iRobot
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Post by iRobot on Oct 26, 2020 15:56:35 GMT
Most peculiar, ron . £260k loan running for a little over 1,000 days would have accrued something in the region of £90k interest so amount outstanding to lenders is going to be in the region of £350k. You'd have thought that £482k from the sale of both properties would cover that. Even after 10% receivers* / sales / legals (£48k), 5% FS fee (£13k, on loan amount) and 3% CG Fee (another £13k, on net redemption), there's still be over £400k in the kitty. And that's not including the £10k received 'on account' and which I've assumed will have gone AWOL by now. * Interesting thing about the Receivers is that none were officially appointed against the borrower company. Maybe that isn't a requirement in Northern Ireland? However, when it comes to the updates, there some confusion here, as well (my emphasis): 14/10/2019 - ... taking further action and issued the borrower with a formal demand for the funds with a view to appointing receivers25/10/2019 - Further to the formal demand sent to the borrower we had no response to deadlines set for proposals to be received and have now formally appointed receivers15/01/2020 - Receivers were appointed at the end of November due to lack of communication from the borrower. We are awaiting the receivers recommendations and will update in due course. 03/04/2020 - The borrower has not responded to the formal demand. We have contacted Receivers with a view to appointment and we are currently reviewing the proposed costs involved. We will provide a further update in due course. So they were preparing to appoint Receivers. Then they did. Then they confirmed they did. And then ... then they decided they might appoint Receivers, depending on costs. Might understand it if CG had been brought in after the January update, but they'd held tenure since the previous October, so should have had a firm handle on things by the time of that January update. Just tagging fundingsecure2 on the off-chance they read this, just so they are aware of the confusion surrounding the situation here and maybe a clarifying update can be provided. Otherwise it'll be a case of wait and see and, potentially, another loan for the CC to add the growing 'what-the-hell-happened-here' list. |
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adrian77
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Post by adrian77 on Oct 26, 2020 15:57:18 GMT
totally agree - this one just does not make sense.
Why does this borrower have an international bank account? Of course nothing wrong with this but what if he/she is now based overseas or in Ireland - then what ? I would say the chance of FS sueing this person is exactly zero!
As a lot of us said - sonmething is not right here...
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 26, 2020 20:21:14 GMT
Most peculiar, ron . £260k loan running for a little over 1,000 days would have accrued something in the region of £90k interest so amount outstanding to lenders is going to be in the region of £350k. You'd have thought that £482k from the sale of both properties would cover that. Even after 10% receivers* / sales / legals (£48k), 5% FS fee (£13k, on loan amount) and 3% CG Fee (another £13k, on net redemption), there's still be over £400k in the kitty. And that's not including the £10k received 'on account' and which I've assumed will have gone AWOL by now. * Interesting thing about the Receivers is that none were officially appointed against the borrower company. Maybe that isn't a requirement in Northern Ireland? However, when it comes to the updates, there some confusion here, as well (my emphasis): 14/10/2019 - ... taking further action and issued the borrower with a formal demand for the funds with a view to appointing receivers25/10/2019 - Further to the formal demand sent to the borrower we had no response to deadlines set for proposals to be received and have now formally appointed receivers15/01/2020 - Receivers were appointed at the end of November due to lack of communication from the borrower. We are awaiting the receivers recommendations and will update in due course. 03/04/2020 - The borrower has not responded to the formal demand. We have contacted Receivers with a view to appointment and we are currently reviewing the proposed costs involved. We will provide a further update in due course. So they were preparing to appoint Receivers. Then they did. Then they confirmed they did. And then ... then they decided they might appoint Receivers, depending on costs. Might understand it if CG had been brought in after the January update, but they'd held tenure since the previous October, so should have had a firm handle on things by the time of that January update. Just tagging fundingsecure2 on the off-chance they read this, just so they are aware of the confusion surrounding the situation here and maybe a clarifying update can be provided. Otherwise it'll be a case of wait and see and, potentially, another loan for the CC to add the growing 'what-the-hell-happened-here' list. 15/01/2020 - Receivers were appointed at the end of November. 03/04/2020 - The borrower has not responded to the formal demand. We have contacted Receivers with a view to appointment. Call me old fashioned, but isn't that blatant lying?And doesn't that, along with one or more other well known loans, constitute an open & shut case?
