averageguy
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Post by averageguy on Nov 28, 2022 23:24:38 GMT
In the process of finalising payments….. have they been doing since the=last update then
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keitha
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Post by keitha on Nov 29, 2022 15:53:23 GMT
…so the interim distribution to be made shortly mentioned early August….hmm wonder what their definition of shortly is I think at this point Administrators on all crashed platforms have an irrational (or is it rational?) fear of having to actually make distributions. Wide boy lawyers with spurious claims have seen to that, smdh. Not just P2P I assure you, i get a feeling that the whole raison d'etre of administrators is to collect as much cash as possible to stick in their own accounts, when I see admin charged at £300 Per hour and senior staff at £800 plus.
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qlassa
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Post by qlassa on Dec 26, 2022 22:14:31 GMT
I think at this point Administrators on all crashed platforms have an irrational (or is it rational?) fear of having to actually make distributions. Wide boy lawyers with spurious claims have seen to that, smdh. Not just P2P I assure you, i get a feeling that the whole raison d'etre of administrators is to collect as much cash as possible to stick in their own accounts, when I see admin charged at £300 Per hour and senior staff at £800 plus. Unfortunately this is how it works but issue is we do not have any visibility what these guys are doing, they could easily come up with random amount of hours they claim they spend on this to jack up fees.
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keitha
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Post by keitha on Dec 26, 2022 22:31:06 GMT
I know of a case where the administrator drove London to Newcastle and back, charged 8 hours travel at £750 an hour plus £1 per mile and then 1 hour for a meeting over £7,000 in total
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r1200gs
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Post by r1200gs on Dec 27, 2022 10:48:13 GMT
I know of a case where the administrator drove London to Newcastle and back, charged 8 hours travel at £750 an hour plus £1 per mile and then 1 hour for a meeting over £7,000 in total And that's how you make fees, make them. It's perfectly clear these administrators are incentivised to divert as much cash as they can to themselves, it hardly needs to be said.
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qlassa
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Post by qlassa on Dec 27, 2022 15:34:30 GMT
I know of a case where the administrator drove London to Newcastle and back, charged 8 hours travel at £750 an hour plus £1 per mile and then 1 hour for a meeting over £7,000 in total And that's how you make fees, make them. It's perfectly clear these administrators are incentivised to divert as much cash as they can to themselves, it hardly needs to be said. Not sure who is monitoring the expenses etc, without scrutiny they do whatever they want especially those who are lack of integrity...
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eeyore
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Post by eeyore on Dec 28, 2022 15:28:13 GMT
And that's how you make fees, make them. It's perfectly clear these administrators are incentivised to divert as much cash as they can to themselves, it hardly needs to be said. Not sure who is monitoring the expenses etc, without scrutiny they do whatever they want especially those who are lack of integrity... The Creditors Committee, composed of the major creditors and set-up at the start of the insolvency. Of course, it rarely works fairly - even the staid old Financial Times has referred to insolvency practice as the "wild west"!
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duck
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Post by duck on Dec 28, 2022 16:00:36 GMT
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Post by Deleted on Dec 28, 2022 16:15:51 GMT
You missed this bit. "Over 14 years, we have successfully returned over £43bn in total to counterparties, repaying creditors in full, plus interest" As a creditor, I'd take the Lehman Brothers (LBIE) situation any day of the week over the clusterf*ck that is P2P.
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duck
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Post by duck on Dec 28, 2022 17:04:38 GMT
You missed this bit. "Over 14 years, we have successfully returned over £43bn in total to counterparties, repaying creditors in full, plus interest" As a creditor, I'd take the Lehman Brothers (LBIE) situation any day of the week over the clusterf*ck that is P2P. Indeed, fair point but I really don't want to have to wait 14 (extended to 17) years to be able to see what return from the administrations will be. With fees being acrued the final return to us investors is going down by the day.
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ilmoro
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Post by ilmoro on Dec 28, 2022 17:19:35 GMT
Not sure who is monitoring the expenses etc, without scrutiny they do whatever they want especially those who are lack of integrity... The Creditors Committee, composed of the major creditors and set-up at the start of the insolvency. Of course, it rarely works fairly - even the staid old Financial Times has referred to insolvency practice as the "wild west"! What Creditors Committee? There isnt one for Moneything as Moorfields decided it wasnt necessary despite FCA guidance on dealing with regulated companies and every other P2P admin forming one and including lenders due to potential claims against the platform.
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Post by Deleted on Dec 28, 2022 17:31:03 GMT
You missed this bit. "Over 14 years, we have successfully returned over £43bn in total to counterparties, repaying creditors in full, plus interest" As a creditor, I'd take the Lehman Brothers (LBIE) situation any day of the week over the clusterf*ck that is P2P. Indeed, fair point but I really don't want to have to wait 14 (extended to 17) years to be able to see what return from the administrations will be. With fees being acrued the final return to us investors is going down by the day. Sorry, but you are comparing apples to oranges here. LBIE is an investment banking entity, a world away from P2P. That LBIE entity would have contained genuinely exotic derivative positions with maturities and complex optionality conditions spanning DECADES, so it is perfectly reasonable for an unwind to be measured in such a timeframe. And for the all creditors of such a complex book to be made whole suggests that the controls at LBIE were pretty solid (note that I'm saying LBIE specifically here - the Europe entity, not the US subprime gambling head office) Completely unlike P2P, where the unwind is made far more complex by the utterly shambolic nature of the industry, lack of controls and accounting standards etc etc... if only I'd known just how bad beforehand
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qlassa
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Post by qlassa on Jan 7, 2023 20:28:07 GMT
The Creditors Committee, composed of the major creditors and set-up at the start of the insolvency. Of course, it rarely works fairly - even the staid old Financial Times has referred to insolvency practice as the "wild west"! What Creditors Committee? There isnt one for Moneything as Moorfields decided it wasnt necessary despite FCA guidance on dealing with regulated companies and every other P2P admin forming one and including lenders due to potential claims against the platform. Yes I have the same question, and if there is one, is anyone from the forum (or one p2p investor) in the committee?
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qlassa
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Post by qlassa on Jan 7, 2023 20:29:46 GMT
You missed this bit. "Over 14 years, we have successfully returned over £43bn in total to counterparties, repaying creditors in full, plus interest" As a creditor, I'd take the Lehman Brothers (LBIE) situation any day of the week over the clusterf*ck that is P2P. Indeed, fair point but I really don't want to have to wait 14 (extended to 17) years to be able to see what return from the administrations will be. With fees being acrued the final return to us investors is going down by the day. At the end of the day, one could bring this to broader media then the admin agent would lose the reputation, this could be the only damage to them.
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TitoPuente
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Post by TitoPuente on Mar 2, 2023 8:21:19 GMT
Last report published in CH. The Administration is finished and moving into Dissolution. Funds are with MT.
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