Post by brianlom1 on Jul 6, 2018 11:36:46 GMT
I've just noticed this loan has been added to bad debt.
What we were promised:
"Security
This loan is to be secured by a Personal Guarantee by each of the two directors as well as a cross corporate Guarantee by M**** F****** Ltd (<company number removed>).
The directors have an estimate combined net worth of £477k, based on ownership of two properties with a combined est value of $595k and an est. equity holding of £503k"
How it ended up:
"Dear Lender,
I am writing with an update in relation to your loan with W********e P********s.
In my previous update, I informed you that, following the discovery of asbestos in the property owned by the two bankrupt individuals, it was expected that there would be no chance of a realisation to creditors.
Since this date, our communications with the Insolvency Practitioner who was investigating the bankruptcy continued. The IP confirmed that their investigation revealed that, due to the discovery of asbestos at the land and buildings comprising of the POW site, the Official Receiver had accordingly disclaimed their interest in the whole site. The other tenanted property owned by the debtors was investigated by the Official Receiver and was found to be in a large negative equity position. As a result, the Official Receiver remained attached to the Bankruptcy and no Trustee in Bankruptcy was appointed due to the very low expectation of any realisation.
I can now confirm that the debtors have been automatically discharged from their bankrutpcies earlier this month following the year anniversary of the bankruptcy orders.
We are still awaiting the final report from the Official Receiver’s office, however at this stage it is believed that there have been no realisations and therefore no possible recovery.
With the company already dissolved, once the final report of the Official Receiver is received, we will be reclassifying the loan as a bad debt.
Best Regards,"
The only surprise for me is this ramshackle platform is still trading, is there any way of checking total loan book (from day one onwards) to gauge overall investment performance?
What we were promised:
"Security
This loan is to be secured by a Personal Guarantee by each of the two directors as well as a cross corporate Guarantee by M**** F****** Ltd (<company number removed>).
The directors have an estimate combined net worth of £477k, based on ownership of two properties with a combined est value of $595k and an est. equity holding of £503k"
How it ended up:
"Dear Lender,
I am writing with an update in relation to your loan with W********e P********s.
In my previous update, I informed you that, following the discovery of asbestos in the property owned by the two bankrupt individuals, it was expected that there would be no chance of a realisation to creditors.
Since this date, our communications with the Insolvency Practitioner who was investigating the bankruptcy continued. The IP confirmed that their investigation revealed that, due to the discovery of asbestos at the land and buildings comprising of the POW site, the Official Receiver had accordingly disclaimed their interest in the whole site. The other tenanted property owned by the debtors was investigated by the Official Receiver and was found to be in a large negative equity position. As a result, the Official Receiver remained attached to the Bankruptcy and no Trustee in Bankruptcy was appointed due to the very low expectation of any realisation.
I can now confirm that the debtors have been automatically discharged from their bankrutpcies earlier this month following the year anniversary of the bankruptcy orders.
We are still awaiting the final report from the Official Receiver’s office, however at this stage it is believed that there have been no realisations and therefore no possible recovery.
With the company already dissolved, once the final report of the Official Receiver is received, we will be reclassifying the loan as a bad debt.
Best Regards,"
The only surprise for me is this ramshackle platform is still trading, is there any way of checking total loan book (from day one onwards) to gauge overall investment performance?