1000120 Engineering firm acquisition finance (ABL)

We are lucky if we are told what has been done by the borrower, without the detail. No chance of understanding why. Ablrate holds a charge over the companies and so they cannot be sold without the charge, and not at all without Ablrate agreeing to the sale, I think. He only paid £1 for the portal company and he does not have to make the repayments on the loan - that is for the borrower to do. I assume he does not have to make conditional payments to the borrower. So if it trades and makes cash he is ok, and he is increasing the value of the Ablrate asset. Problems come if Abl default the loan, but then he might buy the company at the market value, which will be low.
Presumably the borrower no longer wishes to have these companies within their group ownership.
Doesn't look good for lenders.

I've lost faith in all ABL borrowers.

Even the small ratio that were reliable payers aren't paying any more and giving excuses e.g. today's update RE: 138 (LAR) states they are not "in a position to pay today's interest".

Big mistake I made was not borrowing money from ABL supposedly to invest in my business but in actuality to buy a Lamborghini and fly business class around the world as all these borrowers and the heads of P2P platforms do, as I'd never have to pay the loan back blaming it on Brexit, Covid etc.

There was never much more than a cigarette paper between the bulk of loans and borrowers, so in truth i did not find it very surprising. Although i applaud your investigative skills anyway.

It is now looking highly unlikely that the promised bringing up to date of this loan by the end of this month (August) will happen. Then Ablrate missing a self proclaimed deadline is anything but breaking news.

I am clearly not alone in wondering where Ablrate's true interests sit currently, only action will tell us, sadly his words have somewhat lost credibility. That it will be a long slow process is the only thing I am sure about.

Admin is the generic name, admins may log on under different user ids. Hopefully star dust will see your plea and consider it, but yeah, most of us have retired to real life much of the time.

The dd stuff on these loans will only depress you anyway. 

But at the expense of selling off an unspecified amount of our security to pay the overdue interest! Or have I misunderstood? 

Is it our own capital return paying the interest though ?

The tenuous link is purely coincidental.