GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Jul 15, 2017 11:17:34 GMT
I've seen this in TV drama shows. The cars are put in shipping crates and put on ships and shipped abroad for wealthy customers.
They could be already out of the country with new identities. I wonder if there is any insurance in place that will cover the value of the missing cars.
It's one reason why I specialise in property loans whether it be here, on MT or LY because you can't move land or property.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Jul 15, 2017 11:35:03 GMT
This company went into liquidation on 26th June and there are no vehicles whatsoever at the Cheshire location, where I believe the vehicles were meant to be. That scenario would leave Col with a lot of questions to answer.A period of three weeks between the liquidation and Col acting would be very worrying indeed.(Memories of an Irish furniture dealer here?)
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Jul 15, 2017 11:53:50 GMT
This company went into liquidation on 26th June and there are no vehicles whatsoever at the Cheshire location, where I believe the vehicles were meant to be. Where did you find this info?
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Jul 15, 2017 12:18:58 GMT
Ah, I didn't realise we knew who the borrower was.
Note that I'm not asking for the borrower to be identified on a public forum - that doesn't do the recovery process any good, at this stage.
|
|
applets
Member of DD Central
Posts: 125
Likes: 227
|
Post by applets on Jul 15, 2017 12:37:03 GMT
Assuming this is the company shown at Companies House with Collateral as a creditor, it is worrying that Collateral did not know about the situation until yesterday afternoon. Even if the liquidator did not contact Collateral, a document is posted at Companies House on 7 July and dated 14 June. If Collateral were aware before yesterday afternoon, it is odd that secondary market trades were permitted to continue in that knowledge.
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jul 15, 2017 12:42:47 GMT
How long was the company loss making before going into liquidation?
|
|
|
Post by angrykittens on Jul 15, 2017 12:47:00 GMT
The phone number in the background of that photo gives away the location if you do a bit of work, not sure if that's in breach of forum rules?
Not sure where the 26th of June came from, Companies House shows voluntary liquidators were appointed 7th July.
However a winding up order was voted on by shareholders by an extraordinary majority on 26th of June, but isn't apparent on companies house until 7th July also.
So to me COL were a week behind the curve on this one.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,871
Likes: 11,097
|
Post by ilmoro on Jul 15, 2017 12:51:14 GMT
Or the liquadators have removed the cars to a more secure location, maybe an auction house ready for sale. Or Gordon/Peter nipped over from Manchester last night to pick them up.
Lots of conclusions being jumped to (I am assuming this is the correct borrower)
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,871
Likes: 11,097
|
Post by ilmoro on Jul 15, 2017 12:58:00 GMT
The phone number in the background of that photo gives away the location if you do a bit of work, not sure if that's in breach of forum rules? Not sure where the 26th of June came from, Companies House shows voluntary liquidators were appointed 7th July. However a winding up order was voted on by shareholders by an extraordinary majority on 26th of June, but isn't apparent on companies house until 7th July also. So to me COL were a week behind the curve on this one. Liquidators were formally appointed 26th June, the document was published by CH on the 7th July (you have to read the actual document for dates, CH dates are filling/publication dates) I note FC are on the list of Creditors for 41k
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,871
Likes: 11,097
|
Post by ilmoro on Jul 15, 2017 13:03:26 GMT
Assuming this is the company shown at Companies House with Collateral as a creditor, it is worrying that Collateral did not know about the situation until yesterday afternoon. Even if the liquidator did not contact Collateral, a document is posted at Companies House on 7 July and dated 14 June. If Collateral were aware before yesterday afternoon, it is odd that secondary market trades were permitted to continue in that knowledge. I dont think you are talking about the same company. There is not charge for Collateral registered, they are listed as an unsecured creditor
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Jul 15, 2017 13:07:43 GMT
I would like to see an up to date asset list againt the loans as sold cars were meant to have another vehicle of the same value added to the list whenever a car sold. As on FS train loans will the assets recovered and money available from sales will go to loans against which the asset was the collateral or if Col will apply a different strategy?
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Jul 15, 2017 14:56:10 GMT
I am not in this loan but I am a COL investor and therefore this matter is of interest to me.
However - I cant find the loan on the COL website so I don't know the size of the loan or anything like that. I didn't get an email telling me a loan had defaulted - I guess because I'm not invested in it.
There doesn't seem to be a Defaulted Loans tab on the website and I can't find it under Completed Loans or anywhere else.
Where does this loan appear on the COL website?
Thanks.
|
|
|
Post by martin44 on Jul 15, 2017 14:58:41 GMT
Or the liquadators have removed the cars to a more secure location, maybe an auction house ready for sale. Or Gordon/Peter nipped over from Manchester last night to pick them up.Lots of conclusions being jumped to (I am assuming this is the correct borrower) Im surprised they didn't see the motors being removed from their media city window considering the whole thing happened only 6 miles away.
|
|
|
Post by geraldine1210 on Jul 15, 2017 15:02:33 GMT
I am not in this loan but I am a COL investor and therefore this matter is of interest to me. However - I cant find the loan on the COL website so I don't know the size of the loan or anything like that. I didn't get an email telling me a loan had defaulted - I guess because I'm not invested in it. There doesn't seem to be a Defaulted Loans tab on the website and I can't find it under Completed Loans or anywhere else. Where does this loan appear on the COL website? Thanks. You should have received an email. I received one without participating in the loan.
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Jul 15, 2017 15:07:05 GMT
I am not in this loan but I am a COL investor and therefore this matter is of interest to me. However - I cant find the loan on the COL website so I don't know the size of the loan or anything like that. I didn't get an email telling me a loan had defaulted - I guess because I'm not invested in it. There doesn't seem to be a Defaulted Loans tab on the website and I can't find it under Completed Loans or anywhere else. Where does this loan appear on the COL website? Thanks. I can't find them either, the loans have vanished from the website it seems, unless Collateral's developers are busy constructing a 'default loans' tab I think this is very misleading for any new (or even existing) investors. If you weren't in the loans, and don't look at the forum, you would probably be blissfully unaware Collateral had any defaults. Hope this will be remedied soon even if potentially sensitive information is redacted if necessary.
|
|