Post by mrclondon on Jul 4, 2019 15:49:06 GMT
AIUI, the companies involved in these loans all had the same registered office.
How could FS not realise that there might be some link?
There have been a number of cases where FS knows that loans are linked because it is the same borrower, but lenders have not been told, resulting in a concentration of risk rather than a spreading of risk.
Now it is apparently an issue but only because FS were supposedly not aware.
Total borrowings:
Parcel in EL: £120k
GH: £200k
Land in LSA: £3.05m
PM: £1.331m
Rish: £610k
Total: £5.311m
With the exception of GH, the other four secured assets are owned by corporate entities. Today at CH, each of the four companies has had its existing director/shareholder (a total of 3 individuals) replaced by a single new director/shareholder all with effect from dates this week, who already had companies based at the same registered office address that he incorporated last week. An individual with the same surname as this new director was named last month as the lead defendent in legal action being brought by FS.