 user Likes 11025's post - ozboy
06-03-2020, 03:31 PM
Someone posted the Blue place which jogged my memory that Adam mentioned last year BDO were "planning" to get statements of investors participation in the various loans ,
Does anyone have the slightest clue on any progress with this or the lack of ?
1 user Likes ozboy's post - 11025
06-03-2020, 03:41 PM
You would think that, after nigh on TWO years, and after a VAST bill has been racked up, such a hugely important and essential Document would have been forthcoming months ago, without Lenders having to solicit for one.
I'm just glad The Judge is all over it, on top of it all, and batting for us.
1 user Likes rgog's post - ozboy
06-03-2020, 07:53 PM
Have the administrators/liquidators actually managed to achieve anything beneficial to us other than their getting paid a vast amount at our expense? Don't suppose the "Honorable Gentlemen" who ran this debacle of a company have been pursued in any meaningful way?
22-05-2020, 01:09 AM
I'm an investor on the platform and the last update I received was in Dec 2019. Is that the last update everyone else has gotten? They (BDO) didn't even do a COVID-19 announcement either? Thanks.
1 user Likes paul123's post - momentsplaces
22-05-2020, 09:17 AM
I think maybe that since they moved to liquidation they are only obliged to provide reports every 12 months...
22-05-2020, 09:29 AM
22-05-2020, 04:35 PM
Yep.
Once a year. To avail us how much they've filched over that year.
12-06-2020, 06:30 PM
The Collateral /BDO report is now well overdue.
From the official BDO page: https://www.bdo.co.uk/en-gb/collateral-c...iquidation "In accordance with the Joint Administrators’ proposals the Companies transitioned to Creditors’ Voluntary Liquidation at the end of the administration periods, with Shane Crooks and Mark Shaw being appointed as Joint Liquidators of the Companies on 10 May 2019." So the annual report was due on 10th May 2020. Nothing was published. Total silence.
1 user Likes Darabont's post - Serpico
12-06-2020, 09:47 PM
(12-06-2020, 06:30 PM)thegrumbler Wrote: The Collateral /BDO report is now well overdue.Nope, two months to deliver the report https://www.legislation.gov.uk/uksi/2016.../18.7/made (6) The liquidator must send a copy of each progress report within two months after the end of the period covered by the report to—
(a)the registrar of companies (who is a prescribed person for the purposes of sections 92A and 104A);
(b)the members; and
©in a creditors’ voluntary liquidation, the creditors.
08-07-2020, 07:45 PM
The BDO report is now out and sent via email to every lender.
Unfortunately the only thing that seems progressing is the BDO bill.... incredibly the BDO people are still waiting some basic answers from the original COL managers, over two years after they took over.... Maybe they will take aother 5 years to get to grips with things... and by then their bill will cover every single penny of the recovery!
1 user Likes micky's post - ozboy
20-07-2020, 12:40 PM
(08-07-2020, 07:45 PM)thegrumbler Wrote: The BDO report is now out and sent via email to every lender. To reinforce our case and increase pressure on the FCA---- Posted by sqh on Lendy-----Please complain to the ASA, Advertising Standards Authority. They are awaiting more complaints. Please read my post p2pindependentforum.com/post/348577 www.youtube.com/watch?v=NeFvYtCaykI#action=share
1 user Likes rgog's post - ozboy
26-10-2020, 04:26 PM
Seven months on since my last post and it is still depressingly valid.
There seems to be virtually no progress or if any glacially slow. What little information they do provide is vague in the extreme, leaving us to wonder what if anything they are doing. As far as I can see they are making no effort to go after those responsible for this debacle. But never mind, I am sure they will be able to afford another fine (socially distanced) Christmas party at our expense!
1 user Likes idontgivea's post - ozboy
26-10-2020, 05:05 PM
(26-10-2020, 04:26 PM)rgog Wrote: As far as I can see they are making no effort to go after those responsible for this debacle. Not really BDOs job that one, that is down to the FCA and as far as I am aware there is a little bit of movement on that front. Nothing exciting though at present. There are a few signs on Rightmove and the land register that things under BDOs contol are happening ..... but not a lot. I'm not sure that I am looking forward to 2021.
28-10-2020, 05:23 PM
(26-10-2020, 04:26 PM)rgog Wrote: Seven months on since my last post and it is still depressingly valid. The Liquidators must provide a statutory report once every twelve months, apart from detailing what has been realised there is little else they can report. The majority of loans by value have not been repaid, nor has the security been realised, and until this happens plus a final reconciliation of the lender records has been completed it is neither cost effective nor possible to make an interim distribution. Whilst it must be very frustrating to be in the dark about events in the insolvency it is a pointless exercise to report frequently "nothing to report," not to mention costly. The Liquidators probably have some failings in this matter it is important to remember that the entire books and records of Collateral amounted to a couple of spreadsheets when they took over. Efforts have been ongoing since Day 1, which incidentally due to obfuscation and dissembling by the first appointed Administrators and Directors was two months after the company ceased to trade, to get the co-operation of the Directors. Eventually they are using powers in the Insolvency Act to get information from the Directors. Unfortunately there is no financial police SWAT team to enforce these powers and the court process is long and slow in normal times and hardly speeded up by the pandemic and has already been ongoing for several months. As regards action against the Directors and others for malfeasance the first bite at that particular cherry is of a criminal nature that falls within the purview of the FCA/CPS. Unless and until they take action, or decline to, and it is concluded there is not any possibility of a civil action.
The opinions and observations that I display on this forum are personal and do not necessarily concur with the proprietors of the forum. I represent no platform or other organisation in my postings and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, reliability of the information contained in my posts. Or for people acting or refraining to act upon them.
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