ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 16, 2015 18:57:26 GMT
Hello, I have registered to make this post, firstly I disclose I have no interest in this loan and not a member of FK. This thread unsettles me a little as I have read it for general interest. It was mentioned the loan is backed by a personal guarantee, is this not correct? If the loan was backed by a personal guarantee, that guarantee is supposed to protect the lender for losses against the business loan (if fraud has happened or not). Until the business loan has defaulted or been settled (including in an IVA) then there is no recourse. However as lenders now have a loss as the IVA has completed then clearly the directors guarantee should not be enforced. Unless an agreement is reached with the director to pay the loss (or settle with discount), the director needs to be sued for the loss. This should be a straighforward (but slow) process. Once the judgement has been ruled in factor on FK you can write a statutory demand which gives 21 days for payment. Failure of payment allows you then to apply to bankrupt the director and take possession of assets such as his home. Nothing in the IVA between the company and investors prevents the directors guarantee from being enforced and ultimate bankruptcy in event of non payment. Why is this not being pursued? Or was the guarantee never taken? It is the guarantor who is the subject of the IVA not the business and therefore as a result FK are unable to pursue the guarantor further unless the IVA fails. The business is insolvent & FK had no claim on its assets. Any claim for fraud has to be pursued by individual lenders affected by notifying Action Fraud but as Action Fraud is apparently understaffed (the company running it has gone bust) nothing much is likely to result. This is my understanding from memory as Ive binned this as a bad job & havent kept most of the off-site comms.
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ben
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Post by ben on Dec 6, 2015 15:16:23 GMT
How did this end up?
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Steerpike
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Post by Steerpike on Dec 6, 2015 18:59:55 GMT
The loan is still classified by FK as "in debt recovery" however there have been no recoveries distributed from the IVA and no report of significant further action.
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Post by kayfundingknight on Dec 7, 2015 15:12:51 GMT
We have issued an update to affected lenders today - we continue to chase for payment in line with the agreed IVA. A full update will be issued as soon as we have some concrete news to report. Thank you. Kay
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ben
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Post by ben on Dec 8, 2015 7:39:07 GMT
are you chasing for the said 16p in a pound offered from earlier or for another amount?
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oldgrumpy
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Post by oldgrumpy on Dec 11, 2015 15:49:19 GMT
Latest update from FK: "The insolvency practitioners advise that they continue to chase the borrower for payment in line with the IVA. To date, no funds have been received. In the event that no progress is made before the end of the year, they will review whether the IVA should be terminated".
If we are to get nothing (or near nothing) because other stupid creditors opted to make do with a paltry offer of 16% (and even that he appears to have no intention of repaying), when evidence points strongly towards deception by the borrower, let's hope the IVA fails and Mr Spr can chased to court by the police.
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ben
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Post by ben on Dec 11, 2015 16:09:22 GMT
I have not seen the original information but from reading this thread it appears he gave false figures, information etc and FK has not denied this so I guess he has done.
So why are FK saying they can not do anything if the IVA is accepted? It sounds like he commited fraud, a few people accepting the IVA does not change that and although FK can not chase him personally for money they can report him to the police for committing fraud and the money be chased that way, granted this will take longer and a good chance they will still never see anything but by the sounds of it they are not going to anyway
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kaya
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Post by kaya on Dec 12, 2015 11:57:23 GMT
Perhaps if the police were to receive a cut of the recovered stolen loot, they might do something. A little transaction under the Constable's desk perhaps...?
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oldgrumpy
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Post by oldgrumpy on Jan 25, 2016 10:46:08 GMT
From Thames Valley Police Financial Crime Support Team.
Dear Mr Grumpy,
You have reported a suspected crime to Action Faud ....
.... after careful consideration of the available lines of enquiry it has been decided that this case has no likelihood of a criminal prosecution. As you will be aware the named party is subject to an ongoing insolvency process with HJS Recovery with the majority of creditors having voted in favour of the terms offered...... there is insufficient eveidence available to confirm criminality on the part of the named party .... no further action will be taken by Thames Valley Police unless significant further additional material is identified.
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Steerpike
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Post by Steerpike on Jan 25, 2016 11:25:59 GMT
From Thames Valley Police Financial Crime Support Team. Dear Mr Grumpy, You have reported a suspected crime to Action Faud .... .... after careful consideration of the available lines of enquiry it has been decided that this case has no likelihood of a criminal prosecution. As you will be aware the named party is subject to an ongoing insolvency process with HJS Recovery with the majority of creditors having voted in favour of the terms offered...... there is insufficient eveidence available to confirm criminality on the part of the named party .... no further action will be taken by Thames Valley Police unless significant further additional material is identified. Yes, I received the same letter today, I puckered up a bit when I saw it was from the police, immediately assuming a speeding ticket, an interesting range of emotions ensued. Where are my 16p's then?
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oldgrumpy
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Post by oldgrumpy on Jan 25, 2016 11:42:57 GMT
From Thames Valley Police Financial Crime Support Team. Dear Mr Grumpy, You have reported a suspected crime to Action Faud .... .... after careful consideration of the available lines of enquiry it has been decided that this case has no likelihood of a criminal prosecution. As you will be aware the named party is subject to an ongoing insolvency process with HJS Recovery with the majority of creditors having voted in favour of the terms offered...... there is insufficient eveidence available to confirm criminality on the part of the named party .... no further action will be taken by Thames Valley Police unless significant further additional material is identified. Yes, I received the same letter today, I puckered up a bit when I saw it was from the police, immediately assuming a speeding ticket, an interesting range of emotions ensued. Where are my 16p's then?His (well paid) lawyers are correlating all the reasons why he needn't can't won't be able to pay.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 25, 2016 13:48:42 GMT
Yes, I received the same letter today, I puckered up a bit when I saw it was from the police, immediately assuming a speeding ticket, an interesting range of emotions ensued. Where are my 16p's then?His (well paid) lawyers are correlating all the reasons why he needn't can't won't be able to pay. Trying to work out if its in our long term interests if he doesnt pay. That would mean IVA would fail so we could then go for bankruptcy and I thought that would allow greater investigation of all financial dealings which might lead to a better recovery. Not got anything crossed.
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