TitoPuente
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Post by TitoPuente on Jul 20, 2022 13:54:46 GMT
The clean up is a good thing for lenders. The balance sheet being cleaned up will be better when the look to refi us out. All of the companies have a chattels mortgage on equipment in favour of our lenders so when a sub is sold lenders will get the cash because they can't sell those assets without our permission and our chattels being removed. So the £1 is to make a contract valid, any sales of assets are required to be paid to lenders. Not following. You say that all of the companies have a chattels mortgages on equipment in favour of lenders. That included O*** D*** Ltd, but it was sold for a peppercorn so the chattels on all of their assets had to be released and no funds were returned to lenders. Did ABL give permission to sell under these terms?
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TitoPuente
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Post by TitoPuente on Jul 20, 2022 8:09:45 GMT
In the case of a loan in which the amount recovered is higher than the principal, I would assume that the surplus would be used to pay for all realisation expenses and any remaining amount would cover interests? Am I correct?
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TitoPuente
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Post by TitoPuente on Jul 19, 2022 10:09:37 GMT
RNS
18 July 2022
V** I** plc
Disposal of O*** D*** Limited
V** I** plc (AQSE: ****) is pleased to announce that it has disposed of the entire share capital of O** D*** Limited
Disposal rationale
O*** specialises in the design, manufacture, and installation of custom-built fire doors in the health, education and public infrastructure sectors. The sector suffered significantly, with complete shut down during the initial COVID lock down. Further lockdowns compounded the delays in rebuilding the order pipeline. Following a review of the budget for the year ending 31 March 2023 the board have concluded that additional investment to increase capacity is required to enable the business to move into profitability. The demand outlook, whilst improving, remains uncertain, with the risk that the additional volumes required to justify the investment might not materialise for some time. Accordingly, the board have decided to dispose of the business to avoid continued cash outflows.
In the interim accounts to 30 September 2021 O*** had net liabilities of £751,000. Consideration from the disposal is £1 and its disposal will improve the Group balance sheet of V*** I*** plc.
I*** T***ff, Executive Chairman, "Together with many smaller suppliers to the construction industry, O*** struggled to sufficiently rebuild its order book following the period of restrictions during the pandemic. Whilst we have reviewed a series of options to support its endeavors, the additional capital and working capital investment required to reach profitability cannot justified given the continued uncertainty in the market."
Sold for £1
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TitoPuente
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Post by TitoPuente on Jul 18, 2022 13:19:15 GMT
How would an ISA transfer work when all the investments are stuck? Only cash. Through a partial transfer.
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TitoPuente
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Post by TitoPuente on Jun 23, 2022 15:12:46 GMT
Did anyone receive a payout from the receivers? If so what date? DFL001 is a model 1 loan (i.e. not P2P). As of today, all recoveries go to Lendy as Lendy was the lender.
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TitoPuente
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Post by TitoPuente on Jun 23, 2022 15:08:11 GMT
Recovery rates are/will be different for each loan.
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TitoPuente
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Post by TitoPuente on Jun 20, 2022 8:30:09 GMT
hi all, do we have any update on this one? Thanks. The next Administration report will be published in September.
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TitoPuente
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Post by TitoPuente on Jun 8, 2022 7:40:31 GMT
A**1 Ltd First Gazette notice for compulsory strike-off. For these chaps this is standard operating procedures.
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TitoPuente
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Post by TitoPuente on Jun 1, 2022 12:38:47 GMT
It's a valuable location. Should be relatively straightforward to appoint receivers and sell the property.
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TitoPuente
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Post by TitoPuente on May 18, 2022 14:08:11 GMT
This is appalling. Doesn’t the judge realise that this fairly simple case has been dragging since 2016? I guess he does not care. The justice system is broken.
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TitoPuente
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Post by TitoPuente on Apr 21, 2022 10:46:48 GMT
I found the below amusing in several counts including not explaining clearly why the phantom update happened and apparently failing to delete the "Q&A post".
Question (19/04/2022) Website shows the last update was on 14/04/22. The most recent update I can see was posted 05/04/2022. Where do I find the update 14/04/2022? Or are AC totally incompetent?
Answer (21/04/2022) Thank you for your posting. The “last updated” column on the Marketplace page is not just in relation to “lender updates”. This date can be affected by any activity surrounding that loan including responding to another investors Q&A post. Your Q&A post has been deleted. We do this to ensure that the Q&A section remains as efficient as possible by only displaying Q&A that remain relevant. Please contact enquiries@assetzcapital.co.uk for any queries you have relating to the operation of the platform.
Kind Regards Assetz Capital
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TitoPuente
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Post by TitoPuente on Apr 11, 2022 15:17:55 GMT
New Admin report notice posted in CH but doc still not downloadable.
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TitoPuente
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Post by TitoPuente on Apr 11, 2022 8:15:07 GMT
Feature article in the FT titled "Credit Suisse angers investors with five-year ‘hard grind’ on Greensill losses" names Mr AF as a "hold-out" and includes the comment that "Credit Suisse’s debt recovery team expects these cases to drag on" referring to AF and a number of other smaller debtors.
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TitoPuente
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Post by TitoPuente on Apr 8, 2022 11:08:58 GMT
First sentence in Tuesday's "IMPORTANT" email read "We aim to bring you a number of updates this week on progress towards a solution with a number of loans". Waitin' On A Sunny Day.
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TitoPuente
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Post by TitoPuente on Apr 6, 2022 8:25:33 GMT
It's not clear to me why other P2P platforms can keep their secondary markets functioning? The email from DBW seem to indicate that the FCA is acting in general, against P2P markets, and not specifically against ASMX/ABL. However, I have not seen other platforms having to temporary suspend their SMs.
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