agent69
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Post by agent69 on Sept 27, 2021 10:28:14 GMT
Deputy ICC Judge Paul Greenwood granted a bankruptcy petition against two borrowers who obtained a £1.89m crowd-funded loan from P2P firm Assetz Capital. The borrowers were said to have been “knowing parties to a mortgage fraud exercised on the Assetz companies, which were innocent victims of that wrong“. An application for disclosure of the lenders details was dismissed as “no more than a fishing expedition“ So the borrowers defaulted on the loan more than 6 years ago, and they have finally been made bankrupt.
What a wonderful legal system we have.
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Mousey
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Post by Mousey on Sept 27, 2021 10:38:36 GMT
Deputy ICC Judge Paul Greenwood granted a bankruptcy petition against two borrowers who obtained a £1.89m crowd-funded loan from P2P firm Assetz Capital. The borrowers were said to have been “knowing parties to a mortgage fraud exercised on the Assetz companies, which were innocent victims of that wrong“. An application for disclosure of the lenders details was dismissed as “no more than a fishing expedition“ So the borrowers defaulted on the loan more than 6 years ago, and they have finally been made bankrupt.
What a wonderful legal system we have. Assetz only served the statutory demands on the Respondents in June and August 2019 with the bankruptcy petition only served on 13 January 2020.
There was a non-attended pre-trial review in April 2020
And a substantive hearing in November 2020 which was ultimately adjourned after submissions because inter alia of failings by Assetz in their application, ICC Judge Barber stating that "the debtors were “entitled to a detailed breakdown” of the proceeds following the sale of the property and this should be set out in a Witness Statement.".
Don't think you can blame our legal system for that!
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alender
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Post by alender on Sept 27, 2021 11:46:57 GMT
Hard to see how Assetz companies are innocent victims, they will have made commission on these loans, the innocent victims are AC's lenders. Unfortunately a seemingly ill-informed comment. Please explain why this is an ill-informed comment.
As far as I can see it is the Assetz lenders who's money is at risk and stand to lose these funds, even if all funds are recovered they will have had their money locked up therefore are the victims. However Assetz get commission from the loans and I would assume that Assetz are also charging additional fees to deal with these loans.
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ilmoro
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'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 Sept 27, 2021 12:31:35 GMT
Unfortunately a seemingly ill-informed comment. Please explain why this is an ill-informed comment.
As far as I can see it is the Assetz lenders who's money is at risk and stand to lose these funds, even if all funds are recovered they will have had their money locked up therefore are the victims. However Assetz get commission from the loans and I would assume that Assetz are also charging additional fees to deal with these loans.
If you are in the loan then you will have been provided with the information on the situation otherwise you are making generalised assumptions which are not entirely correct. The statement 'innocent victim' doesnt actually attribute any degree of victimhood - innocent - ie not responsible, victim - suffer from crime, deceived, duped. If I get mugged for a tenner and you for £20 are we not both victims even if you are a wealthy business owner and Im not? Both parties are victims, even if one hasnt lost as much as the other.
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alender
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Post by alender on Sept 27, 2021 13:31:42 GMT
Please explain why this is an ill-informed comment.
As far as I can see it is the Assetz lenders who's money is at risk and stand to lose these funds, even if all funds are recovered they will have had their money locked up therefore are the victims. However Assetz get commission from the loans and I would assume that Assetz are also charging additional fees to deal with these loans.
If you are in the loan then you will have been provided with the information on the situation otherwise you are making generalised assumptions which are not entirely correct. The statement 'innocent victim' doesnt actually attribute any degree of victimhood - innocent - ie not responsible, victim - suffer from crime, deceived, duped. If I get mugged for a tenner and you for £20 are we not both victims even if you are a wealthy business owner and Im not? Both parties are victims, even if one hasnt lost as much as the other. If Assetz has lost money I would be interested to know how much it is once you take the fees into account, if you do not know if Assetz have lost money then you are making generalised assumptions that they are also the victim unless you believe they are a victim because they have not made as much as they could have.
The one thing that is certain is that the lenders are likely to come off a lot worse than Assetz and they are the real victims.
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Mousey
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Post by Mousey on Oct 21, 2021 17:47:00 GMT
There was a hearing this morning in Barrow in Furness County Court - Assetz -v- Mart**, Disposal &/or Directions
No more info from me available
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ilmoro
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'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 Oct 21, 2021 20:05:32 GMT
There was a hearing this morning in Barrow in Furness County Court - Assetz -v- Mart**, Disposal &/or Directions
No more info from me available
#181 I would guess.
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Mousey
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Post by Mousey on Nov 2, 2021 20:17:24 GMT
In The County Court at Clerkenwell and Shoreditch District Judge Swan - Courtroom 3 - 3rd floor Wednesday 30 June 2021
Assetz Capital Trust Company Limited -v- Kenwa**/Kenwa** - 5 mins - Review
This matter has returned for a 2-hour-hearing tomorrow.
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Mousey
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Post by Mousey on Nov 3, 2021 14:36:15 GMT
So what's all this about a loan secured against a property in Barrow in Furness, one half of which burnt down a week after the loan agreement was signed in 2017?
Can anyone provide a loan number?
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easynow
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Popcorn anyone?
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Post by easynow on Nov 3, 2021 15:20:18 GMT
So what's all this about a loan secured against a property in Barrow in Furness, one half of which burnt down a week after the loan agreement was signed in 2017?
Can anyone provide a loan number?
537 at a guess
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Nov 3, 2021 16:22:15 GMT
So what's all this about a loan secured against a property in Barrow in Furness, one half of which burnt down a week after the loan agreement was signed in 2017?
Can anyone provide a loan number?
537 at a guess that is some guess, you get the speed boat and the hostess Trolley.
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Mousey
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Post by Mousey on Nov 3, 2021 22:06:30 GMT
Thanks for the replies, much appreciated 
In brief:
At the hearing this morning District Judge Naidoo, sitting at the County Court in Clerkenwell and Shoreditch, granted an order for possession of the borrowing companies directors family home. This property was pledged as security for a Personal Guarantee for a now defaulted loan on the Assetz platform.
Counsel, representing Assetz, said it was not his clients "ambition or intention to render the defendants’ children homeless".
Describing an "extremely unfortunate set of factual circumstances in this case" DJ Naidoo granted the possession order but suspended the enforcement of it for 6 months.
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