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Post by overthehill on Oct 22, 2021 20:09:47 GMT
Update made a few hours ago on this one: " The receivers, via their agents, Sanderson Weatherall, have recommended a 7 day deadline (to 26/10/2021) for best bids." Facts and figures: Loan amount: £660k Accrued interest: £330k Valuation £1.1m Side note: the Valuation was an 'as is' figure provided in Dec 2017 by an estate agency named 'beercocks'. One hopes their valuation stands up to scrutiny! Previous offer that fell away was around 2M but that could have been a work of fiction for all we know. Anything in excess 1.2M should return capital and most of the interest. I don't know how desirable the location is but even 1.2M seems a lot for 5 acres with no planning even if the rough looking ground is ok. There are closer properties to the water. I searched the postcode in Google, nothing, first page in Duckduckgo has the link provided by FS. Google search is even worse than I thought.
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iRobot
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Post by iRobot on Oct 22, 2021 20:27:06 GMT
I searched the postcode in Google, nothing, first page in Duckduckgo has the link provided by FS. Google search is even worse than I thought. I did the same and added "brownfield" - came up with an interesting doc issued by the local planning authority (I think) highlighting the number of planning applications in the area; some fully approved, some outline, some large (200 dwellings) and some single dwelling requests. One even shared the same postcode - a former yachting club-house site, IIRC. Couldn't find anything specifically for this site, though.
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Post by overthehill on Jan 26, 2024 10:33:21 GMT
And another one. I can't figure out why this loan payment is suspended due to quistclose. The first update comment is jul2018 and yet they say the loan post dates 12apr2019.
Again huge amounts for expenses contribution and opaque indemnity sum and settlements figures. Daylight robbery and questionable legality but who is going to stop it.
Even the government gets a huge payout from every administration thanks to the incredulous VAT rules.
Land at B H Hul £620,000.00 Total Received £620,000.00 Less: Legal Fees -£32,500.00 Insurance -£3,433.64 Receivers Fee -£12,400.00 Receivers Disbursements (Vatable) -£87.00 Agents Fees -£16,700.00 Agents Disbursements (Vatable) -£1,445.00 VAT (Irrecoverable) -£12,626.40 Total Costs -£79,192.04 Net Receipts £540,807.96 Less CG Fees 2.5% +VAT -£16,224.24 Expense Contribution* -£27,040.40 Indemnity Sum -£40,560.60 Settlement ** -£131,145.93 Balance to Disburse £325,836.80 * This is the sum as agreed with the Creditor’s Committee in respect of the ongoing expenses of the Administration and in furtherance of the previous resolutions of 17 December 2019 and 6 February 2020 ** Following discussions with the Creditors’ Committee, at present we are holding the settlement figures pending the receipt of additional advice Please note that the above calculation is being provided for illustrative purposes only and is subject to change. The final sum available to Investors will be confirmed in due course, once funds are able to be released back to Investors. It is not possible to move funds at this stage as part of the above loan post dates 12 April 2019
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adrian77
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Post by adrian77 on Jan 26, 2024 14:53:49 GMT
Land at B H Hul £620,000.00
Total Received £620,000.00
Less:
Legal Fees -£32,500.00
Insurance -£3,433.64
Receivers Fee -£12,400.00
Receivers Disbursements (Vatable) -£87.00
Agents Fees -£16,700.00
Agents Disbursements (Vatable) -£1,445.00
VAT (Irrecoverable) -£12,626.40
Total Costs -£79,192.04
Net Receipts £540,807.96
Less CG Fees 2.5% +VAT -£16,224.24
Expense Contribution* -£27,040.40
Indemnity Sum -£40,560.60
Settlement ** -£131,145.93
Balance to Disburse £325,836.8
yet another complete disaster - I have bought and sold building land and always made a profit - so what the hell are FS doing?
This land was valued at 1.1m and they got 660K for it- who is the business brain here - D Abb*t on release from the nunnery? so we lend them 660K and get back 326K (plus maybe £131K)
A fantastic return of over -50% - if this valuation was anywhere near correct then we should still have been in profit..
I see CG got £43K for this one £32K for the Tower black - it mounts up doesn't it - let alone all the queried payments
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mah
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Post by mah on Jan 28, 2024 13:09:33 GMT
Even the government gets a huge payout from every administration thanks to the incredulous VAT rules.
Could you explain a bit more about this Irrecoverable VAT business please - this in the whole scheme of things is a huge amount.
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Post by overthehill on Jan 28, 2024 13:45:24 GMT
Even the government gets a huge payout from every administration thanks to the incredulous VAT rules.
