applets
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Post by applets on Jan 22, 2019 10:41:10 GMT
Hopefully lenders can draw some comfort from Ablrate's relaxed position on this, but the creditor seeking the WUP will no doubt have been aware of the probate situation before they launched proceedings to recover any monies owed by the borrowing company. Similarly, one would have expected the borrower to have advised the court on 7 January of the situation.
It is not entirely clear from the information provided how the granting of probate for a former director is impacting the affairs of the limited company. Clearly there may be information not available 2 weeks ago that will result in the court setting aside its decision. Equally, if the company is unsuccessful then it faces liquidation.
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blender
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Post by blender on Jan 22, 2019 14:20:31 GMT
We met with the borrower yesterday. This is all about the probate not about the financial health of the business or our security etc. We have replaced the PG with those inheriting and will have an update shortly, but we are confident of getting this on track soon. I quote this in response to applets ' use of the word 'equally', which implies that each outcome is equally likely. I infer from ablrate 's comment that the platform does not believe there is a 50% chance of liquidation. Perhaps 'alternatively' was meant?
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applets
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Post by applets on Jan 22, 2019 19:34:35 GMT
Thank you for your question. I did not mean "alternatively".
You may be correct when inferring from Ablrate's post that they do not believe there is a 50% chance of liquidation. Lenders are very welcome to take your view. However, I think it is important for lenders to reflect on the situation first.
A winding up petition is usually only launched after a creditor has failed to get back money owed to them by other means. A Notice of the petition only appears in the Gazette if the Company continues not to repay the creditor. Once the Notice is published it is usual for banks to freeze a company bank account, but we do not know if this has happened in this case. What we do know from today's update is that the petition must have been passed by the Court at the hearing on 7 January, presumably after taking account of any submissions by our borrower, as Ablrate say the Company is now seeking to have "the WUO set aside". If the Company is unsuccessful in this action, it is normal for a winding up order to be implemented and liquidation commence.
The seriousness of a winding up petition/ order should not be under estimated and I am of the view that Ablrate should have suspended trading in these loans once it became aware of the situation. At the very least, lenders should have been informed about the petition so they could take a view on whether to buy, hold or sell loan parts based on the material increase in risk that the borrower may not be able to continue to trade.
The fact that the premium on the two loans has disappeared since last week and best offers are now set at par could be an adequate reflection of the risk that the Company may cease to trade after this week. This is for lenders to decide.
Ablrate clearly have far more information about what is going on than me and may be aware of new information that will enable the borrower to have the Court set aside its decision. Ablrate have a good track record and lenders may be absolutely right to accept their assurances. It is also possible, however, that the Court may not reach the hoped for decision. Whether it is 50:50 as I suggest, we will find out on Friday. In the meantime, if the loans are not to be suspended then lenders should be asking themselves whether they wish to take any action in the interim to mitigate the higher risk that now seems to apply.
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goopy
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Post by goopy on Jan 29, 2019 10:06:26 GMT
Does anyone know the outcome of the court case on the 7th? Was the winding up petition accepted and is a winding up order now in force? There is a hearing on Friday to have the WUO set aside due to the probate. Any news on the hearing ablrate ?
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Post by ablrate on Jan 29, 2019 10:58:19 GMT
We are told that the winding up was rescinded. We are talking with the borrower today and will be visiting to sort out, weather permitting
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steveb
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Post by steveb on Mar 4, 2019 14:04:39 GMT
Admin note added 04/03/2019
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blender
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Post by blender on Mar 4, 2019 14:44:29 GMT
A sad case, but Ablrate acts firmly but with sensitivity, to protect lender's position And quickly. The payment is only a day late. Most platforms would not even be aware, let alone taking action.
Elsewhere: processing, processing, retry, retry, late, add to some human's full inbox, zzzzz … zzzzz … . (Guess the platform?)
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Post by df on Mar 4, 2019 15:23:33 GMT
A sad case, but Ablrate acts firmly but with sensitivity, to protect lender's position And quickly. The payment is only a day late. Most platforms would not even be aware, let alone taking action.
Elsewhere: processing, processing, retry, retry, late, add to some human's full inbox, zzzzz … zzzzz … . (Guess the platform?) FC? FS comes to mind too. Some loans are couple of months overdue and there are no updates as if FS completely forgot about the existence of these loans.
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blender
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Post by blender on Mar 4, 2019 15:48:53 GMT
Are FS still going? Yes it was supposed to be FC. I could have added something about the sale and withdrawal procedure, but it would be too painful. We are currently trying to sell an FC ISA, but the computer is not listening.
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Post by df on Mar 4, 2019 22:19:43 GMT
Are FS still going? Yes it was supposed to be FC. I could have added something about the sale and withdrawal procedure, but it would be too painful. We are currently trying to sell an FC ISA, but the computer is not listening. Yes, FS is flourishing on entertainment side, but it is not a delightful experience to be part of the cast. The list of failed loans grows, occasional recoveries are not catching up with this growth and most end up to be a loss of capital. Loan flow is very modest and extremely slow to fill (pawn is quick to fill, but very little of this type coming in these days). SM is almost stuck. Not long ago FS decided to step up in marketing and put their logo on taxis in London. I didn't see any sign of fruitful results from that campaign yet. There are also new exciting opportunities to invest in speculative 12 month "bonds" - potentially it could be a good tool for attracting those with online gambling background.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 5, 2019 10:44:50 GMT
Are FS still going? Yes it was supposed to be FC. I could have added something about the sale and withdrawal procedure, but it would be too painful. We are currently trying to sell an FC ISA, but the computer is not listening. Yes, FS is flourishing on entertainment side, but it is not a delightful experience to be part of the cast. The list of failed loans grows, occasional recoveries are not catching up with this growth and most end up to be a loss of capital. Loan flow is very modest and extremely slow to fill (pawn is quick to fill, but very little of this type coming in these days). SM is almost stuck. Not long ago FS decided to step up in marketing and put their logo on taxis in London. I didn't see any sign of fruitful results from that campaign yet. There are also new exciting opportunities to invest in speculative 12 month "bonds" - potentially it could be a good tool for attracting those with online gambling background. What a shame for the Dolphins. (Flippers.)
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blender
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Post by blender on Mar 5, 2019 12:42:07 GMT
I've tended to avoid platforms where the model makes repayment optional. Trouble is that is becoming more popular with p2p borrowers and platforms. Which is why I am trying to leave FC, after many years.
I would be better with that new site called MattressMates, where I believe they supply lenders with a virtual communal mattress (great graphics), under which they slide your cash for as long as you like, subject to a small commission for looking after it safely for you. Cuts out the borrower, thus reducing risk. Withdrawals quite quick under normal market conditions. Probably better returns and liquidity than FS and FC.
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Post by muttley916 on May 31, 2019 13:04:58 GMT
last update was 3/5 stating a further update due in 10 days.
When will we be advised on this loan?
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Post by ablrate on May 31, 2019 15:53:00 GMT
last update was 3/5 stating a further update due in 10 days. When will we be advised on this loan? We are awaiting the conclusion of the statutory demands, the 21 day period for the final one ends in 5 days. We will be able to update lenders then
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pi
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Post by pi on Jun 7, 2019 14:58:14 GMT
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