Since the meltdown and what looks inevitably like being a substantial loss for myself, I've only occasionally looked in to this P2P, to glean anything I can along with any FB commentary. On the question of Starr and this £500K input. Call me dim, frankly I'm past caring but as this £500K was 'injected' in April 2019 ? will Starr have any claim on loans issued before that date or is the answer to that staring me in the face with previous posts ?
Quistclose trust is open to abuse and perfectly suited to targetting investors' money in P2P companies that go into administration as the administrators aren't interested and won't defend the case as it's not targetting the company's money.
Hypothetically, Quistclose can be used as an insurance policy if things go bad by retrospectively claiming a company did not use a capital investment as agreed. Full spectrum of possible scenarios here.
I would think the Quistclose trust claimant must also be one of the secured creditors and trying to cast his net wider.
As I believe most Trusts have an end date I thought I`d check a solicitors help page to see if a Quistclose Trust had to have a specified duration. Not happy with what I found.
A difficulty with purpose trusts is that no one is available to enforce them. In contrast, the Attorney General may enforce charitable trusts. A further objection is that the trust may endure indefinitely
Yes this one is very "interesting" have done a bit of internet research about Mr *arring who maybe should have stuck to being a DJ!
However I notice he was a director of a company called Pu*sant so I thought I would have a look at the other directors I seemed to recognise one or 2 names BUT who did I find - clue big fat ex-marketing manager yes N *ackett!
I also see *ARRING, Spencer John Coite (how common is Coite!) set-up *CSTARR CAPITAL in July 2023 - maybe to put his court winnings into!
*SCTARR is, I guess * from *ohn, C - Coite ,S- Spencer, TARR from Tarring
So what the hell is going on here - this would probably be obvious to a commercial accountant but not to me
I am sure this land purchase is very relevant and I have a theory as to what has gone on here
I am not broadcasting it as only a theory but I do wonder what was the relationship between FS and some of the major lenders
The might have got away with it but they were sussed and thwarted and hence all this legal action