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 Jul 15, 2019 13:23:56 GMT
The current CH listed sole shareholder/PSC has involvement in a significant number of the loans on the platform, including the ones you allude to.
If he isnt the sole shareholder/PSC as the proposal implies then CH should have been updated within 28 days
It is worth noting that in respect of changes in shareholdings, CH only needs to be notified on the next annual confirmation statement where all changes in shareholdings are reported. The company is required to immediately update its shareholder register which is public but is normally held in physical form at the company's registered address and is not held or accessible via CH. I believe in relation to PSC the requirement is to update company record within 14 days and CH within a further 14 days, at least that is what Mr Google tells me. Changed in 2017 with the EU 4MLD. Confirmation statements are indeed only required annually.
Changes to your PSC information
If your PSC information changes, you must update your company’s PSC register and tell us as soon as possible. The easiest way to do this is online. This could be changes to an existing PSC, such a new address or condition of control. You could also have a new PSC, or someone who’s no longer a PSC.
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Post by ablrate on Jul 15, 2019 13:25:05 GMT
Is it normal for the balance sheet forecast to not include the loan liability (assuming it doesn't)? The loan is amortising so the liability would be the remaining capital after amortisation. The interest is on the P&L
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KoR_Wraith
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Post by KoR_Wraith on Jul 15, 2019 13:51:30 GMT
I'm not overly fond of business loans to an industry of which I am so unfamiliar, especially not when a personal guarantee makes up a large proponent of the security.
Just an (overly?) cautious nibble for me.
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nick
Member of DD Central
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Post by nick on Jul 15, 2019 13:57:24 GMT
It is worth noting that in respect of changes in shareholdings, CH only needs to be notified on the next annual confirmation statement where all changes in shareholdings are reported. The company is required to immediately update its shareholder register which is public but is normally held in physical form at the company's registered address and is not held or accessible via CH. I believe in relation to PSC the requirement is to update company record within 14 days and CH within a further 14 days, at least that is what Mr Google tells me. Changed in 2017 with the EU 4MLD. Confirmation statements are indeed only required annually.
Changes to your PSC information
If your PSC information changes, you must update your company’s PSC register and tell us as soon as possible. The easiest way to do this is online. This could be changes to an existing PSC, such a new address or condition of control. You could also have a new PSC, or someone who’s no longer a PSC.
Thanks for highlighting the PSC notification requirements - I haven't kept up with the 2017 changes!
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macq
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Post by macq on Jul 15, 2019 14:23:52 GMT
Mr K*** is an accountant. We also utilse him for monitoring on some companies that have loans with us, hence why he is on number of loans from Ablrate. Thanks for clearing that up and apologies if its mentioned in the doc's and i missed it,but the management team mentioned on page 12 of the proposal does not mention the owner of C**** but online searches of the company do and its also mentioned in a write up of a recent appointment to the company.While it may not effect the success of the business and its running should the owner and whoever is providing the personnel guarantee not be named?as it seems relevant (like i said sorry if it is mentioned)
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blender
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Post by blender on Jul 15, 2019 14:46:39 GMT
Mr K*** is an accountant. We also utilse him for monitoring on some companies that have loans with us, hence why he is on number of loans from Ablrate. Thanks for clearing that up and apologies if its mentioned in the doc's and i missed it,but the management team mentioned on page 12 of the proposal does not mention the owner of C**** but online searches of the company do and its also mentioned in a write up of a recent appointment to the company.While it may not effect the success of the business and its running should the owner and whoever is providing the personnel guarantee not be named?as it seems relevant (like i said sorry if it is mentioned) The disclosures on page 16 do name a minority shareholder, and the CH record does name a current PSC, though there will be some updates. The NHW guarantor is a shareholder whose name is not disclosed. You would think it could not be the named minority shareholder, because you would think that would need disclosing because of the connections with other loans.
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Post by thingy on Jul 15, 2019 14:49:38 GMT
Is the owner the person who had an enterprise that went bust owing about £3m or am I confusing him with someone else?
