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Writ of Summons for SB-1604024 Contineo Media

Please post any Funding Societies topics that you want to discuss with the local p2p community.
sunnytimes
Posts: 33
Joined: Sun Jun 19, 2016 3:24 pm

Writ of Summons for SB-1604024 Contineo Media

Postby sunnytimes » Tue Aug 22, 2017 2:37 pm

Who here has contributed to the legal fees?

dckt
Posts: 10
Joined: Mon Aug 07, 2017 1:47 pm

Re: Writ of Summons for SB-1604024 Contineo Media

Postby dckt » Wed Aug 23, 2017 6:17 pm

+1

luvkarena
Posts: 9
Joined: Wed Apr 27, 2016 9:50 pm

Re: Writ of Summons for SB-1604024 Contineo Media

Postby luvkarena » Wed Sep 06, 2017 4:27 pm

me too....
although FS seemed to be very responsive to investor query but their debt collecting skill is worse than MS... my contineo media with MS loan has already collected back near to 90% of the loan without any writ of summons.....FS is only 55% collected..

the default rate in FS is also very high even though the prospectus of the loan always looked so bright.... I almost have 100% success rate with MS albeit their rate is lower even with the same loan.....

FundingSocieties
Posts: 8
Joined: Mon May 02, 2016 4:29 pm

Re: Writ of Summons for SB-1604024 Contineo Media

Postby FundingSocieties » Thu Sep 07, 2017 7:31 pm

Dear Luvkarena,

Thanks for your continuous active interest in FS. Like to shed light on 2 points:
1. We understand that investors were informed of collection from Contineo by MS yesterday. We’re not in a position to verify or publicly comment the details of other platforms. Also, uncareful public discussion of debt collection can jeopardize the very effort itself. However, what we can share is that as of Aug 31, 2017, a Chartered Accounting Firm has been appointed for voluntary arrangement with creditors and a Meeting of Creditors has been called to maximize collection. While we’re not the only P2P creditor to have lent to Contineo, we’re the only P2P creditor that has filed with the Chartered Accounting Firm for fair collection and we’ve amongst the lowest exposure out of all bank/ non-bank creditors. Any preferential treatment by Contineo towards any creditor is possible, but it will likely trigger legal action, endanger the voluntary arrangement, destroy Contineo (and their directors who are personal guarantors), and ultimately damage collective chance of collection. We believe we're doing the right things, but as usual, always open to feedback for improvement.

2. On FS defaults, we actually do and were the first to publish defaults rates for our group clearly on our website, based on the definition of 60 days past due (“DPD”) for invoice financing and 90 DPD for unsecured term loans (similar to banks), as a percent of loan disbursement to-date (given short-term nature of our loans vs. banks). Invested by a global VC like Sequoia Capital, our numbers are audited and usually they re-calculate it themselves to verify. We’re pretty certain our defaults are among the lowest in the industry (or even in SME banking), but open to be proven wrong. We’ve recently recommended to regulators on (a) standardizing definition and display of defaults numbers and (b) standardizing convention and display of interest rates for all P2P lenders, to enable objective comparison and transparency. While we don't know if regulators would agree and act (your collective voice will be helpful!), we’re doing our best to drive the health of industry.

Separately for your reference, we also document and publish collection logs for every delayed repayment/defaulted loan which is available to investors on their Portfolio Page, again in the spirit of transparency, for the status of such loans.

As usual, we welcome feedback. If you can share with us your identity, we're also happy to have a discussion on your portfolio status via LiveChat/ call/ visit. Thanks Luvkarena.

Warm regards,
Kelvin
Co-Founder, Funding Societies

jomni
Posts: 30
Joined: Mon Oct 10, 2016 7:20 am

Re: Writ of Summons for SB-1604024 Contineo Media

Postby jomni » Mon Sep 11, 2017 1:39 pm

Luvkarena, how diversified are you? I think the key is diversification. To be fair to MS, I have almost 30 loans in FS and I have only one problematic loan which is already restructured and almost fully paid. Late payments are unavoidable but so far they have not deteriorated to something more serious. So I would say that FS default rate is not bad. I avoided MS because it is very hard to diversify with minimum 1k. With diversification, there's less stress about picking the right names 100% of the time. You can make wrong choices but your interest earnings make up for it. This is how bank lending business works too.

sunnytimes
Posts: 33
Joined: Sun Jun 19, 2016 3:24 pm

Re: Writ of Summons for SB-1604024 Contineo Media

Postby sunnytimes » Sun Oct 15, 2017 9:54 am

very quiet, any updates?

dckt
Posts: 10
Joined: Mon Aug 07, 2017 1:47 pm

Re: Writ of Summons for SB-1604024 Contineo Media

Postby dckt » Sun Oct 15, 2017 10:46 am

sunnytimes wrote:very quiet, any updates?


20-Sep-2017: Attending Creditors' Meeting at BDO for recourse against personal guarantor. Meeting was adjourned as major creditor (name not revealed) had new proposal; BDO to call another creditors' meeting within 14 days.

luvkarena
Posts: 9
Joined: Wed Apr 27, 2016 9:50 pm

Re: Writ of Summons for SB-1604024 Contineo Media

Postby luvkarena » Mon Nov 13, 2017 4:34 pm

Surprisingly they still have the financial capability to run asian tv awards this year.....

https://www.asiantvawards.com/advisory-board-members/

sunnytimes
Posts: 33
Joined: Sun Jun 19, 2016 3:24 pm

Re: Writ of Summons for SB-1604024 Contineo Media

Postby sunnytimes » Mon Nov 13, 2017 8:32 pm

LOL, this and now too many loans with non-payments now...

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