Post by elljay on Apr 2, 2014 9:02:00 GMT
I reckon 1st April 2016...
We're now just over a year since the requested payment holiday was refused. Summary so far:
"I'll pay from personal funds" - er, no.
"I have cash flow difficulties".
"I'll make payment by the end of next week" - er, no.
Then the independent practitioner appointed takes a month to report what was promised in a week because the company "failed to provide the information required".
Borrower proposes getting extra investors so they can bring FC's loan up to date. FC sensibly requires extra securities. Back and forth for almost 2 months.
5 months after the missed payment the loan is defaulted. But hey, no problem - there's a PG!! You can see where this is going...
2 months later - "The administrators weren't supplied all the info they needed".
1 month later - FC and the administrators issue legal proceedings.
1.5 months later - Administrators report received.
2 months later - court hearing set for 2 months time.
2 months later - borrower writes to the court the night before the hearing and asks for extra time as they have further evidence and a medical condition which prevents them attending court. 28 days extension allowed by the court. FC's estimate of rescheduled hearing - probably 2 - 3 months time. As they say "frustrating"!
So, any advance on 1st April 2016?
Or will it be case found in our favour, but no funds to pay...
We're now just over a year since the requested payment holiday was refused. Summary so far:
"I'll pay from personal funds" - er, no.
"I have cash flow difficulties".
"I'll make payment by the end of next week" - er, no.
Then the independent practitioner appointed takes a month to report what was promised in a week because the company "failed to provide the information required".
Borrower proposes getting extra investors so they can bring FC's loan up to date. FC sensibly requires extra securities. Back and forth for almost 2 months.
5 months after the missed payment the loan is defaulted. But hey, no problem - there's a PG!! You can see where this is going...
2 months later - "The administrators weren't supplied all the info they needed".
1 month later - FC and the administrators issue legal proceedings.
1.5 months later - Administrators report received.
2 months later - court hearing set for 2 months time.
2 months later - borrower writes to the court the night before the hearing and asks for extra time as they have further evidence and a medical condition which prevents them attending court. 28 days extension allowed by the court. FC's estimate of rescheduled hearing - probably 2 - 3 months time. As they say "frustrating"!
So, any advance on 1st April 2016?
Or will it be case found in our favour, but no funds to pay...