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rogerthat
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Post by rogerthat on Jul 30, 2021 15:05:36 GMT
Update 30/07/21
Aughnacloy Co.Tyrone..The settlement has not been concluded despite our best efforts. As such, demand will be served and Receivers will be appointed.
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adrian77
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Post by adrian77 on Jul 31, 2021 9:48:18 GMT
So receivers appinted in Nov 2019 and yet still not done -something wrong here!
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iRobot
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Post by iRobot on Oct 29, 2021 16:54:54 GMT
29/10/2021 - The borrower has advised that a sale is at an advanced stage; however, sufficient evidence has not been forthcoming. As such, demand has been issued and receivers will be appointed accordingly.
Loan amount £260k; accrued lenders' interest c. £119k
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Post by ron on Oct 29, 2021 16:55:15 GMT
This is becoming a farce...
30/07/2021
The settlement has not been concluded despite our best efforts. As such, demand will be served and Receivers will be appointed.
3 hours ago
The borrower has advised that a sale is at an advanced stage; however, sufficient evidence has not been forthcoming. As such, demand has been issued and receivers will be appointed accordingly.
So... 3 months ago they said they would appoint receivers, and now they say... they will appoint receivers! This seems to be truly negligent:
1. This loan was secured by 2 properties, and has a principal of GBP 260,000
2. FS has received GBP 10,000 from the borrower in 2018 + the proceeds from the sale of one of the 2 properties in 2020 (it was sold for 292,000 - so FS must have received that amount net of any real estate fee)
3. Given point 2 above, FS should be now holding an amount larger than the principal of the loan. It's a matter of collecting the accrued interest, which should be c. GBP 130,000
4. The second, unsold property was valued GBP 260,000, and - given the dynamics of the real estate market over the past 5 years - should be worth more than that now.
5. Given points 3 and 4 above, can the administrators please appoint receivers ASAP and get that property sold ASAP???
It's not that difficult...
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Post by ron on Jan 31, 2022 16:26:26 GMT
24 mins ago
There has been issues with the service of the demand and it has not been possible to appoint receivers to date. We have approached new solicitors in order to re-serve demand correctly and take this forward to appointment of receivers.
How is this even possible? After YEARS, they haven't even been able to properly serve the demand?? This might be a case of serious neglect of duty, and I am extremely disappointed with the way this loan has been dealt with. An extremely easy loan, low LTV, beautiful collateral, newly build, with one of the two houses already sold... what have they been waiting for?
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pfffill
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Post by pfffill on Jan 31, 2022 16:48:51 GMT
24 mins ago
There has been issues with the service of the demand and it has not been possible to appoint receivers to date. We have approached new solicitors in order to re-serve demand correctly and take this forward to appointment of receivers.
How is this even possible? After YEARS, they haven't even been able to properly serve the demand?? This might be a case of serious neglect of duty, and I am extremely disappointed with the way this loan has been dealt with. An extremely easy loan, low LTV, beautiful collateral, newly build, with one of the two houses already sold... what have they been waiting for? I suspect it's made possible by the arms-length, time-is-no-object-but-charge-the-earth culture of British professional services. Far be it from anyone to get down and dirty. By way of illustration of my point above, I give you an update posted just now on the "Legacurry" thread: "The receivers have advised that the selling agents have been instructed and the market strategy is being finalised between the agents and receivers." It apparently takes months to develop a "market strategy" to sell property at the pace these guys work.
