hubert
Member of DD Central
Posts: 175
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Post by hubert on Sept 15, 2022 18:30:00 GMT
Looks like 138 & 157 could be going the same way as the rest.
Security.
Both have debenture over business & stock
138 has PG from B**k who supposedly has £1.9m property portfolio.
Thing is, is Ablrate able to keep an eye on stock because without it, there is no business.
Can Ablrate also get some sort of hold over the properties, assuming there still is a property portfolio in B**k's name.
Let's see if Ablrate are prepared to get one over on their acquaintances quickly, rather than wait another couple of months.
The companies only have to look at what appears to be previous leniency of similar situations & take advantage.
I will take it back if payments restart but 138 is outstanding for 2 or 3 weeks & 157 is due tomorrow.
167 associated is 2 to 3 weeks overdue as well.
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hubert
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Posts: 175
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Post by hubert on Nov 3, 2022 19:03:52 GMT
ablrate If 167 takes on the debt of 138 & 157 please don't release the PG applicable to 138 ? We saw AF power released from 1st charge, equity agreement & guarantees over all their loans, which I hope will not be repeated here.
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agent69
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Post by agent69 on Sept 4, 2023 16:11:09 GMT
On these shoe seller loans. We loaned to two companies. One is now in voluntary liquidation with a deficit of £3.7m and its stock cupboard - the contents of which which our loans were secured against - as bare as the one in Old Mother Hubbard's kitchen.The other is being wound up by order of the court at the instigation of a trade creditor. DBW claimed that the company that took over the running of the website had agreed to take over the loans, but then reneged on doing so before the necessary documents had been signed. That company has recently announced a change of Director & PSC and is late in filing its first set of accounts. More on the DD board. Reminds me of an AC loan to a high end Belfast furniture store which was secured against the stock. The night before the firm went bust a large lorry pulled up to the rear of the store, and the high end contents of the store were never seen again.
Moral of the story - never lend when the security is stock or work in progress. Both can disappear overnight.
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