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Post by ablrate on Oct 4, 2019 7:51:18 GMT
ablrate It is coming up for 2 months since the last admin note. Has there been any tangible progress in this period? LW We are a waiting feedback from the lawyers who are dealing with this matter. Will speak with them today again.
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Post by ladywhitenap on Oct 15, 2019 8:49:39 GMT
ablrate It is coming up for 2 months since the last admin note. Has there been any tangible progress in this period? LW We are a waiting feedback from the lawyers who are dealing with this matter. Will speak with them today again. ablrate A week and half has passed. What are the lawyers saying/doing now? LW
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KoR_Wraith
Member of DD Central
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Post by KoR_Wraith on Oct 15, 2019 10:29:57 GMT
This loan's security included a personal guarantee. Would I be right in assuming that in these circumstances the guarantee would be held against the estate, prior to any inheritence distribution?
Hopefully the primary security will make up the majority of the repayment, but if the above holds true then the frozen nature of the estate should ensure full redemption, unlike traditional personal guarantees.
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victors
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Post by victors on Oct 15, 2019 15:41:23 GMT
Should I be optimistic or pessimistic?
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jryan
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Post by jryan on Dec 2, 2019 21:40:40 GMT
Hi Ablrate,
Just reviving this to see if there has been any update on the process given its been a while since the last update in October.
Cheers
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Post by ablrate on Dec 3, 2019 8:40:32 GMT
Hi Ablrate, Just reviving this to see if there has been any update on the process given its been a while since the last update in October. Cheers We aim to update lenders shortly. Our lawyers are working behind the scenes on the winding up proceedings and in regards to the estate of the deceased director. We will also be meeting with the borrower again shortly.
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Post by ladywhitenap on Mar 24, 2020 13:04:59 GMT
ablrate. Very posisitve admin note on the site now. Well done Ablrate. LW
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on May 4, 2020 22:22:04 GMT
ablrate - What are the criteria for a loan to be paused? This one hasn't made a repayment in over 12 months but still hasn't been paused
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registerme
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Post by registerme on Feb 28, 2021 13:51:10 GMT
Interesting update just received.
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IFISAcava
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Post by IFISAcava on Feb 28, 2021 14:34:59 GMT
Interesting update just received. Worrying update for what was once one of the most popular loans on the books.
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Post by ablrate on Feb 28, 2021 17:33:35 GMT
Interesting update just received. Worrying update for what was once one of the most popular loans on the books. We actually see it as positive, the more buttons to press for funds the better. Obviously in legals so no names and no inference of any guilt on anyone, just general chit chat.. If any financial institution was informed that funds being withdrawn from an account, from that point onwards, could be counter to an insolvency event or against creditor preference then that institution has a negative duty of care.. i.e they should not allow those funds to leave the account. If they do, they could be held liable. The precedent is know as Quincecare.
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agent69
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Post by agent69 on Feb 28, 2021 17:44:13 GMT
Worrying update for what was once one of the most popular loans on the books. We actually see it as positive, the more buttons to press for funds the better. Obviously in legals so no names and no inference of any guilt on anyone, just general chit chat.. If any financial institution was informed that funds being withdrawn from an account, from that point onwards, could be counter to an insolvency event or against creditor preference then that institution has a negative duty of care.. i.e they should not allow those funds to leave the account. If they do, they could be held liable. The precedent is know as Quincecare. Having had a quick look at the internet it says Quincecare (which looks a bit dubious at best of times) doesn't apply to individuals. Does this mean individual lenders won't be able to rely on it's terms?
Also, I assume this was additional cash held by the borrower, rather than somebody selling the security and pocketing the proceeds.
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blender
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Post by blender on Feb 28, 2021 17:58:32 GMT
We actually see it as positive, the more buttons to press for funds the better. Obviously in legals so no names and no inference of any guilt on anyone, just general chit chat.. If any financial institution was informed that funds being withdrawn from an account, from that point onwards, could be counter to an insolvency event or against creditor preference then that institution has a negative duty of care.. i.e they should not allow those funds to leave the account. If they do, they could be held liable. The precedent is know as Quincecare. Having had a quick look at the internet it says Quincare (which looks a bit dubious at best of times) doesn't apply to individuals. Does this mean individual lenders won't be able to rely on it's terms?
Also, I assume this was additional cash held by the borrower, rather than somebody selling the security and pocketing the proceeds.
Not quincare, which is looking after five children born of one mother at the same time, but quincecare, which is looking after the plant Cydonia oblonga. As in 'they dined on mince and slices of quince, which they ate with a runcible spoon ... ' Happy to help.
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Post by spareapennyor2 on Feb 28, 2021 18:06:34 GMT
should the question be why not pay your loan? with it / we know why would not be the first company to pay bonuses /dividend etc then oops we have no funds
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IFISAcava
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Post by IFISAcava on Feb 28, 2021 20:59:57 GMT
Worrying update for what was once one of the most popular loans on the books. We actually see it as positive, the more buttons to press for funds the better. Obviously in legals so no names and no inference of any guilt on anyone, just general chit chat.. If any financial institution was informed that funds being withdrawn from an account, from that point onwards, could be counter to an insolvency event or against creditor preference then that institution has a negative duty of care.. i.e they should not allow those funds to leave the account. If they do, they could be held liable. The precedent is know as Quincecare. Thanks, that is helpful to know.
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