iRobot
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Post by iRobot on Oct 16, 2020 16:03:10 GMT
Spice boys also in it up to their absolute nuts* and CUK will be first/test case of how far FCA will hold the industry and associated groupies accountable. IMHO. Can't disagree with that although if it comes to a race as to which P2P platform's directors are up on trial - with the spotlight shone on the FCA as a result - then surely Lendy / Brookes / Gordon are odds-on favourites? * - I would have said 'ears', but maybe those items will all be sharing a similar proximity soon enough...
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iRobot
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Post by iRobot on Oct 16, 2020 16:52:34 GMT
so do I and that is putting it midly - I note this gent has several dissolved companies and seems to now be into property development and finance - so we have a creditor and former director of a company that arranges loans for property developments of which many were complete non-starters. Doubtless agents were used to finance some of these loans and fees were paid there (not saying by whom or to whom) and now these developers are laughing all the way to the bank and FS is claiming 5% of a £80m loanbook a staggering £4m - what could possibly be going on here - I just can't work it out but I am pretty thick. Difficult to feel any sympathy for Raj Kumar as he had a much better opportunity than most of lifting the drains on FS to see where the stench was emanating from before investing, although given the size of that investment I can understand why he is keen to protect it. Re: this - what are you implying here? Re: this - indeed, and has been since at least 2003. Wishful thinking on my part, no doubt, but I had hoped Raj's connections in the property game (CL, EZInvest, some UAE contacts - proper big hitters, it seemed) might be the knight in shining armour FS needed, and if someone with his background, connections and knowledge was buying into them, then all may not be lost. As it turned out, either Raj hadn't really done his (their) DD or FS' directors did a better job at papering over the cracks than I'd have them down as being capable of. Re: this - well something will have to cover CG's costs when common sense prevails and their fees get taken from the 5% default loan administration fee rather than coming directly from lenders' returns. Or that may just be my wishful thinking again
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michaelc
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Post by michaelc on Oct 16, 2020 17:24:47 GMT
No new information but I find it hard to believe a small residential dwelling in Reading couldn't easily be sold. I was ****** out of my money as I learned afterwards I was actually lending/giving my money to the owner of the company. Isn't that a direct <redacted> ? Hmmmn - a refresh of the facts might be wise?. The loan was to " a person connected to an ex-director of FundingSecure. (Richard Luxmore)" -- my bold -- rather than the director (at the time) himself. Agreed, that's possibly little more than a technicality, but on such things are legal cases won and lost. Of greater concern, I think, is the status of the loan documentation and its effect on appointing Receivers; and seemingly still in that situation 8m on from when lenders were first advised. Even if not sold, the rental income would prove handy. ( fundingsecure2 ?) Are you in this loan? Sadly I put a fair bit in. If its possibly little more than a technicality why the slightly combative first sentence? Also I was ******. I was persuaded to do something by being lied to. Why star it out?
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adrian77
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Post by adrian77 on Oct 16, 2020 17:46:02 GMT
nothing - just when I see a list of dissolved companies I don't invest in that person until I know a lot more about them
As I said I employ builders on short-term contracts - they are all bloody wonderfully skilled artisans with highly impressive and totally accurate CVs with absolutely no BS! I like to think I have a good nose for spotting flannel when I see it and I fail over 90% of applicants - sometimes I am wrong but this is very rare...
Hopefully we will get full details when this ghastly compnay is finally wound-up and where it belongs - in the rubbish bin and we will see exactly what happened here - as I said a very useful learning experience for me but far worse a very expensive lesson to decent investors who appear to have been had.
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iRobot
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Post by iRobot on Oct 16, 2020 18:41:36 GMT
Hmmmn - a refresh of the facts might be wise?. The loan was to " a person connected to an ex-director of FundingSecure. (Richard Luxmore)" -- my bold -- rather than the director (at the time) himself. Agreed, that's possibly little more than a technicality, but on such things are legal cases won and lost. Of greater concern, I think, is the status of the loan documentation and its effect on appointing Receivers; and seemingly still in that situation 8m on from when lenders were first advised. Even if not sold, the rental income would prove handy. ( fundingsecure2 ?) (1) Are you in this loan? Sadly I put a fair bit in. (2) If its possibly little more than a technicality why the slightly combative first sentence? (3) Also I was *****. I was persuaded to do something by being lied to. (4) Why star it out? (1) No. (2) Apologies - first sentence wasn't meant to be combative, just wondered if your emotions had gotten the better of you and given the chance of some reflection you might choose to amend the wording. But if you really feel you've been "******", go for it! (3) How were you lied to? (4) I starred out that word as the mods around here tend to err on the side of caution when there's even a whiff of defamatory content in a post. I thought I'd save them the trouble of having to edit mine
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Mousey
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Post by Mousey on Oct 16, 2020 18:49:24 GMT
I wonder is Luxmore and Hackett have repaid their overdrawn directors loan accounts yet?
They owed £166k to FS as of May 2020
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iRobot
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Post by iRobot on Oct 16, 2020 18:52:26 GMT
I wonder is Luxmore and Hackett have repaid their overdrawn directors loan accounts yet?
They owed £166k to FS as of May 2020
Don't be ridiculous! You know it takes FS at least two years before they call in a loan!
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Mucho P2P
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Post by Mucho P2P on Oct 16, 2020 22:42:40 GMT
I've just read -Administration - State of Play & Significant Information (FS)- rs comments on Nov 14 2019. 22. What is happening with the case against Luxmore? - I'm presuming that the alleged misappropriation of funds is his reputed 200k company loan to his ex-wife. The litigation (and the benefit of the freezing orders obtained) has been secured by the Administrators pending the review of the litigation which is ongoing. It would be inappropriate for the Administrators to comment further at this stage in open forum. 23. I understand that Luxmore's assets of ca. £1.5M have been frozen. Whilst trying to avoid a witchhunt, I have some concerns that Raj remains heavily involved and close to CG because he may want to maximise the creditor pot if he has a lot of claim on that.Please see the answers above regarding the involvement of Directors and former Directors. The position of the Investors and creditors claims and potential claims is to be addressed as set out in the Proposals. Yes, he does, and I will be posting an update of what occured at the CMC hearing on the 16.10.2020 once I have deciphered my own scribbles, stay tuned.
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Mucho P2P
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Post by Mucho P2P on Oct 16, 2020 22:44:45 GMT
I wonder is Luxmore and Hackett have repaid their overdrawn directors loan accounts yet?
They owed £166k to FS as of May 2020
Hackett also tried several times to join FSAG on FB as a lender!
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adrian77
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Post by adrian77 on Oct 17, 2020 8:23:27 GMT
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Mousey
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Post by Mousey on Oct 17, 2020 8:36:22 GMT
Para 65: Accordingly, the sums outstanding of Mr Belcher's (directors) loan account amount to £193,029.97 less £4,215.00 which was the credit as at 31st January, 2012. He must repay that sum to the Company as a debt. Alternatively, he is liable for breach of fiduciary duty in permitting the loan account to become outstanding in the aforesaid sum and must pay equitable compensation to the Company in the said amount.
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adrian77
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Post by adrian77 on Oct 17, 2020 9:26:17 GMT
thank you Mousey - made my weekend!
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duck
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Post by duck on Oct 21, 2020 11:49:28 GMT
Guess which loan.
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micky
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Post by micky on Oct 21, 2020 11:52:48 GMT
Therefore, if it's not a loan what is it and what happens now?
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huxs
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Post by huxs on Oct 21, 2020 11:54:00 GMT
What the ??
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