Post by keitha on Oct 24, 2020 10:16:04 GMT
When you think FC Couldnt Get Worse
Company went bust in Feb 2019
2/5/19 Comment that agreed with guarantor payments would continue as normal
30/6/20 Comment that Loan is late ( last payment made in February 2020 )
2/7/20 Defaulted
22/9/20 Guarantor has entered a form of insolvency
5/10/20 "The Guarantor was adjudged bankrupt in March 2020 upon their own application. We instructed a panel firm to lodge our claim and seek the Trustee appointment if there is merit in doing so. We will await their preliminary investigations into the guarantor’s asset position. The borrower company went into Administration in February 2019 moving into Creditors Voluntary Liquidation in January 2020. A distribution to the unsecured creditors is considered likely but quantum and timing are dependent upon a property sale. A further update will be provided to investors on any key developments in either insolvency process."
surely at the Point FC knew of the Potential insolvency of the guarantor then the Loan should have been defaulted to give an exact figure to the judge. and as that event took place in March surely the Investors should have had an update at that point not 7 months later.
Company went bust in Feb 2019
2/5/19 Comment that agreed with guarantor payments would continue as normal
30/6/20 Comment that Loan is late ( last payment made in February 2020 )
2/7/20 Defaulted
22/9/20 Guarantor has entered a form of insolvency
5/10/20 "The Guarantor was adjudged bankrupt in March 2020 upon their own application. We instructed a panel firm to lodge our claim and seek the Trustee appointment if there is merit in doing so. We will await their preliminary investigations into the guarantor’s asset position. The borrower company went into Administration in February 2019 moving into Creditors Voluntary Liquidation in January 2020. A distribution to the unsecured creditors is considered likely but quantum and timing are dependent upon a property sale. A further update will be provided to investors on any key developments in either insolvency process."
surely at the Point FC knew of the Potential insolvency of the guarantor then the Loan should have been defaulted to give an exact figure to the judge. and as that event took place in March surely the Investors should have had an update at that point not 7 months later.