r1200gs
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Post by r1200gs on Nov 9, 2023 10:37:19 GMT
lastest "update" 2 points 1) however long has this been going on for ? Steps to enforce this started in 29/01/2021 if not before 2) this bloke is clearly experienced in paper-shuffling etc (know what I mean guv!) and I refuse to believe making him bankcrupt will realise a single penny on my loan the valuation was £4.5m and it was sold for 1.5m ? (from memory) what a bloody shambles and that is being generous I was sold for 1.3 million. (Edit: Or at least that's what was received I think). This from the administrators. "If the guarantor was bankrupt, then FSL could reach an agreement with any appointed trustee in bankruptcy which will hopefully allow funds to be released."If I had just put a small amount into this then I would forget about it and get on with my life, but this first ranking loan had an LTV of something like 5% if I remember rightly, so muggins here stuck 20k in. So if the guarantor is NOT made bankrupt and that COULD turns out to be CAN'T and HOPE turn out to have been in vain - then going to happen and when? Will this be after a court has ordered that FS can use the funds to carry on its work in 2030? !
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adrian77
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Post by adrian77 on Nov 9, 2023 11:59:36 GMT
in my book they are grasping at straws here - bet this bloke has made plans for going bust and there will be no assets whatsoever to seize (doesn't mean he hasn't got any) - I think the chance of him releasing money to FS to prevent this are somewhat slim and about as likely as Dianne Abbot winning Mastermind
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Post by overthehill on Nov 9, 2023 13:21:22 GMT
in my book they are grasping at straws here - bet this bloke has made plans for going bust and there will be no assets whatsoever to seize (doesn't mean he hasn't got any) - I think the chance of him releasing money to FS to prevent this are somewhat slim and about as likely as Dianne Abbot winning Mastermind
The administrators are effectively using the funds due to the 1st charge loan to chase improbable recoveries for the lower charges. One of numerous perfect administration scenarios to leech more investors' money for themselves and business associates.
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r1200gs
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Post by r1200gs on Nov 9, 2023 14:04:47 GMT
in my book they are grasping at straws here - bet this bloke has made plans for going bust and there will be no assets whatsoever to seize (doesn't mean he hasn't got any) - I think the chance of him releasing money to FS to prevent this are somewhat slim and about as likely as Dianne Abbot winning Mastermind
The administrators are effectively using the funds due to the 1st charge loan to chase improbable recoveries for the lower charges. One of numerous perfect administration scenarios to leech more investors' money for themselves and business associates.
Yet those funds, 1.3 million are supposed to be ringfenced. The only thing here that is perfectly clear is the administrators have no clear plan on how to get this money released to the rightful owners, just "hopes" and that can't be banked. I bet they have clear plans on how to find money to keep this shambles going though.
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sundown
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Post by sundown on Nov 18, 2023 11:14:57 GMT
I’m trying hard to understand why the ringfenced funds can’t be released.
Is the only reason because the admins are trying to get more money from the bankrupt former director of the borrowing company?
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r1200gs
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Post by r1200gs on Nov 18, 2023 13:46:44 GMT
I’m trying hard to understand why the ringfenced funds can’t be released. Is the only reason because the admins are trying to get more money from the bankrupt former director of the borrowing company? Take a look at the updates on the loan, it's perfectly obvious why they cannot release the funds - NOT! It just looks to me as if they are using any excuse to hang on to those funds because one day they might be able to get their claws into them. After all, what are we going to do about it, eh?
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rocky1
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Post by rocky1 on Nov 19, 2023 12:19:19 GMT
why cant they release say 50% of our funds to first tranche lenders.then tell us they are keeping the rest to carry on funding themselves until it all runs out.instead they want the lot.
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r1200gs
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Post by r1200gs on Nov 19, 2023 14:29:39 GMT
why cant they release say 50% of our funds to first tranche lenders.then tell us they are keeping the rest to carry on funding themselves until it all runs out.instead they want the lot. It's unclear to me if the admins could use this money to pay themselves, but you can be sure that if they can they will. If they wanted it released it would have been done by now, no clear reason has ever been given as to why this money is being held.
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r1200gs
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Post by r1200gs on Dec 18, 2023 15:19:42 GMT
Guarantor now made bankrupt which was apparently the major hurdle to the release of 1.3 million in recovered funds.
I wonder what is stopping them releasing that money now now? There's going to be something, that's for sure!
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Mousey
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Post by Mousey on Dec 18, 2023 15:32:18 GMT
Guarantor now made bankrupt which was apparently the major hurdle to the release of 1.3 million in recovered funds. I wonder what is stopping them releasing that money now now? There's going to be something, that's for sure! Made bankrupt on the 11th. I've been moaning on twitter about barriers to getting hold of the judgment
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Post by overthehill on Dec 18, 2023 15:54:09 GMT
Guarantor now made bankrupt which was apparently the major hurdle to the release of 1.3 million in recovered funds. I wonder what is stopping them releasing that money now now? There's going to be something, that's for sure!
But the administrators will surely have another card up their sleeve to postpone payment...
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Post by overthehill on Dec 18, 2023 16:05:00 GMT
Guarantor now made bankrupt which was apparently the major hurdle to the release of 1.3 million in recovered funds. I wonder what is stopping them releasing that money now now? There's going to be something, that's for sure!
But the administrators will surely have another card up their sleeve to postpone payment...
I don't want to give them ideas but 1) it's too close to christmas 2) we're getting a very good interest rate at the moment 3) we're having issues with our bank 4) we're waiting for a written apology from the borrower 5) a required legal document was mistakenly sent Royal Mail 2nd class instead of recorded delivery 6) simple clerical error due to zeros and O's and 1's and l's 7) train strikes.
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r1200gs
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Post by r1200gs on Dec 18, 2023 21:08:27 GMT
Guarantor now made bankrupt which was apparently the major hurdle to the release of 1.3 million in recovered funds. I wonder what is stopping them releasing that money now now? There's going to be something, that's for sure!
But the administrators will surely have another card up their sleeve to postpone payment...
In all the administrations I'm watching one thing has become apparent - they release funds to investors as a last option when all else has failed. I fully expect these funds to be retained as long as there is the slightest chance anybody else can make a claim on them, the slightest chance they can be used to pay for the admin at some point and as long as nobody forces them to release the funds by legal action. The only people that want these funds to come back to us is us, and we don't matter much if at all.
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rocky1
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Post by rocky1 on Dec 19, 2023 9:16:27 GMT
email update last night.guarantor now bankrupt.now liasingwith petitioning creditor to appoint their preferred trustee in bankruptcy.one last money grab and whatever is left will be released some time next year.
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aj
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Post by aj on Dec 19, 2023 10:32:35 GMT
"Ah, but now we can't release funds until the trustee in bankruptcy formally confirms that the bankrupts objection to the sale of the tower block was complete nonsense. Please wait another 6 months while we drag out getting this confirmation. We will be adding 300 billed hours at £800/hr for obtaining this confirmation."
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