ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 25, 2020 16:21:45 GMT
@ iRobot As we all very well know, it's "Jobs for the boys" in the merry go round world of "Share the trough, plenty of room for more snouts, legality is on our side and we can do what we like with impunity" Administrators and Receivers.
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iRobot
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Post by iRobot on Dec 24, 2020 13:00:20 GMT
The has been an Administrators Progress report for the Borrower Co. on this one. Some observations: - The Report covers the period from 27/05/2020 to 26/11/2020
- The original director-appointed Administrator (Sanderlings) was 'booted out' at the request of "the major creditor" on 25/08/2020
- The replacement Administrator (Crawfords) took office on 22/10/2020
- Section 8 includes: "One of the matters that I shall look into is any connected party sales conducted by the former Administrator... "
- As far I can see, there is no other mention of the sale which CG&Co reported on 17/11/2020 but which, presumably, must have completed before the replacement Borrower Administrator came on-board on 22/10/2020, and
- Crawfords additionally note:
- 6.2 "I have not yet had the opportunity to review the affairs of the company or the conduct of the Former Administrators in any great detail. This is primarily doe to the fact that I have only been in office for a few weeks of this reporting period and also to delays in receiving the handover of case files and company's books and records from the former Administrator"
- 7 "I have no details of movement of funds [after 16 July 2020] up to the date of my appointment as Replacement Administrator on 22 October 2020."
Another one for the CC make enquiries about, inasmuch as:- If the Borrower's original Administrator did facilitate the sale to a connected party, did they do so with the knowledge of the Receivers appointed by CG / FS who "recommended that this offer be accepted" (as per the 28/08 update)
- Is there any course for redress, if such disclosures weren't made by either or both parties.
I recall Mucho P2P 's earlier comment re: possible lack of time at the next committee meeting to go into every questionable situation in detail, and it may be necessary to allow this one to slip down the list given there was 'only' a 12% capital loss by lenders but it will, I hope, still make it onto a written submission of questions that require full answers if only to show CG / FS that their conduct - and that of their industry - is being scrutinised.
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Mucho P2P
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Post by Mucho P2P on Dec 24, 2020 17:38:19 GMT
The has been an Administrators Progress report for the Borrower Co. on this one. Some observations: - The Report covers the period from 27/05/2020 to 26/11/2020
- The original director-appointed Administrator (Sanderlings) was 'booted out' at the request of "the major creditor" on 25/08/2020
- The replacement Administrator (Crawfords) took office on 22/10/2020
- Section 8 includes: "One of the matters that I shall look into is any connected party sales conducted by the former Administrator... "
- As far I can see, there is no other mention of the sale which CG&Co reported on 17/11/2020 but which, presumably, must have completed before the replacement Borrower Administrator came on-board on 22/10/2020, and
- Crawfords additionally note:
- 6.2 "I have not yet had the opportunity to review the affairs of the company or the conduct of the Former Administrators in any great detail. This is primarily doe to the fact that I have only been in office for a few weeks of this reporting period and also to delays in receiving the handover of case files and company's books and records from the former Administrator"
- 7 "I have no details of movement of funds [after 16 July 2020] up to the date of my appointment as Replacement Administrator on 22 October 2020."
Another one for the CC make enquiries about, inasmuch as:- If the Borrower's original Administrator did facilitate the sale to a connected party, did they do so with the knowledge of the Receivers appointed by CG / FS who "recommended that this offer be accepted" (as per the 28/08 update)
- Is there any course for redress, if such disclosures weren't made by either or both parties.
I recall Mucho P2P 's earlier comment re: possible lack of time at the next committee meeting to go into every questionable situation in detail, and it may be necessary to allow this one to slip down the list given there was 'only' a 12% capital loss by lenders but it will, I hope, still make it onto a written submission of questions that require full answers if only to show CG / FS that their conduct - and that of their industry - is being scrutinised.
This loan was raised at the recent CC meeting. The minutes have not been signed off yet, let alone any approved & redacted minutes that I am allowed to refer or to broadcast yet. I will however stick my neck out, and say that this one is going further
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mah
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Post by mah on Mar 24, 2024 20:47:54 GMT
Does anyone know if there was a 4th Tranche to this Loan ? All it says is : £1,234,000 - 1st £35,000 - 2nd £150,000 - 3rd
So, where is the remaining £280,205.70 making a Total of £1,699,205.70 ?
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Post by overthehill on Mar 24, 2024 21:00:34 GMT
Does anyone know if there was a 4th Tranche to this Loan ? All it says is : £1,234,000 - 1st £35,000 - 2nd £150,000 - 3rd
So, where is the remaining £280,205.70 making a Total of £1,699,205.70 ?
3058202213 Col Avenue, Birmingham £1,234,000.00 12.00% 24/05/2018 Loan Completed 27/11/2018 7175359695 Col Avenue, Birmingham - Renewal £1,234,000.00 12.00% 14/12/2018 Loan Active 16/07/2019 2580005339 Col Avenue, Birmingham - Tranche 2 £35,000.00 12.00% 15/06/2018 Loan Completed 26/11/2018 1660491844 Col Avenue, Birmingham - Tranche 2 - Renewal £35,000.00 12.00% 02/01/2019 Loan Active 16/07/2019 1636706425 Col Avenue, Birmingham - Tranche 3 £150,000.00 12.00% 12/12/2018 Loan Active 16/07/2019 7457230714 Col Avenue, Birmingham - Tranche 4 £100,000.00 12.00% 23/05/2019 Loan Active 16/07/2019 4175817196 Col Avenue, Birmingham - Tranche 5 £60,000.00 12.00% 24/07/2019 Loan Active - 2607530081 Col Avenue, Birmingham - Tranche 6 £60,000.00 12.00% 21/08/2019 Loan Active -
7175359695 Col Avenue, Birmingham - Renewal 1234000 0.12 14/12/2018 Loan Active 16/07/2019 1660491844 Col Avenue, Birmingham - Tranche 2 - Renewal 35000 0.12 01/02/2019 Loan Active 16/07/2019 1636706425 Col Avenue, Birmingham - Tranche 3 150000 0.12 12/12/2018 Loan Active 16/07/2019 7457230714 Col Avenue, Birmingham - Tranche 4 100000 0.12 23/05/2019 Loan Active 16/07/2019 4175817196 Col Avenue, Birmingham - Tranche 5 60000 0.12 24/07/2019 Loan Active - 2607530081 Col Avenue, Birmingham - Tranche 6 60000 0.12 21/08/2019 Loan Active - 1292530882 Col Avenue, Birmingham - Tranche 7 60000 0.12 09/06/2019 Loan Active 19/09/2019
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mah
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Post by mah on Mar 25, 2024 0:28:15 GMT
But the Loan Update for 7175359695 states :
86.6% of Capital Repaid, which means a Total Capital of £1,505,496.25/0.886 = £1,699,205.70
But as per your list, the Total is = £1,234,000 + £35,000 + £150,000 + £100,000 + £60,000 + £60,000 = £1,639,000.
So, £1,505,496/£1,639,000 = 91.85%, but only 86.6% was distributed ?
What am I missing here (£60,205.70 is still missing) ?
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iRobot
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Post by iRobot on Mar 25, 2024 9:12:01 GMT
There was also a T7 for £60k:
Reference 1292530882 Current Status Loan Completed Interest Rate 12.00% Loan Amount £60,000.00 Term 6 months LTV 65.30% Interest Start Investment Date Made live 06/09/2019 Made active 06/09/2019 Expected end 07/03/2020
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