jo
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Post by jo on Mar 1, 2021 14:28:59 GMT
Possession being nine parts is rarely positive in my experience.
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Post by ablrate on Mar 3, 2021 13:49:37 GMT
We actually see it as positive, the more buttons to press for funds the better. Obviously in legals so no names and no inference of any guilt on anyone, just general chit chat.. If any financial institution was informed that funds being withdrawn from an account, from that point onwards, could be counter to an insolvency event or against creditor preference then that institution has a negative duty of care.. i.e they should not allow those funds to leave the account. If they do, they could be held liable. The precedent is know as Quincecare. Having had a quick look at the internet it says Quincecare (which looks a bit dubious at best of times) doesn't apply to individuals. Does this mean individual lenders won't be able to rely on it's terms?
Also, I assume this was additional cash held by the borrower, rather than somebody selling the security and pocketing the proceeds.
It is the company (i.e the administrator) who brings this about on behalf of the company's creditors. Basically the Adminstrator steps into the shoes of the directors and runs the company. The company makes a claim against the bank for allowing whomever it was to removed funds.
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eeyore
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Post by eeyore on May 4, 2023 14:00:35 GMT
A report from the Administrator (Griffins) for the two "Generators" loans #0071 & #0093 has been posted by Ablrate.
Lots of "we expect to be able to recover a dividend for creditors" with the inevitable "we will need to charge more for our recovery efforts".
The issue of HSBC paying out £159k after being told the company was being wound-up looks like a wonderful opportunity for a long-running administration...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 4, 2023 14:48:14 GMT
A report from the Administrator (Griffins) for the two "Generators" loans #0071 & #0093 has been posted by Ablrate. Lots of " we expect to be able to recover a dividend for creditors" with the inevitable " we will need to charge more for our recovery efforts". The issue of HSBC paying out £159k after being told the company was being wound-up looks like a wonderful opportunity for a long-running administration... I'm still trying to find clause 4.1.3 which covers the generators & an explanation why Abl has given up being a preferential creditor
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Post by muttley916 on May 5, 2023 8:02:17 GMT
Interesting that the information has come direct from the administrator. I wonder if this is the future and the quarterly updates are now over?
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Balder
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Post by Balder on May 5, 2023 9:05:55 GMT
He doesn't want to get his laptop wet while playing in the sea in Dubai!
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eeyore
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Post by eeyore on May 5, 2023 14:05:16 GMT
Interesting that the information has come direct from the administrator. I wonder if this is the future and the quarterly updates are now over? Good thing too! At least the Administrator, whilst he will put some spin on his actions, will write his report to bear some resemblance to reality in order to preserve his profesional reputation - something I no longer trust to appear from Ablrate.
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IFISAcava
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Post by IFISAcava on May 15, 2023 19:41:50 GMT
According to the last update, the generators - the security for the loan - can't be found so there are no assets. So we have given up our security, presumably so we can then go after the guarantors. Suspect any return on this (which was once looking quite optimistic) will end up being pretty low, especially once administrator fees factored in.
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Post by df on May 15, 2023 20:40:34 GMT
According to the last update, the generators - the security for the loan - can't be found so there are no assets. So we have given up our security, presumably so we can then go after the guarantors. Suspect any return on this (which was once looking quite optimistic) will end up being pretty low, especially once administrator fees factored in. This was the most entertaining part of this report. They are either very small pocket size devices or never existed in the first place
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
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Post by ilmoro on May 15, 2023 21:35:00 GMT
According to the last update, the generators - the security for the loan - can't be found so there are no assets. So we have given up our security, presumably so we can then go after the guarantors. Suspect any return on this (which was once looking quite optimistic) will end up being pretty low, especially once administrator fees factored in. This was the most entertaining part of this report. They are either very small pocket size devices or never existed in the first place I know exactly where they are ... they are stored in some containers. Where the containers are is another matter ... maybe in a cargo aircraft ... with some shoes
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