ptr120
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Post by ptr120 on Apr 12, 2021 12:42:05 GMT
Hi ablrate I've just received a notification from CH regarding strike-off for this borrower and one of their subsidiaries. Please can you update us as to what is going on with this borrower (who are involved with many loans) and what is being done to prevent strike-off? |
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macq
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Post by macq on Apr 12, 2021 13:25:08 GMT
it would also seem that after a couple of weeks with their web site being down it has i believe disappeared completely over the weekend (but stand to be corrected)
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criston
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Post by criston on Apr 16, 2021 15:25:34 GMT
74 payment due today, not much time left.
Caught up arrears, changed to interest only.
Will be a tester.
No doubt Ablrate have been on to them.
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p2pfan
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Post by p2pfan on Apr 19, 2021 12:11:19 GMT
it would also seem that after a couple of weeks with their web site being down it has i believe disappeared completely over the weekend (but stand to be corrected) Have been trying and trying to find their website. It still seems to be unavailable? Doesn't exactly bode confidence in a company if a website is down for many days.
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macq
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Post by macq on Apr 19, 2021 12:33:11 GMT
it would also seem that after a couple of weeks with their web site being down it has i believe disappeared completely over the weekend (but stand to be corrected) Have been trying and trying to find their website. It still seems to be unavailable? Doesn't exactly bode confidence in a company if a website is down for many days. Seems like about 3 weeks now but not sure how long before that? But if you use the website link on something like Yell you will get a message i believe
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p2pfan
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Post by p2pfan on Apr 19, 2021 12:45:01 GMT
Yes, it gives a "Error 403: Forbidden" message.
Also the head incorporated company has been overdue with its accounts by several months. Has been showing "First Gazette notice for compulsory strike-off" since 13 April, which is very worrying?
They deserve The 2021 Award for Ineptness.
Is this company in trouble?
Buy2LetCars in the same sector went into administration recently.
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withnell
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Post by withnell on Apr 19, 2021 13:04:52 GMT
Yes, it gives a "Error 403: Forbidden" message. Also the head incorporated company has been overdue with its accounts by several months. Has been showing "First Gazette notice for compulsory strike-off" since 13 April, which is very worrying? They deserve The 2021 Award for Ineptness. Is this company in trouble? Buy2LetCars in the same sector went into administration recently. There are a lot of issues producing accounts this year across the board due to lease accounting changes, and different interpretations - given that a lot of the financing could be construed as a lease this might be a reason why. I'm aware of a number of large companies over a month late for last year's accounts due to this.
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macq
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Post by macq on Apr 19, 2021 13:18:28 GMT
Yes, it gives a "Error 403: Forbidden" message. Also the head incorporated company has been overdue with its accounts by several months. Has been showing "First Gazette notice for compulsory strike-off" since 13 April, which is very worrying? They deserve The 2021 Award for Ineptness. Is this company in trouble? Buy2LetCars in the same sector went into administration recently. There are a lot of issues producing accounts this year across the board due to lease accounting changes, and different interpretations - given that a lot of the financing could be construed as a lease this might be a reason why. I'm aware of a number of large companies over a month late for last year's accounts due to this. i can imagine that could be the case and also with people working from home etc but even companies that have put a hold on making loans/investments have still had a website with a homepage update so a lack of a website seems strange unless they did no business through it in the first place?
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blender
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Post by blender on Apr 19, 2021 13:19:24 GMT
Yes, it gives a "Error 403: Forbidden" message. Also the head incorporated company has been overdue with its accounts by several months. Has been showing "First Gazette notice for compulsory strike-off" since 13 April, which is very worrying? They deserve The 2021 Award for Ineptness. Is this company in trouble? Buy2LetCars in the same sector went into administration recently. There are a lot of issues producing accounts this year across the board due to lease accounting changes, and different interpretations - given that a lot of the financing could be construed as a lease this might be a reason why. I'm aware of a number of large companies over a month late for last year's accounts due to this. Yes, of course. That would explain why the Leeds enterprise is also 3 months late. So, no need to worry that a person is no longer a director nor has a controlling interest in any of this group, nor has given PGs.
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p2pfan
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Post by p2pfan on Apr 19, 2021 13:37:02 GMT
I am not an expert on accounting intricacies, but this company looks to be in serious trouble, although I hope that's not the case.
It's not merely one factor that leads me to that presumption, but a combination several, such as the company not being able to file your accounts even a few months after the deadline + the website having been dead for weeks now + them kicking the ball into the long grass yet again when it comes to their Ablrate loans, with the loans now not due to redeem until 2025 + the wider economic environment with both this borrower and other vehicle leasing companies revealing the pandemic has hit them very hard.
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criston
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Post by criston on Apr 19, 2021 13:44:20 GMT
74 payment due today, not much time left. Caught up arrears, changed to interest only. Will be a tester. No doubt Ablrate have been on to them. 74 paid. 102 due.
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ptr120
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Post by ptr120 on Apr 20, 2021 7:38:18 GMT
The strikeoff of one of the access companies has been suspended as an objection has been received (hopefully from ablrate to protect our interests) I hope that they also file an objection for the other companies of the same group where a strikeoff notice has been filed. |
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Post by overthehill on Apr 20, 2021 9:18:40 GMT
Should any of these loans be tradeable when at least one of them has a payment overdue, they seem inextricably linked but I've not read the small print ? I'm just asking as I'm not particularly interested in this type of loan exchange setup and I don't know the actual rules or who decides on the rules. I only know on other platforms when a payment is overdue you can't sell your stake in that loan and possibly connected loans on the secondary market.
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markyg61
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Post by markyg61 on Apr 20, 2021 9:42:25 GMT
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ptr120
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Post by ptr120 on Apr 20, 2021 9:58:02 GMT
Personally speaking (and I hold several of these loans) I don't think these loans should be trade-able if there is strike-off action afoot as I suspect that it'd put the borrower outside of their borrower agreement. ablrate has been silent on what is going on with this borrower for a bit too long now |
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