ilmoro
Member of DD Central
'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 Apr 17, 2021 11:23:44 GMT
But what we've found out is that administrators don't much care about mere investors. Their legal obligation is to creditors. They don't mind corresponding with lawyers because they charge say £500 an hour for doing so, but I don't think there's any difference for them between winning and losing.
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The FAQ’s state that lenders are being treated as “contingency creditors”. I’ve never heard the term before but hopefully this gives lenders some kind of priority.
I have no experience of this type of administration but I can’t imagine that BLN have much in the way of specific trade creditors (surely not ESF.....!) so hopefully revenue to feed the Admin costs can come from, for example, the exit fees for CY & B and others. This would hopefully allow them to recover and return in full (whatever full looks like) to lenders.
Whether they will have sufficient funds - or sufficient enthusiasm - to chase the likes of NG remains to be seen.
It wont get any priority, you will just be an unsecured creditor along with anyone else entitled to a share of the pot after admin fees & any priority creditors, secured or preferential (which AIUI includes anyone with existing tort claim ie legal case against BLN, staff and HMRC for any unpaid employment taxes/VAT) have been paid. Yopu may well find that there are professionals owed money for working on recoveries ie lawyers, agents etc. Always surprises me how many creditors appear.
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trevor
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Post by trevor on Apr 17, 2021 11:44:55 GMT
In retrospect my decision not to meet their £1k min per loan because it broke my diversification rule saved me from this lot. At the time I thought it was arrogant. I also started with AC around this time and have made a lot from this platform where I could invest £100’s per loan which is within my diversification rules.
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Post by jeronimo on Apr 17, 2021 12:01:55 GMT
So, for those of us that have lost money in TC, do we just sit and wait, hoping for the best?
Or do we instigate a claim somehow?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
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Post by ilmoro on Apr 17, 2021 12:23:13 GMT
So, for those of us that have lost money in TC, do we just sit and wait, hoping for the best?
Or do we instigate a claim somehow?
Perhaps best to wait until the Proposals are published, you will then be able to submit a Proof of debt form for any claim (you will probably be required to do this for any vote on the proposals or CC membership anyway) As the company is in administration, AIUI you cant instigate any legal action about a claim without permission of the admins or the courts.
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Post by dlight69 on Apr 18, 2021 18:48:57 GMT
And I was so enjoying receiving £17.50 per month to pay off my original £4k Nanotech loan....
Does anyone know whatever happened to Od****y Airlines? I did have a vague hope that after all the postponements and deal extensions, that one at least might materialise into something after all these years, and then along came Covid's assistance to international air travel. Ho hum.
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agent69
Member of DD Central
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Post by agent69 on Apr 18, 2021 19:01:47 GMT
And I was so enjoying receiving £17.50 per month to pay off my original £4k Nanotech loan.... Does anyone know whatever happened to Od****y Airlines? I did have a vague hope that after all the postponements and deal extensions, that one at least might materialise into something after all these years, and then along came Covid's assistance to international air travel. Ho hum. Updates still being issued with warm and cuddly comments regarding raising cash.
I think pikestaff was keeping a spreadsheet showing what repayments are currently due. However, I think the numbers got so large that they wouldn't fit in the Excel spreadsheet any more.
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pikestaff
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Post by pikestaff on Apr 19, 2021 5:52:19 GMT
And I was so enjoying receiving £17.50 per month to pay off my original £4k Nanotech loan.... Does anyone know whatever happened to Od****y Airlines? I did have a vague hope that after all the postponements and deal extensions, that one at least might materialise into something after all these years, and then along came Covid's assistance to international air travel. Ho hum. Updates still being issued with warm and cuddly comments regarding raising cash.
I think pikestaff was keeping a spreadsheet showing what repayments are currently due. However, I think the numbers got so large that they wouldn't fit in the Excel spreadsheet any more. Still living in hope. dlight69 These things are better discussed on the private board. If you are not a member, post an access request at p2pindependentforum.com/thread/16690/private-board-thincats-investors and someone will be in touch.
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alibaba
Member of DD Central
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Post by alibaba on Apr 23, 2021 7:24:56 GMT
Having problems logging in to my TC / BLN account using my original log in details, anyone else having problems?
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Apr 23, 2021 9:01:05 GMT
Having problems logging in to my TC / BLN account using my original log in details, anyone else having problems? Yes, I received an email giving an unlikely user name and a new password last evening but no link and the old site doesn't work any more.
I am not too bothered as I ceased investment with Thincats 7 years ago and only have small recoveries left now.
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alibaba
Member of DD Central
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Post by alibaba on Apr 23, 2021 9:35:48 GMT
The original link now working, with same log in details
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Post by winger on Apr 27, 2021 10:29:18 GMT
Yes, I received an email giving an unlikely user name and a new password last evening but no link ..... The email did indeed say: "Please find your Username and Unique ID to enable access to the Business Loan Network Limited (In Administration) Creditors’ Portal:"....but where exactly is this "Creditors’ Portal"? Why on earth wouldn't they tell you that when giving you login credentials?!
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Post by celticelvis on Apr 27, 2021 11:02:55 GMT
The portal is www.ips-docs.com/I've logged in to it but submitting a claim looks mightily complicated. Would anyone happen to have a guide on how to answer/what to fill in on the submit claim section? |
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pikestaff
Member of DD Central
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Post by pikestaff on Apr 27, 2021 17:06:59 GMT
The portal is www.ips-docs.com/I've logged in to it but submitting a claim looks mightily complicated. Would anyone happen to have a guide on how to answer/what to fill in on the submit claim section? If no-one else steps up to the plate I will do a guide after I've submitted my claim. There's no great rush for that, because they have told us we have plenty of time. However, I have a favour to ask. I can't get into the portal, and I suspect the username may be wrong. I have Business Loan Networks Limited ~ Duff & Phelps Ltd.
Three things to note, any one of which might be wrong: Networks is plural; there is a tilde in the middle; and a full stop at the end. If you have logged in successfully, what username did you use?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
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Post by ilmoro on Apr 27, 2021 17:23:08 GMT
The portal is www.ips-docs.com/I've logged in to it but submitting a claim looks mightily complicated. Would anyone happen to have a guide on how to answer/what to fill in on the submit claim section? If no-one else steps up to the plate I will do a guide after I've submitted my claim. There's no great rush for that, because they have told us we have plenty of time. However, I have a favour to ask. I can't get into the portal, and I suspect the username may be wrong. I have Business Loan Networks Limited ~ Duff & Phelps Ltd.
Three things to note, any one of which might be wrong: Networks is plural; there is a tilde in the middle; and a full stop at the end. If you have logged in successfully, what username did you use?Should be singular. I cant access as Im not a user but just browsing the login options brings Business Loan Network Limited ~ Duff & Phelps Ltd up as an option for username
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pikestaff
Member of DD Central
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Post by pikestaff on Apr 27, 2021 17:27:02 GMT
ilmoro Thank you! I didn't even realise that was possible. I was autotyping from my password manager so did not see the options. For the avoidance of doubt, the correct username is Business Loan Network Limited ~ Duff & Phelps Ltd. (including the full stop).
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