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rogerthat
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Post by rogerthat on Jan 31, 2022 18:02:07 GMT
24 mins ago
There has been issues with the service of the demand and it has not been possible to appoint receivers to date. We have approached new solicitors in order to re-serve demand correctly and take this forward to appointment of receivers.
How is this even possible? After YEARS, they haven't even been able to properly serve the demand?? This might be a case of serious neglect of duty, and I am extremely disappointed with the way this loan has been dealt with. An extremely easy loan, low LTV, beautiful collateral, newly build, with one of the two houses already sold... what have they been waiting for? what have they been waiting for? Probably waiting until 'imaginary costs' exceed what should and could have been recovered, to justify their ineptness. Utterly appalling.
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adrian77
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Post by adrian77 on Feb 1, 2022 17:03:38 GMT
Totally agree- just why is this such a nightmare - they register a charge as part of the loan agreement- the borrower defaults so they default the damn properties...
I had an interest repayment mortgage on my house - repaid it yesterday - would the bank have had any problem with serving a demand on me - would they hell!
This is totally bloody ridicilous...
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Post by ron on Apr 29, 2022 12:51:34 GMT
Today's update is another joke... essentially repeating the exact same things as 3 months ago. What has been done over the past 3 months??? It's embarrassing to say the least.
30 April: "There are two properties. Receivers appointed over one and this property sold in 2020. Proceeds of sale being held. Update as to the breakdown was provided in February 2022 by way of illustration of the net sale proceeds of that property only. The borrower was seeking to settle the balance of the liabilities to prevent the sale of the second property. Demand had been served and receivers were to be appointed. The demands expire and therefore subsequent demands were required. Upon the appointment of receivers it transpired that demand had not been validly made by the solicitors, resulting in Receivers being unable to accept their appointment. This has necessitated the need for demand to be re-served and receivers validly appointed. This is now being undertaken by new solicitors, given the issues with the previous solicitors."
31 January: "There has been issues with the service of the demand and it has not been possible to appoint receivers to date. We have approached new solicitors in order to re-serve demand correctly and take this forward to appointment of receivers."
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Post by overthehill on Apr 29, 2022 13:16:31 GMT
Today's update is another joke... essentially repeating the exact same things as 3 months ago. What has been done over the past 3 months??? It's embarrassing to say the least. 30 April: "There are two properties. Receivers appointed over one and this property sold in 2020. Proceeds of sale being held. Update as to the breakdown was provided in February 2022 by way of illustration of the net sale proceeds of that property only. The borrower was seeking to settle the balance of the liabilities to prevent the sale of the second property. Demand had been served and receivers were to be appointed. The demands expire and therefore subsequent demands were required. Upon the appointment of receivers it transpired that demand had not been validly made by the solicitors, resulting in Receivers being unable to accept their appointment. This has necessitated the need for demand to be re-served and receivers validly appointed. This is now being undertaken by new solicitors, given the issues with the previous solicitors." 31 January: "There has been issues with the service of the demand and it has not been possible to appoint receivers to date. We have approached new solicitors in order to re-serve demand correctly and take this forward to appointment of receivers."
Most FS loan recoveries outside England I had the misfortune of being in have the same lamentable story. Nationalistic lack of cooperation, what else except malfeasance?
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Post by ron on Aug 3, 2022 19:22:43 GMT
Curiously no update on this loan last Friday... I wonder what's going on here...
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rogerthat
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Post by rogerthat on Nov 2, 2022 10:17:16 GMT
Curiously no update on this loan last Friday... I wonder what's going on here... Spoke too soon..came in 09.41 today ...£87,278..less of course you know what ..not sure I'll even waste my time looking..Charter house stuff...Barnoldswick..and Garvery Farm but that thread seems to have dropped off the list..cant find it atm Co Tyrone...borrowed £260K 5/1/18..you couldn't make it up...almost reached a milestone...just under £30K owed across the board...that is in interest alone..doubt I'll see a single penny. 
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