Forward
Member of DD Central
Posts: 127
Likes: 59
|
Post by Forward on Feb 9, 2018 17:57:37 GMT
MTAC904 09/02/2018 Repaid, one day early
|
|
|
Post by mrclondon on Oct 10, 2018 9:25:49 GMT
MoneyThing - could we have an update please as to the implications for the security for these loans now that the company you had a debenture over has been struck off by CH (presumably for failure to file any accounts or annual returns since incorporation in 2016). Did MT challenge the strikeoff proposal when it was published in July ?
|
|
|
Post by MoneyThing on Oct 10, 2018 9:54:02 GMT
Morning,
The borrower is planning on repaying the whole facility within the next month and then close the company. They had not anticipated that it would be stuck off before this time, however they are arranging today for an administrative restoration to keep it going for a little while longer.
Regards,
Ed
|
|
|
Post by mrclondon on Oct 10, 2018 10:42:53 GMT
|
|
keystone
Member of DD Central
Posts: 713
Likes: 575
|
Post by keystone on Oct 10, 2018 10:46:59 GMT
"This loan ... is secured by an all-assets debenture over the company"
On a technical point, how enforceable is a security over the the company if the company is struck off? Can it be pursued against a director?
|
|
|
Post by mrclondon on Oct 10, 2018 10:53:18 GMT
If the cars (and other stock items) were indeed owned by the company that was struck off then they are now the property of the crown.
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on Oct 10, 2018 12:12:26 GMT
Some background re administrative restoration.
Hmm .... feels a major undertaking to me given the lack of any filed accounts or confirmation statements. Better safe than sorry I've sold out straight away.
Lots of these loans were available when I joined the queue but I still managed to sell out very quickly.
Clearly someone doesn't read this forum.
It's quite a thought that a failing borrower might just let CH strike their company off leaving secured lenders high and dry. Platforms need to be super vigilant to prevent this happening.
|
|
|
Post by Badly Drawn Stickman on Oct 10, 2018 13:57:38 GMT
Some background re administrative restoration.
Hmm .... feels a major undertaking to me given the lack of any filed accounts or confirmation statements. Better safe than sorry I've sold out straight away.
Lots of these loans were available when I joined the queue but I still managed to sell out very quickly.
Clearly someone doesn't read this forum.
It's quite a thought that a failing borrower might just let CH strike their company off leaving secured lenders high and dry. Platforms need to be super vigilant to prevent this happening.
Curiously they sold almost alarmingly fast, i didn't bother to look who was buying but wonder if it was not an automated process. Or maybe it was just that it coincided with a repayment. Either way I am inclined to agree with you, better safe than sorry is my current mantra.
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on Oct 10, 2018 15:00:46 GMT
Thinking about this some more, and I've not investigated it at all, but surely a creditor has the facility to reverse a strike off situation and put a company into liquidation.
|
|
|
Post by bobthebuilder on Oct 10, 2018 15:40:55 GMT
Some background re administrative restoration.
Hmm .... feels a major undertaking to me given the lack of any filed accounts or confirmation statements. Better safe than sorry I've sold out straight away.
Lots of these loans were available when I joined the queue but I still managed to sell out very quickly.
Clearly someone doesn't read this forum.
It's quite a thought that a failing borrower might just let CH strike their company off leaving secured lenders high and dry. Platforms need to be super vigilant to prevent this happening.
A good reason why the update from Ed should have been published as a Support update rather than a post to this forum. I was one of those who purchased a small amount of this loan after checking the Support notes to ensure that there was no adverse reason for a 'rare' loan to appear, and when I found nothing, I went ahead. I'd be surprised if there turned out to be a problem with the repayment but I would still have liked to be aware of all the facts before making a purchase decision.
|
|
|
Post by mrclondon on Oct 10, 2018 16:33:36 GMT
Thinking about this some more, and I've not investigated it at all, but surely a creditor has the facility to reverse a strike off situation and put a company into liquidation. Correct, a creditor can apply for a court order to restore a struck off company (application fee £280)
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Oct 10, 2018 18:26:33 GMT
It looks like it is now suspended from sale
|
|
applets
Member of DD Central
Posts: 125
Likes: 227
|
Post by applets on Oct 10, 2018 18:36:21 GMT
The ability to sell now appears to have been halted by MT.
Sadly, this appears to be another poor show by MT. Given that the notice for compulsory strike off was published on 31 July 2018, one wonders how MT can provide an update on 13 September that informs "This loan is performing and there are no issues to report". If MT were not aware of the strike off until today, this demonstrates a complete lack of monitoring of borrowers. If they knew about the strike off before today then they have deliberately withheld the information from lenders who have been purchasing loan parts up to and including today. The decision of MT to inform only those lenders who happen to be members of this forum and logged in today of the situation and not all lenders via the support page of the website or email, is equally reprehensible.
|
|
gt94sss2
Member of DD Central
Posts: 281
Likes: 137
|
Post by gt94sss2 on Oct 10, 2018 18:44:13 GMT
There is now an update on the site about these loans
|
|
|
Post by eascogo on Oct 10, 2018 18:44:16 GMT
The ability to sell now appears to have been halted by MT.
Sadly, this appears to be another poor show by MT. Given that the notice for compulsory strike off was published on 31 July 2018, one wonders how MT can provide an update on 13 September that informs "This loan is performing and there are no issues to report". If MT were not aware of the strike off until today, this demonstrates a complete lack of monitoring of borrowers. If they knew about the strike off before today then they have deliberately withheld the information from lenders who have been purchasing loan parts up to and including today. The decision of MT to inform only those lenders who happen to be members of this forum and logged in today of the situation and not all lenders via the support page of the website or email, is equally reprehensible. OK but see MT latest update: loan is likely to be repaid but if not "any purchases made today on the secondary market will be honoured"
|
|