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macq
Member of DD Central
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Post by macq on Jul 15, 2019 15:06:21 GMT
Thanks for clearing that up and apologies if its mentioned in the doc's and i missed it,but the management team mentioned on page 12 of the proposal does not mention the owner of C**** but online searches of the company do and its also mentioned in a write up of a recent appointment to the company.While it may not effect the success of the business and its running should the owner and whoever is providing the personnel guarantee not be named?as it seems relevant (like i said sorry if it is mentioned) The disclosures on page 16 do name a minority shareholder, and the CH record does name a current PSC, though there will be some updates. The NHW guarantor is a shareholder whose name is not disclosed. You would think it could not be the named minority shareholder, because you would think that would need disclosing because of the connections with other loans. Thanks but not what i am looking for - due to the name online and the fact that the HNW guarantor wants not to be named and may even not be the same person it feels like a bad move by ABL as is something we should know and make our own judgement on (and which seems a successful company) and could be cleared up,but i like to think i am getting all the info but for the first time i have my doubts
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macq
Member of DD Central
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Post by macq on Jul 15, 2019 15:36:41 GMT
Is the owner the person who had an enterprise that went bust owing about £3m or am I confusing him with someone else? i could not say - and this seems to be a successful venture in its self but if the owner(whoever they are) can be mentioned in a puff piece about an appointment of a new manager then i feel it should be in the docs of an ABL loan so i can do DD and also who's backing the loan when there's not much in the way of assets would be handy in my opinion but realise i may have to trust ABL on that (but i was speed reading the docs so i may need to put my hands up)
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macq
Member of DD Central
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Post by macq on Jul 24, 2019 14:12:04 GMT
Is it normal for the balance sheet forecast to not include the loan liability (assuming it doesn't)? The loan is amortising so the liability would be the remaining capital after amortisation. The interest is on the P&L Taking advantage of the office air -con i am revisiting this loan in my lunch break.While i have found the communications and docs for loans by you some of the best this loan is confusing me Within the proposal page 12 shows management and page 16 states 60% of company owned by the 3 named people.but the businessdesk.com site in May quotes somebody else as the owner.Now i know that could be misreported or have changed since then but it is pretty recent or does owner not mean the same as on page 16? Now with the latest email update i thought i would look up A*** to see what it will do for the platform with regards the SM etc.Looking through their site and then the twitter feed i see the group networking meeting in March with the same named person as above tagged.Following his tag takes me his feed which leads to his funding/entrepreneur site and where he promotes this events company as One of his under the my investments tab as well as another familiar name.So i am hoping you could clear up who i am lending to? And i understand investors (us & them) may wish to stay private as well as HNW & PG people so i have not mentioned a name even when i takes about 3 searches and 3 clicks to find due to the promoting going on P.s none of this seems secret or appears to be wanted to by the companies involved but if it should be in DD central please move if reqd
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Post by ladywhitenap on Apr 7, 2020 12:11:24 GMT
Admin note just issued about revised payments and capitalisation of interest as a result of Covid-19. ablrate Where this procedure is applied to loans in the current climate, please can you update the repayment schedules so we can at least predict the revised income from ABL loans. Thanks LW
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Post by ablrate on Apr 7, 2020 12:14:45 GMT
Admin note just issued about revised payments and capitalisation of interest as a result of Covid-19. ablrate Where this procedure is applied to loans in the current climate, please can you update the repayment schedules so we can at least predict the revised income from ABL loans. Thanks LW We are working on that. The capitalised amount won't be changed until we are back to some kind of normal payment structure, or we better informed of where CBILS is at, but the cashflows are being updated... please DM if there is a specific one you are looking at
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Post by ladywhitenap on Apr 7, 2020 12:23:26 GMT
Admin note just issued about revised payments and capitalisation of interest as a result of Covid-19. ablrate Where this procedure is applied to loans in the current climate, please can you update the repayment schedules so we can at least predict the revised income from ABL loans. Thanks LW We are working on that. The capitalised amount won't be changed until we are back to some kind of normal payment structure, or we better informed of where CBILS is at, but the cashflows are being updated... please DM if there is a specific one you are looking at Thanks for the prompt response. My query was triggered by looking at 126 following the admin note. No I'm not looking at anything specific but I do rely on the next payments due tab on the dash board to predict cash flows so it will be very helpful to borrowers to have this as an up todate one stop shop for forthcoming payment predictions. LW
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number5
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Post by number5 on Apr 7, 2020 12:58:52 GMT
We are working on that. The capitalised amount won't be changed until we are back to some kind of normal payment structure, or we better informed of where CBILS is at, but the cashflows are being updated... please DM if there is a specific one you are looking at Thanks for the prompt response. My query was triggered by looking at 126 following the admin note. No I'm not looking at anything specific but I do rely on the next payments due tab on the dash board to predict cash flows so it will be very helpful to borrowers to have this as an up todate one stop shop for forthcoming payment predictions. LW On this note ablrate, I do also find it quite an inconvenience when my next payment date on the dashboard includes loans which are paused and I am not going to receive a payment on that date. e.g. I have found this with 97/104/105. Since then I haven't really relied on it tbh. Is there another way seeing all your next repayments and amounts in one place? As opposed to clicking on each individual loan
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Post by ablrate on Apr 7, 2020 13:12:31 GMT
Yes - if you click on 'Next payment date' on the dashboard it takes you total payments and you can export to excel.
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