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Post by herrbert on Jun 23, 2016 20:09:20 GMT
These guys are in default and there was a creditors meeting on May 18, but there is no update despite the promises. My questions are:
How come a company with 100k profits suddenly cannot pay the instalments for a 50k loan? What happened exactly? Did they loose contract for their recycling vehicles?
Are they still operating? It seems they still pay their website hosting.
But mainly: is there a chance of recovery, even if partial?
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trevor
Member of DD Central
Posts: 556 
Likes: 379
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Post by trevor on Jun 23, 2016 20:36:52 GMT
So glad I've got 90% of my cash out of REBS.
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johnfleet
Member of DD Central
Posts: 170
Likes: 85
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Post by johnfleet on Jun 23, 2016 22:06:34 GMT
Me too! - hope they stay around for a bit longer though so I can extract a little more of my hard - earned!
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Post by bluechip on Jun 24, 2016 1:15:42 GMT
I have several bad ones left and a few I can't sell for love nor money. However I noticed my account default section has -£700 or so, but I have several thousand owed to me some with zero hope of recovery. Only by clicking on the "estimated loss" panel -£700 do I discover that those other bad ones appear. One of which the owner of the debt has gone AWOL yet they still have likelihood of recovery at 90%, what a joke!
So not only are they no longer showing true default numbers on the dashboard, (which has 10 panels for other info that is far far less important, funny that), but they also don't care enough to even update their recovery chances.
How they can get away with hiding defaults like this is beyond me. How much grace they give people that constantly stick two fingers up at those that have helped them, is beyond me. But most of all how I invested in this concept in the first place is even more beyond me! I got greedy with Rebs, it won't happen again.
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Post by rebsrep on Jun 24, 2016 13:01:59 GMT
These guys are in default and there was a creditors meeting on May 18, but there is no update despite the promises. My questions are: How come a company with 100k profits suddenly cannot pay the instalments for a 50k loan? What happened exactly? Did they loose contract for their recycling vehicles? Are they still operating? It seems they still pay their website hosting. But mainly: is there a chance of recovery, even if partial? We only received the report from the Meeting of Creditors this week, as such this will be sent to lenders along with a full update in our weekly default updates next Wednesday. Unfortunately Legal Advisors, Insolvency Practitioners, Administrators, Accountants work on a slower than you would expect timescales, this is often due to procedures they have to follow that courts have set out to show fair and due reasonable process.
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