|
Post by dualinvestor on Jul 19, 2016 19:14:34 GMT
Back on topic, has anyone received notice of the creditors meeting required within 10 weeks of the making of the order? Perhaps savingstream have received it on your behalf, or there has been an application for an extenesion (I know it is only eight weeks since the Administration Order but two weeks notice is required). Should be able to answer some questions on values, although there could also be an application to withold part or all of the Statement of Affairs on the grounds of commercial sensitvity.
|
|
|
Post by harvey on Jul 19, 2016 20:41:08 GMT
Back on topic, has anyone received notice of the creditors meeting required within 10 weeks of the making of the order? Perhaps savingstream have received it on your behalf, or there has been an application for an extenesion (I know it is only eight weeks since the Administration Order but two weeks notice is required). Should be able to answer some questions on values, although there could also be an application to withold part or all of the Statement of Affairs on the grounds of commercial sensitvity. I thought this loan was under the Old terms so individual lenders would not be creditors because lenders were lending to Saving Stream who lent to the borrower so Lendy or S stream would be a creditor but individual investors would not? And if that is correct there would be no requirement for individuals to be notified of such meetings and formalities because saving stream would be effectively acting on behalf of everyone? But then I don't know anything about this sort of Law so I don't know why I even started making this reply but that was what went through my head when I read it. Put it down to the heat if I have posted rubbish.
|
|
adrianc
Member of DD Central
Posts: 10,031
Likes: 5,152
Member is Online
|
Post by adrianc on Jul 19, 2016 21:15:52 GMT
A quick google finds something on a garden forum saying that the administrators are keeping the centre trading, and that full-and-final offers are due at the sale agent's office by 1st August. OIRO £1.9m + stock.
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jul 19, 2016 22:20:48 GMT
A quick google finds something on a garden forum saying that the administrators are keeping the centre trading, and that full-and-final offers are due at the sale agent's office by 1st August. OIRO £1.9m + stock. That post was made on 31/05/16; the asking price has since been dropped to £1.5m by the AMA, but I suspect that AMA are indeed hoping for sensible offers before 01/08. At the end of the day it will be up to Lendy Ltd; how long are they willing to wait to get an offer they consider to be sensible...
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jul 25, 2016 19:33:30 GMT
Today's update...
|
|
badersleg
Member of DD Central
Posts: 207
Likes: 86
|
Post by badersleg on Jul 25, 2016 20:09:42 GMT
cooling_dude I didn't realise that the updates on the actual loan page were different to the one's on the other pages. Tim
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jul 25, 2016 20:14:38 GMT
cooling_dude I didn't realise that the updates on the actual loan page were different to the one's on the other pages. Tim They should sync up, so that when SS add a new loan update it shows up on the updates TAB list, but when SS submit more than 3 updates, it only shows the most recent 3 updates. For some wired reason, after 24hrs the updates page does update and displays all the recent updates.
|
|
|
Post by moonshine on Jul 25, 2016 21:14:39 GMT
cooling_dude I didn't realise that the updates on the actual loan page were different to the one's on the other pages. Tim They should sync up, so that when SS add a new loan update it shows up on the updates TAB list, but when SS submit more than 3 updates, it only shows the most recent 3 updates. For some wired reason, after 24hrs the updates page does update and displays all the recent updates. Thanks for the, er, update
|
|
|
Post by dualinvestor on Jul 26, 2016 6:11:59 GMT
That must be a blow to anyone wanting a speedy conclusion to this debacle. Mind you the whole of that statement appears to have been written by some PR agency working for the Administrators.
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jul 26, 2016 7:09:29 GMT
That must be a blow to anyone wanting a speedy conclusion to this debacle. Mind you the whole of that statement appears to have been written by some PR agency working for the Administrators. I guess that Lendy Ltd are simply trying to find a median between " Selling the security as soon as possible but at below par" and " Getting the full loan amount back but taking a prolonged time". I'm not invested, but if I was I'd rather see the later. However, I wouldn't be happy if they did take the later option, but then after a prolonged time decided to sell the security under par... especially if (as I suspect) the PF isn't going to cover the interest.
|
|
|
Post by geraldine1210 on Jul 26, 2016 7:43:25 GMT
That must be a blow to anyone wanting a speedy conclusion to this debacle. Mind you the whole of that statement appears to have been written by some PR agency working for the Administrators. I guess that Lendy Ltd are simply trying to find a median between " Selling the security as soon as possible but at below par" and " Getting the full loan amount back but taking a prolonged time". I'm not invested, but if I was I'd rather see the later. However, I wouldn't be happy if they did take the later option, but then after a prolonged time decided to sell the security under par... especially if (as I suspect) the PF isn't going to cover the interest. I can't see how the provision fund can ever be expected to cover the interest.
|
|
|
Post by p2plender on Jul 26, 2016 7:51:50 GMT
I guess that Lendy Ltd are simply trying to find a median between " Selling the security as soon as possible but at below par" and " Getting the full loan amount back but taking a prolonged time". I'm not invested, but if I was I'd rather see the later. However, I wouldn't be happy if they did take the later option, but then after a prolonged time decided to sell the security under par... especially if (as I suspect) the PF isn't going to cover the interest. I can't see how the provision fund can ever be expected to cover the interest. I agree Geraldine, cake and eat it..
|
|
|
Post by dualinvestor on Jul 27, 2016 10:45:54 GMT
From the Companies House file of the debtor
26 Jul 2016 Statement of administrator's proposal This document is being processed and will be available in 5 days.
|
|
freddy
Member of DD Central
Posts: 147
Likes: 145
|
Post by freddy on Jul 27, 2016 13:06:09 GMT
I can't see how the provision fund can ever be expected to cover the interest. I agree Geraldine, cake and eat it.. I have posted this before but don't mind repeating. I will feel a little resentful if the PF is used to pay interest. I'll be more than happy with a return of capital following a default, even if there is an extended wait. PF is for covering losses and not for providing additional gain.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Jul 27, 2016 21:26:12 GMT
I agree Geraldine, cake and eat it.. I have posted this before but don't mind repeating. I will feel a little resentful if the PF is used to pay interest. I'll be more than happy with a return of capital following a default, even if there is an extended wait. PF is for covering losses and not for providing additional gain. I would go further and say that the PF should not pay more than capital less interest received. But even that much might not be affordable if the PF is to stand behind all the other loans. Loans bought on the SM would present a problem as the current owners will not have received full interest. If SS wanted to maintain the claim that nobody has lost money on a loan they would have to make this good somehow.
|
|