number5
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Post by number5 on Dec 4, 2019 18:00:19 GMT
Loans 97, 104, and 105, have the additional security of a personal guarantee from the original sole owner/director, a Mr D M-J, whose net worth was said to be over £1M. Nothing has been said about this guarantor by Ablrate recently - but presumably he will be good for any shortfall? ablrate are you able to confirm this?
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Post by ablrate on Dec 5, 2019 7:48:36 GMT
Loans 97, 104, and 105, have the additional security of a personal guarantee from the original sole owner/director, a Mr D M-J, whose net worth was said to be over £1M. Nothing has been said about this guarantor by Ablrate recently - but presumably he will be good for any shortfall? ablrate are you able to confirm this? We have already been down that road with the PG and he became bankrupt. Also, even if that was not the case we would still have to work through the assets. I believe that you will know that we do work hard on matters like these, our current view is that we can get these on track and recovered, we just need to do more work before giving you the full sit rep.
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number5
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Post by number5 on Jan 6, 2020 13:50:33 GMT
ablrate are you able to confirm this? We have already been down that road with the PG and he became bankrupt. Also, even if that was not the case we would still have to work through the assets. I believe that you will know that we do work hard on matters like these, our current view is that we can get these on track and recovered, we just need to do more work before giving you the full sit rep. Any further progress or updates on these loans?
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Post by westcountry on Jan 7, 2020 17:50:35 GMT
We have already been down that road with the PG and he became bankrupt. Also, even if that was not the case we would still have to work through the assets. I believe that you will know that we do work hard on matters like these, our current view is that we can get these on track and recovered, we just need to do more work before giving you the full sit rep. Any further progress or updates on these loans? Yes, ablrate, please could you let investors know the state of play with these loans 97/104/105?
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Post by ablrate on Jan 9, 2020 13:52:26 GMT
We have a meeting on the 16th regarding these loans. We will update lenders after that date.
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Post by jonrgrant on Jan 9, 2020 15:32:06 GMT
Hi Albrate, from your latest update is it “regarding” the loans or “regrading” the loans
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Post by ablrate on Jan 9, 2020 15:58:59 GMT
Hi Albrate, from your latest update is it “regarding” the loans or “regrading” the loans Updated.. thanks
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number5
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Post by number5 on Jan 20, 2020 17:05:03 GMT
ablrate any update on these loans following the meeting on the 16th?
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number5
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Post by number5 on Jan 26, 2020 12:29:25 GMT
We have a meeting on the 16th regarding these loans. We will update lenders after that date. An update please?
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blender
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Post by blender on Jan 26, 2020 15:55:30 GMT
We have a meeting on the 16th regarding these loans. We will update lenders after that date. An update please? There has been one development, in that the borrower (the company) for 97, 104 and 105, on 17 Dec 19 filed revised accounts for the year to 30 Sep 18, As far as I can see the only difference is in note 8 to the accounts, on the reserves. The balance sheet in both cases is the same, with the net assets being just over £1M, due to a revaluation reserve of almost the same amount. In Note 8 of the old accounts this was called an inter-company write-off, but that has been corrected, by the new director, to a property revaluation. Given that the land and buildings had a net book value of £2.282M at that time and the actual value was £1M more, there should still be a good chance of getting that capital returned. The property is still owned by the borrower company and charged to Ablrate lenders - is it not?
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number5
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Post by number5 on Jan 26, 2020 17:13:42 GMT
There has been one development, in that the borrower (the company) for 97, 104 and 105, on 17 Dec 19 filed revised accounts for the year to 30 Sep 18, As far as I can see the only difference is in note 8 to the accounts, on the reserves. The balance sheet in both cases is the same, with the net assets being just over £1M, due to a revaluation reserve of almost the same amount. In Note 8 of the old accounts this was called an inter-company write-off, but that has been corrected, by the new director, to a property revaluation. Given that the land and buildings had a net book value of £2.282M at that time and the actual value was £1M more, there should still be a good chance of getting that capital returned. The property is still owned by the borrower company and charged to Ablrate lenders - is it not?
Appreciate your reply. If the property value is enough to cover the capital I guess is at least a good thing. But bit frustrating that the longer it drags on, the more interest we are losing on and not having access to the funds. Albrate - if you could update us?
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number5
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Post by number5 on Jan 30, 2020 8:10:28 GMT
We have a meeting on the 16th regarding these loans. We will update lenders after that date. Meeting was 2 weeks ago now...
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Post by ablrate on Jan 30, 2020 10:52:14 GMT
We have a meeting on the 16th regarding these loans. We will update lenders after that date. Meeting was 2 weeks ago now... There will an update in the next couple of days. The results of that meeting has some action points to fulfill and we have followed up on those.
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number5
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Post by number5 on Jan 30, 2020 13:41:57 GMT
Meeting was 2 weeks ago now... There will an update in the next couple of days. The results of that meeting has some action points to fulfill and we have followed up on those. Appreciate your reply...
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Post by westcountry on Feb 6, 2020 10:08:13 GMT
Meeting was 2 weeks ago now... There will an update in the next couple of days. The results of that meeting has some action points to fulfill and we have followed up on those. ablrate, I'm afraid it's now a week later with no update - please would you be able to let lenders know the state of play with these loans soon?
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