TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Oct 5, 2016 17:14:53 GMT
No - if you did where is it?
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treeman
Member of DD Central
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Post by treeman on Oct 5, 2016 19:07:42 GMT
No - if you did where is it? In the Public Notices of The Courier, a local paper. Action raised in Dunfermline Sheriff Court. A quick snoop seems to show that this was presented on 23rd Sept ......... I believe the process is pretty quick in Scotland (something about 8 days  ?), so maybe the action has been fended off?
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treeman
Member of DD Central
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Post by treeman on Oct 5, 2016 21:50:47 GMT
A quick snoop seems to show that this was presented on 23rd Sept ......... I believe the process is pretty quick in Scotland (something about 8 days ?), so maybe the action has been fended off? The Public Notice was published in today's paper. I believe that there is a 14 day period in which the notice must be published after presentation to the court. Another watch and wait then ............
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pip
Posts: 542
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Post by pip on Oct 5, 2016 22:36:10 GMT
Please no, if this one heads south too I am looking at being underwater with this platform, even with the sign up bonuses. How can they expect anybody sane to invest with them when their defaults are so much higher than interest income. But they never seem to actually default anything, even when recovery is clearly doubtful. Let's hope for the best with this one, but not looking good  |
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Post by lionelrichtea on Oct 5, 2016 22:44:45 GMT
Is this the same company that had an auction end a few days ago (and for which my bid is still 'pending') or am I getting mixed up?
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Post by bonfemme on Oct 6, 2016 7:50:57 GMT
Is this the same company that had an auction end a few days ago (and for which my bid is still 'pending') or am I getting mixed up? I don't think so. I assume it's the loan to a company that cleans sheets and towels. If not, I've just sold some reasonable loan parts unnecessarily. Quite impressed, I had three parts and all sold within minutes of listing.
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Post by nanniema on Oct 6, 2016 8:31:48 GMT
Yes me too, I assume to some-one who does not read this forum.
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Post by lionelrichtea on Oct 6, 2016 9:28:41 GMT
Is this the same company that had an auction end a few days ago (and for which my bid is still 'pending') or am I getting mixed up? I don't think so. I assume it's the loan to a company that cleans sheets and towels. If not, I've just sold some reasonable loan parts unnecessarily. Quite impressed, I had three parts and all sold within minutes of listing. It seems it may be the same company, in the linen business and based in Scotland, with the most recent auction being for a 'B' (i.e. second) loan. The auction ended on Tuesday but my bid is still 'pending' and someone has just asked a question on the auction page concerning the winding up order.
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grahamg
Member of DD Central
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Post by grahamg on Oct 6, 2016 10:05:29 GMT
Now disabled on the loan exchange
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pom
Member of DD Central
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Post by pom on Oct 6, 2016 10:31:49 GMT
This was one of my first parts to sell when I listed everything last week so I feel totally guilt free about only having shrapnel left - feel sorry for my buyer tho !
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Post by trentenders on Oct 6, 2016 12:28:44 GMT
Big thanks to the OP - I'll give you your first 'like' for the tip-off  Like others, mine literally sold within seconds of listing(?!). Glad to be out, even if it turns out to be a non-event. |
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ablender
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Post by ablender on Oct 6, 2016 12:40:03 GMT
I have to say I am really impressed. I have never witnessed this amount of activity on the LC thread of this forum.
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Post by lionelrichtea on Oct 6, 2016 15:12:59 GMT
The recent 'B' loan has now been cancelled:
"The fact that the Company is experiencing issues with HMRC in regard to delayed payments of VAT outstanding was not disclosed to us by the Director. Further there was nothing in our extensive diligence to indicate that the Company was behind in its liabilities to HMRC.
We have been advised by the Director that through his advisers he is trying to obtain an early resolution to the HMRC situation with a view to having the Winding Up order removed.
Notwithstanding this, as indicated we consider this to be a material change in the circumstances, and we will not be proceeding with the proposed Loan."
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Post by Butch Cassidy on Oct 6, 2016 15:13:31 GMT
Loan now pulled, playing better safe than sorry line, even though the fact was initially missed by LC DD:
"We have today become aware that HMRC is in the course of petitioning for the Winding Up of the Company.
The fact that the Company is experiencing issues with HMRC in regard to delayed payments of VAT outstanding was not disclosed to us by the Director. Further there was nothing in our extensive diligence to indicate that the Company was behind in its liabilities to HMRC.
We have been advised by the Director that through his advisers he is trying to obtain an early resolution to the HMRC situation with a view to having the Winding Up order removed.
Notwithstanding this, as indicated we consider this to be a material change in the circumstances, and we will not be proceeding with the proposed Loan."
EDIT: Cross posted with above, must type faster
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Oct 7, 2016 23:41:59 GMT
I doubt it; they missed the fact that one borrower didn't actually hold the lease he claimed as an asset, and that another who declared "a variety of income streams" as security, but collapsed when one client folded.
I am worried about obvious weaknesses and anomalies in several recent loan proposals, and experience suggests little confidence that any securities stated will be worth anything in case of defaults.
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?), so maybe the action has been fended off?
Like others, mine literally sold within seconds of listing(?!). Glad to be out, even if it turns out to be a non-event.
