micky
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Post by micky on Dec 3, 2020 16:29:21 GMT
New administrators appointed on 20/11/20
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Mousey
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Post by Mousey on Jul 24, 2021 12:22:40 GMT
Some more info has been posted in DDC. In short I understand Fundingsecure made an application for, and was granted, the replacement of the original administrator. The director and former administrator are presumable unhappy about this and are seeking a remedy against Fundingsecure, the borrowing company and the administrators of FS.
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pfffill
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Post by pfffill on Jul 30, 2021 14:39:31 GMT
Update today:
"As per the previous update, the Administrator of the borrower company has advised that matters are now entering into the litigation stage, and solicitors have been instructed accordingly. We are unable to to disclose the nature of claim(s) at this stage, as it may jeopardise the Administrators' ongoing investigations. This process may become protracted and a further update will be provided, once available."
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adrian77
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Post by adrian77 on Jul 31, 2021 10:19:35 GMT
And there was me thinking that FS had control of this asset
This process may become protracted - excuse me but it already is - something very badly wrong here!
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mah
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Post by mah on Nov 12, 2022 22:43:47 GMT
A Sale Exchanged for £612K, whereas a Housing Assoc offered 1.8M+ in 09/2019 ?
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Post by overthehill on Nov 13, 2022 8:50:01 GMT
A Sale Exchanged for £612K, whereas a Housing Assoc offered 1.8M+ in 09/2019 ?
27 primary, suppplemental and further supplemental tranches totalling 1.4M with no interest paid. Primary tranches might get back 60% of capital.
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r1200gs
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Post by r1200gs on Nov 13, 2022 10:32:13 GMT
A Sale Exchanged for £612K, whereas a Housing Assoc offered 1.8M+ in 09/2019 ?
27 primary, suppplemental and further supplemental tranches totalling 1.4M with no interest paid. Primary tranches might get back 60% of capital.
You really could not make up the sheer scale of the incompetence, carelessness and of course an unhealthy dose of fraud on FS.
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adrian77
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Post by adrian77 on Nov 14, 2022 12:03:05 GMT
I am not in this one - as a matter of interest have we any idea who the new owner is - wouldn't be the owner of the ransom strip
by any chance would it?
I note the charge for this one was taken out in Dec 2016 - virtually 6 years ago!
Yet another FS mega farce...
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zuluwarrior
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Post by zuluwarrior on Nov 14, 2022 16:00:32 GMT
I am not in this one - as a matter of interest have we any idea who the new owner is - wouldn't be the owner of the ransom strip by any chance would it? I note the charge for this one was taken out in Dec 2016 - virtually 6 years ago! Yet another FS mega farce... I will revisit in around 4 months time (when Land Registry updates) to confirm but suspicions certainly of a dodgy deal. Can't see anyone else willing to pay that with the issues and without knowing how the issue will be resolved.
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micky
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Post by micky on May 26, 2023 14:54:56 GMT
Waiting to hear about this one.
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zuluwarrior
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Post by zuluwarrior on Jul 15, 2023 10:13:05 GMT
I have an update for you.
This doesn't seem to have been a bent deal and was sold to a local developer for £612,500.
There was no resolution to do with the title and the building straddling two titles, one of which was not within the security (a common theme for FS cases)
18p in the pound was distributed to FS, a world class cockerel up!
I wonder if the new owner can solve the title issues.
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adrian77
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Post by adrian77 on Jul 15, 2023 10:25:52 GMT
do we know if this luckky buyer had any connection to the original lenders - as if!
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Post by overthehill on Jul 15, 2023 10:27:33 GMT
I have an update for you. This doesn't seem to have been a bent deal and was sold to a local developer for £612,500. There was no resolution to do with the title and the building straddling two titles, one of which was not within the security (a common theme for FS cases) 18p in the pound was distributed to FS, a world class cockerel up! I wonder if the new owner can solve the title issues.
My note says 43% of capital was recovered, not sure how that relates to 18p in the pound.
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zuluwarrior
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Post by zuluwarrior on Jul 15, 2023 11:19:13 GMT
do we know if this luckky buyer had any connection to the original lenders - as if! Can't find any clear link but wouldn't have surprised me
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zuluwarrior
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chap from Newcastle, dabbling here and there. Long-time lurker of the forums
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Post by zuluwarrior on Jul 15, 2023 11:25:49 GMT
My note says 43% of capital was recovered, not sure how that relates to 18p in the pound.
Not too sure, £424k was recovered and redistributed to the senior lender, out of a claim of £2.27m when accounting for penalty interest - approx 18p in £1
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