TitoPuente
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Post by TitoPuente on Sept 22, 2022 12:49:40 GMT
£380,935 distributed to MT to date + an estimated additional £80k to be distributed = £460,935. The original loan was £1,919,700 so the expected recovery is 24% of principal. There are pending issues to be resolved with the rent guarantee that may reduce those £80k. The administration is expected to end within the next 6 months. This is a Harvard case of P2P FUBAR.
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TitoPuente
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Post by TitoPuente on Sept 21, 2022 13:02:09 GMT
New Admin report posted at CH. Should be available in the next few days.
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TitoPuente
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Post by TitoPuente on Sept 17, 2022 8:02:48 GMT
The payment was from retained funds. Which, by the way, should have been used to reduce principal at the time.
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TitoPuente
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Post by TitoPuente on Sept 17, 2022 7:58:55 GMT
The payment was from retained funds.
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TitoPuente
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Ablrate (ABL) in Administration
#1000153 (ABL)
Sept 16, 2022 7:54:53 GMT
Post by TitoPuente on Sept 16, 2022 7:54:53 GMT
Should repay on Sunday.
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TitoPuente
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Post by TitoPuente on Sept 16, 2022 7:51:34 GMT
Expected to repay today
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TitoPuente
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Post by TitoPuente on Sept 6, 2022 15:24:39 GMT
This company and its parent have a history of overdue accounts and overdue confirmation statements that trigger strike-offs in CH. These are probably the most benign of all the issues going on right now.
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TitoPuente
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Post by TitoPuente on Sept 1, 2022 14:50:35 GMT
“We are still concerned that consumers stepping in the PtP world do not know that they are potentially exposed to high risks and we believe that they cannot be expected to understand the risks even with enhanced disclosure”.
7th June 2017 – E-mail sent from B** F** – Director (Risk & Compliance Oversight Division)
Patronising to say the least. We the ignorant consumers are not educated to understand the enhanced disclosures. I have never read an enhanced disclosure that said that there was a risk that the Directors would engage in criminal activities and/or collusion with other unscrupulous borrowers and associates. The issue with P2P is not asset class risk, it is crime.
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TitoPuente
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Post by TitoPuente on Aug 18, 2022 7:46:21 GMT
So, assuming just 1 individual appealed does that block payments for everyone? “The Liquidators will communicate their decision in relation to any appeal as soon as possible”. “When making distributions, the Liquidators will be entitled to retain a reserve in relation to any appeal that has not yet been determined”. So, an appeal should not indefinitely stop distributions to victims, but has the potentiality to delay the process. How long is “as soon as possible”?
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TitoPuente
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Post by TitoPuente on Aug 15, 2022 8:36:36 GMT
The Bar Date was 4 August, which is 35 days after 30 June, when the schedules were distributed (Assuming it is 35 calendar days and not working days).
It is time for BDO to advise whether or not there was any appeal.
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TitoPuente
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Post by TitoPuente on Aug 7, 2022 9:02:36 GMT
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TitoPuente
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Post by TitoPuente on Jul 29, 2022 8:31:13 GMT
Give them a break. They probably did not anticipate that the last two days of the month were a weekend.
No, seriously. I got the following response from a large fund manager's IR when asking a similar question about a return of capital "around the end of July":
"We have had slippage of the 31 July reported date by 1 business day due to 30th and 31st July falling on a weekend"
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TitoPuente
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Post by TitoPuente on Jul 23, 2022 15:55:06 GMT
Are these figures for real. 95% loss. Thats fraud of the highest order surely. In case you missed it: "The FCA has commenced criminal proceedings against the 2 former directors of Collateral (UK) Ltd (Collateral), Peter Currie and Andrew Currie, who each face 2 charges under the Fraud Act 2006 and 1 charge under the Proceeds of Crime Act 2002" www.fca.org.uk/news/press-releases/criminal-proceedings-collateral-uk-ltd
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TitoPuente
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Post by TitoPuente on Jul 21, 2022 12:04:35 GMT
Where physically are the assets listed on the asset schedule in the charge against O*** D***s Ltd?- In a storage facility We have to assume that the company was left with other machinery (non charged) in order to function. Otherwise the new owner of O*** D***s Lts bought just a shell. Are all these assets in storage for sale? Would the proceeds go directly to pay interests and reduce ABL principal or will they go to "general working capital"?
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TitoPuente
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Post by TitoPuente on Jul 20, 2022 16:13:16 GMT
Still not clear.
A charge needs to have a corresponding loan to which it is its collateral (In most cases?)
The company (O*** D*** Ltd) has been sold to an individual (G*** A*** B***).
The last accounts posted in CH are for December 2019, so 2020 accounts are almost two years overdue. According to these 2019 accounts, there appear to be a corporate loan (“Amounts due to group companies”) of £259k owed to V*** I*** plc vs. the charges of £248k plus debenture. Was this corporate loan novated to ABL (which is the beneficiary of the charges) or is the company still owing to V*** I*** plc?
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