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Buy2LetCars Administration Questions

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Votes
RSM report 7th May:Appendix B Estimated Financial Position/Creditor list. Is it is possible to supply more detail on why B2L would owe money to PayGo Cars & Regnata Dreams Ltd. (Director of Regnata is Reg Larry-Cole)
by Diane Riddle
 
PayGo was selling cars at end of lease. Regnata should have nothing to do with B2LC.
by Alex cumbers
1
 
Yes, so why would B2L owe PayGo instead of PayGo owing B2L. Is Regnata.....perhaps this is how... more
by Alex cumbers
2
 
1
Vote
Alex cumbers
Internal Creditors
by Peter Roffey
We car funders are creditors to B2L. Will we be eligible for the Creditor Committee for Raedex an... more
 
PayGo Cars is not in Administration. Currently considering merits of all three creditors committe... more
by Ben Loring
1
 
From last year, payments made to investors were switched from the B2let bank account to the Raede... more
by Caroline P
 
1
Vote
Alex cumbers
The RSM report states that multiple investor investments were secured against the same vehicles, over and over again, then surely the first investor is a secured creditor of the company lease book vehicles and the subsequent investors were victims of fraud. Why isn't RSM facilitating a criminal i... more
by Alex cumbers
 
I think that's why SFO are involved. RSM are fully liaising with SFO.
by Ben Loring
2
 
1
Vote
Alex cumbers
Will RSM provide us with a document stating exactly how much each of us has lost. We will have to provide this information to HMRC. If anyone has other investments which have made a capital gain, it can be offset by the B2L loss.
by Sue M
 
Everyone will need to take their own individual tax advice. This could certainly be considered a ... more
by Ben Loring
1
 
1
Vote
Alex cumbers
IS RSM looking for missing funds
by Peter Roffey
£48 million owing (gross) suggests circa £37 million taken in as investments, with maybe 6 millio... more
 
RSM will no doubt uncover evidence as will the SFO investigation, but I doubt we will know exactl... more
by Alex cumbers
1
 
1
Vote
Alex cumbers
Any idea whether customers who paid holding deposits for new leases yet didn't sign a lease or take receipt of a car will ever get their money back? Surely a cleint holding account would used in these circumstances and therefore not seen as a creditor?
by Neil P
 
We will ask RSM
by Alex cumbers
1
 
1
Vote
Alex cumbers
Can someone add a references to this site on trustpilot.com? Lots of people involved are looking there for help. I can see even people sharing their personal mobile phone.
by Stef
 
RSM are going to publicise the website
by Alex cumbers
1
 
1
Vote
Alex cumbers
What happens if we vote against RSM's (extortionate) fees and expenses?
 
Then the whole process will take longer and we will likely be in worse position.
by Alex cumbers
1
 
1
Vote
Alex cumbers
Why was it necessary for RSM to appoint Agents (Hilco Global ) to evaluate the Consortium Group Assets and oversee or manage ongoing trading of the Raedex Lease Book ? . Was this to separate trading functions from Joint Administrative functions in Company Law / Practice ? Hilco have further sub-... more
by David Gaskell
 
We are aware of this and will look to get the best asset valuation.
by Alex cumbers
1
 
1
Vote
Alex cumbers
Can RSM confirm if the tax has actually been paid to HMRC on behalf of investors? Tax forms R185 supplied to investors at end of 3 year investment from B2L. e.g: could investors be liable?
by Diane Riddle
 
RSM have said that this doesn't seem to be the case although investigations are ongoing. It is SC... more
by Ben Loring
1
 
1
Vote
Harvey Singer
Are existing leases expected to run for their full term and if so what is the longest lease remaining?
by Andy Hall
 
Yes, unless terminated by Lessee then leases will run full term. Last lease is Feb 2024
by Ben Loring
1
 
1
Vote
Alex cumbers
Standardisation of Claim Amounts by Peter Roffey
by Alex cumbers
In their report RSM value the total claims B2L investor debt at ~ £42 million, based on what is o... more
 
Another argument could be that you had a contract for a certain amount and they are in default of... more
by Ben Loring
 
