ilmoro
Member of DD Central
'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 Jul 28, 2022 18:30:35 GMT
I understand the amount of fees being discussed was in the region of £4m. "We reserve the right to come back and ask for more in due course." HHJ Pearce explained the current position of time costs as of 31st May was: THCL - £642,254 THC Security Agent - £1,370,822 THC Finance - £74,561 The court heard that less than 10% of the total amount related to matters other than recover of loans. I will be able to provide further clarification when I receive certain documents. Thats interesting. So unlike all other P2P administrations they are treating the security company as having the assets, resources and income to carry out the recoveries and recording the costs where they are incurred rather than against the authorised entity.
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Mousey
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Post by Mousey on Jul 30, 2022 11:20:41 GMT
In court documents exclusively obtained by myself, it is said by barrister David Mohyuddin QC: "the Administrators estimate that the net recoveries of the Development Loan Book will be approximately £29.2m and that the net proceeds of the Bridging Loan Book will be approximately £0.75m. They expect the remuneration and expenses that will need be provided for will come to £4.5m up to February 2023"
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Post by lisao on Aug 1, 2022 15:26:31 GMT
In court documents exclusively obtained by myself, it is said by barrister David Mohyuddin QC: " the Administrators estimate that the net recoveries of the Development Loan Book will be approximately £29.2m and that the net proceeds of the Bridging Loan Book will be approximately £0.75m. They expect the remuneration and expenses that will need be provided for will come to £4.5m up to February 2023" Hi Mousey - I'm part of The House Crowd Investors Money Recovery Group - according to previous documents shared by the Administrators as part of their Court application, the amount to be recovered from the Bridging Loan Book should be £7.5m rather than £0.75m. So overall, they are projecting recovery of £29.2m from Development Loans + £7.5m from Bridging Loans. They now have their fees (which include expenses) approved by the Courts. At 11%, this will give them $4.5m.
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Mousey
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Post by Mousey on Aug 1, 2022 16:27:22 GMT
In court documents exclusively obtained by myself, it is said by barrister David Mohyuddin QC: " the Administrators estimate that the net recoveries of the Development Loan Book will be approximately £29.2m and that the net proceeds of the Bridging Loan Book will be approximately £0.75m. They expect the remuneration and expenses that will need be provided for will come to £4.5m up to February 2023" Hi Mousey - I'm part of The House Crowd Investors Money Recovery Group - according to previous documents shared by the Administrators as part of their Court application, the amount to be recovered from the Bridging Loan Book should be £7.5m rather than £0.75m. So overall, they are projecting recovery of £29.2m from Development Loans + £7.5m from Bridging Loans. They now have their fees (which include expenses) approved by the Courts. At 11%, this will give them $4.5m. Hello! Ah interesting, so I've done a direct copy and paste there so any error must rest in the original document. In the Witness Statement of the Joint Administrator dated 18th March 2022 it's said: " We estimate that the net recoveries of the Development Loan Book will be c.£30.2m and that the net proceeds of the Bridging Loan Book will be c.£7.7m throughout the Administration process." I'll get round to writing all this up at some point. Bonkers some of the stuff that was said to be going on. (Bonus content: The director FF has asked for permission to sue THC as they won't give him a redemption figure on the unauthorised loan it's said he took out. Judgment on that application due within next few weeks I'm told).
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Post by lisao on Aug 1, 2022 17:09:20 GMT
Hi Mousey - I'm part of The House Crowd Investors Money Recovery Group - according to previous documents shared by the Administrators as part of their Court application, the amount to be recovered from the Bridging Loan Book should be £7.5m rather than £0.75m. So overall, they are projecting recovery of £29.2m from Development Loans + £7.5m from Bridging Loans. They now have their fees (which include expenses) approved by the Courts. At 11%, this will give them $4.5m. Hello! Ah interesting, so I've done a direct copy and paste there so any error must rest in the original document. In the Witness Statement of the Joint Administrator dated 18th March 2022 it's said: " We estimate that the net recoveries of the Development Loan Book will be c.£30.2m and that the net proceeds of the Bridging Loan Book will be c.£7.7m throughout the Administration process." I'll get round to writing all this up at some point. Bonkers some of the stuff that was said to be going on. (Bonus content: The director FF has asked for permission to sue THC as they won't give him a redemption figure on the unauthorised loan it's said he took out. Judgment on that application due within next few weeks I'm told). There's a subsequent document dated 22 July 2022 - Exhibit FO2 - that states £29.2m (Development) and £7.7m (Bridging Loans). Bonkers is the word for it.
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Mousey
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Post by Mousey on Feb 3, 2023 14:06:53 GMT
I've finally been sent the judgment from June This is some of the shenanigans that I've had to go through: When I'll have time to write it all up though is a good question... [Permission was granted btw - former director can sue THC]
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Mousey
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Post by Mousey on Mar 30, 2023 23:03:54 GMT
Application List Before His Honour Judge Bever Sitting as a Judge of the High Court
Sitting in Court 41 on level 9 At the Manchester Civil Justice Centre, 1 Bridge Street West, Manchester On 31 March 2023
CR-2021-MAN-000118 & CR-2021-MAN-000111
House Crowd Finance (Security Agent) LTD
30 Minutes Attended
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