Could you explain a bit more about this Irrecoverable VAT business please - this in the whole scheme of things is a huge amount.
"It should be noted that the Company is not registered for Value Added Tax (“VAT”). Therefore, receivable VAT is irrecoverable and is noted accordingly as an expenditure on the Receipts and Payments account."
1.2M in irrecoverable VAT between oct22 and oct23. I don't know if there is a way around it and not inclined to research its fairness. Another vulture just landed on the telegraph wire sensing a free meal ?
I'm not even sure why they were not registered for VAT, I thought the minimum turnover was about 70k?? Guess it's more complicated.
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Post by overthehill on Feb 3, 2024 13:07:54 GMT
And another one. I can't figure out why this loan payment is suspended due to quistclose. The first update comment is jul2018 and yet they say the loan post dates 12apr2019.
Again huge amounts for expenses contribution and opaque indemnity sum and settlements figures. Daylight robbery and questionable legality but who is going to stop it.
Even the government gets a huge payout from every administration thanks to the incredulous VAT rules.
Land at B H Hul £620,000.00 Total Received £620,000.00 Less: Legal Fees -£32,500.00 Insurance -£3,433.64 Receivers Fee -£12,400.00 Receivers Disbursements (Vatable) -£87.00 Agents Fees -£16,700.00 Agents Disbursements (Vatable) -£1,445.00 VAT (Irrecoverable) -£12,626.40 Total Costs -£79,192.04 Net Receipts £540,807.96 Less CG Fees 2.5% +VAT -£16,224.24 Expense Contribution* -£27,040.40 Indemnity Sum -£40,560.60 Settlement ** -£131,145.93 Balance to Disburse £325,836.80 * This is the sum as agreed with the Creditor’s Committee in respect of the ongoing expenses of the Administration and in furtherance of the previous resolutions of 17 December 2019 and 6 February 2020 ** Following discussions with the Creditors’ Committee, at present we are holding the settlement figures pending the receipt of additional advice Please note that the above calculation is being provided for illustrative purposes only and is subject to change. The final sum available to Investors will be confirmed in due course, once funds are able to be released back to Investors. It is not possible to move funds at this stage as part of the above loan post dates 12 April 2019
Here's the evidence that the administrators are either lying, totally incompetent or withholding information. The renewal loan has been outstanding since Jul 2018 and pre-dates the quistclose by about 18 months. Why are they holding onto investor's money is a recurring question, for what purpose ?
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1357261974 Property in Brough Haven, Hull £570,000.00 13.00% 19/10/2016 Loan Completed 19/12/2017
3203339975 Property in Brough Haven, Hull - Renewal £660,000.00 13.00% 20/12/2017 Loan Active 12/06/2019
12/06/2019
We have requested confrmation of the refinance offer directly from the new lender plus detauls of the updated valuation. A further update will be posted on 28th June, or before if additional confirmation received.
03/06/2019
With stalled progress of the planned sale, the borrower has reverted to their previous plan of developing the site themselves. We have sight of detailed development plans. A new valuation, based on these plans, has been carried out for a new lender. Subject to final approval the refinance is expected to shortly be in place, sufficient to repay this loan in full.
09/05/2019
We have again received reassurances of progress made towards repayment of the loan in full. We have asked for a formal confirmation of status - with expected completion date - from the borrower's solicitor, with proof of funds.
24/03/2019
The borrower has confirmed sale completion due on 31st March - redemption statement has therefore been issued.
07/12/2018
With no funds received to bring the interest up-to-date, we have issued a demand notice and will be appointing receivers. If the sale does complete the receiver can be removed to allow it to proceed - otherwise the receiver will continue the action to market and sell the property.
22/08/2018
We have now received proof of sale - at a figure that would clear all debt. As the completion date is likley to be some time away we have requested payment of the outstanding interest in the meantime to avoid action being taken.
03/07/2018
Borrower has advised that they have sold the property - we await proof of sale and timeframe for completion.
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Post by overthehill on Feb 7, 2024 11:32:44 GMT
Normal service resumed - loan settlement released to investors. 69% capital returned, no interest.
Definition of normal service unchanged.
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iRobot
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Post by iRobot on Feb 7, 2024 16:49:13 GMT
On a positive note; it's about 20% more than was previously advised as the CG&Co "Settlement" fee of £131k has been dropped.
On a negative note (perhaps*), I don't understand why £69.24 has been returned per £100.00 of lenders' cash when the revised "Balance to disburse" figure of £456,982.73 is 73.7% of the £620k lent?
(* - I've a vaguely nagging feeling I'm missing something obvious!)
Edit - doh! it was £660k lent!!
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