1
Vote
Alex cumbers
If B2LC companies have 800+ invstors who are owed approx £30Million - and no customers / car leasees (approx. 400), then where did all the money go ?
by Adrian Snell
 
it became a Ponzi scheme over last 3 years.
by Alex cumbers
 
It was a Ponzi scheme well before. I don't think it's ever been a legitimate business - RSM/SFO ... more
by B2LScam
 
1
Vote
Alex cumbers
Can we have an estimated time frame until RSM comes to a resolution and conclusion. Surely, the longer the enquiries take, the less money if any, will be left for the creditors.
by Sue M
 
Auditors have stated that have no interest in following this for 3 years or longer (until last re... more
by Stef
 
Most likely many months, but we will know more after creditors committee has been formed & a valu... more
by Alex cumbers
 
1
Vote
Shaf
Small Business Claims and Compensation
by Peter Roffey
There has been talk on the WhatsApp group relating to the FSCS not covering investments made thro... more
 
1
Vote
Alex cumbers
If the Joint Administrators RSM are reporting on all 3 Companies within the Raedex Consortium Ltd [ Wheels 4 Sure, Rent2 Own Cars and Buy2 Let Cars ], why is it necessary to have 3 separate Creditors Committees ?. One main Committee established to oversee and liaise with RSM would simplify the s... more
by David Gaskell
 
These have to be formed by law there is no room to change this. Each committee represents the cre... more
by Ben Loring
1
 
1
Vote
Alex cumbers
Assuming you are forming/joining a creditors committee , is there a need for us to vote on the administrators proposals as the newly formed committee would then make these decisions ?
by Alex cumbers
 
Yes, Vote For proposals. The form is on our website under Resources.
by Alex cumbers
0
Vote
Where are Reginald and Scott? Have they been arrested? Are they cooperating?
by Stef
It probably would not change much to the final picture but I would demand them to face legal char... more
0
Vote
I'd like to see more comprehensive, by grade, RSM timesheets to ensure information seekers (no of vehicles/loan numbers) are being worked on at the right (junior) level and not being charged at Partner level rates circa £4/5k per dayr
by Alex cumbers
0
Vote
What has been the tendering process for the company RSM has identified for the car/stock valuations
by Alex cumbers
0
Vote
What has been the tendering process for RSM to be appointed?
by Alex cumbers
0
Vote
Can we see BIO's from proposed committee members & an idea of their losses e.g., no of vehicles invested. I ask as I am considering joining and I want to kn ow about the people I will be working with and their level of interest
by Alex cumbers
0
Vote
A person called Stalina Elba resigned from Raedex Consortium Ltd in March 2014 as a Director (info gleamed from Company House register) Might be worth approaching for any insights?
by Alex cumbers
0
Vote

Comments

Reg Adams

Deluge of documents (12 in all) uploaded by RSM onto the website this morning. Confirms that a date has been set for the Hearing (2 hours plus 1 hour pre-read) as 03 October 2023. Would appreciate any helpful comments on this.

Also grateful for all the Updates prepared by this Self-help Investors group. But I seem to have missed Updates #6 & #7 & #14. Last such Update I received was #15 (on 15 June 2022). Have there been/are there going to be any more?

Fri, Apr 21, 2023

John Adams

Do you have the link for this please

Thu, Apr 27, 2023

Reply to this comment
Ben

any updates at all

Mon, Dec 5, 2022

Reply to this comment
Matt

Are we closer than ever to discovering whether investors will at least be refunded their initial investment?. I invested without receiving a single penny back and just want my investment back- I don't care about the interest due on my investment. Surely I can't be the only one in this position?

Thu, Apr 14, 2022

Martin

I would also be happy with this. I have worked with Insolvency groups and I can tell you after looking at the structure of the team and hourly rates we are
not likely to get back anything approaching this the longer they are being paid.This is exactly the sort of work they target. I' ve no idea why it went to a big 5 accounting co. We could have gone to a specialist insolvency group and there might have been some money left

Fri, Aug 19, 2022

Reply to this comment
Alex cumbers

Is there a way to display the date of when these comments were posted?

Fri, Jun 4, 2021

Reply to this comment

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