Mousey
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Post by Mousey on Dec 20, 2023 13:52:08 GMT
Earlier today David Bradley-Ward, the director of Aviation and Tech Capital Ltd, an FCA-regulated peer to peer lending platform applied to the high court to place the company into administration.
This was followed by a subsequent application by Aviation and Tech Capital Ltd and David Bradley-Ward to place ABLRate Assets Ltd into administration.
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Dec 20, 2023 14:25:52 GMT
Funny, there was no mention of this in their email to me today timed 1:33pm
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Dec 20, 2023 14:45:11 GMT
It would be interesting to see what time the application was filed.
This is what my email said at 1:33.
Reference your query:
As discussed previously we have been under restrictions from the FCA as to what we can and can't communicate I understand that such a communication has now been submitted for approval and it is aimed to be sent out on Friday. We are awaiting a copy in order for us to approve also.
Best
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Mousey
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Post by Mousey on Dec 20, 2023 14:52:36 GMT
The applications were filed at 11.56 this morning.
I understand law firm TLT LLP made the filings on behalf of the applicants.
Both the FCA and ABLrate have been approached for comment.
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Post by overthehill on Dec 20, 2023 15:12:29 GMT
Run aground and sinking for 17 months and finally salvaged, now we find out about the truth (maybe) of the re-arranged and missing deckchairs, the only assets left.
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Balder
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Post by Balder on Dec 20, 2023 15:24:47 GMT
Had all this time to move everything apply a strategy then when ready pull the plug on his own terms. This won't have been crafted for our benefit!
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eeyore
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Post by eeyore on Dec 20, 2023 15:51:18 GMT
I guess we're all now downloading our Ablrate account holdings & account histories ready to check whatever the administrators will report in the future? I wonder when the plug will be pulled on access to the website.
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r1200gs
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Post by r1200gs on Dec 20, 2023 16:12:41 GMT
Had all this time to move everything apply a strategy then when ready pull the plug on his own terms. This won't have been crafted for our benefit! Yup, while getting himself to Dubai. I knew this was going to happen and have said so, I suppose most of us knew really. So yea, we were being fed a load of bull all along, this was part of the plan.
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Dec 20, 2023 16:16:36 GMT
Had all this time to move everything apply a strategy then when ready pull the plug on his own terms. This won't have been crafted for our benefit! Yup, while getting himself to Dubai. I knew this was going to happen and have said so, I suppose most of us knew really. So yea, we were being fed a load of bull all along, this was part of the plan. I think the core of us who have been posting for the last few months knew. A promise of jam tomorrow whilst the family silver was being protected. It's funny how his fan club members haven't been around for some time.
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Post by scepticalinvestor on Dec 20, 2023 16:54:37 GMT
Has anyone been following the travails of Home REIT? I wouldn't directly equate it to Ablrate but there are plenty of similarities to the P2P industry in general as to how it went about making investments and a bucketful of potential conflict of interests. There's a really good article digging into the details, some proper journalism (not as good as Mousey, no one is!) rather than the press-releases masquerading as new articles that one often comes across. www.investmentweek.co.uk/analysis/4117333/circle-collapsing-demolished-house-lancashire-uncovered-home-reits-broken-business-modelThere's a great graphic in there which touches upon the connections between Home REIT, Pathway (a major developer that Home REIT bought lots of properties from) and tenants that the REIT leased properties to. If this is how bad it is with a listed and heavily regulated REIT, imagine how bad the rot is likely to be in the P2P industry. One example cited is Pathway (developer) buying a 5 bed house in Morecambe (Lancs) for 127k in Nov 2020 and selling it to Home REIT for 628k in April 2021, a mere 5 months on. Pathway was contracted to develop the house into a 10 bed property but 2 years on it's still in the same half-demolished state that it was in 2021. Pathway became "instantly-insolvent" soon as Home REIT halted all property purchases following an adverse short-seller report in late 2022.  |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 20, 2023 19:52:32 GMT
Yup, while getting himself to Dubai. I knew this was going to happen and have said so, I suppose most of us knew really. So yea, we were being fed a load of bull all along, this was part of the plan. I think the core of us who have been posting for the last few months knew. A promise of jam tomorrow whilst the family silver was being protected. It's funny how his fan club members haven't been around for some time. All the failed Platforms had their coterie of Hard Core Fan Club Cheerleading Flag Wavers. Who gradually slunk away, some not until the bitter and obvious very end. I always wondered about their "cognitive" and other abilities. Or lack of. 
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ptr120
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Post by ptr120 on Dec 20, 2023 20:04:28 GMT
Not that it particularly matters, or that we should expect it, but nice to see that the FCA have updated the register in a timely way.
I can't help but think that the recent P1 announcement with 3 months of interest payments (and therefore 3 x monthy fee payments to DBW) rolled in to one just prior to the administration was designed to extract as much as possible from the business prior to administration.
I wonder what will happen with my outstanding Ombudsman complaint against them which is now well outside the stated timescales and hasn't been adjudicated on yet? I can't help but think that they have dragged their heels because thek knew this was coming.
Finally, not a peep from him today on Linkedin or even the Ablrate website. Should we be surprised?
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macq
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Post by macq on Dec 21, 2023 0:19:51 GMT
Assuming today's news is true it got me to thinking about defaulted loans or payments,companies in administration etc and that lead me to some articles about litigation finance.Now its suggested that its a great opportunity and almost a win-win investment (that's not advice from me!).I am no good at links but searching alts.co/litigation-finance-where-betting-meets-the-law (or alts.co/lending-to-law-firms) brings up stories about this and while there is no connection to Ablrate it still makes interesting reading about someone with experience of this side of business who i recognize
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Dec 21, 2023 12:35:18 GMT
Assuming today's news is true it got me to thinking about defaulted loans or payments,companies in administration etc and that lead me to some articles about litigation finance.Now its suggested that its a great opportunity and almost a win-win investment (that's not advice from me!).I am no good at links but searching alts.co/litigation-finance-where-betting-meets-the-law (or alts.co/lending-to-law-firms) brings up stories about this and while there is no connection to Ablrate it still makes interesting reading about someone with experience of this side of business who i recognize Louisa Klouda and Matt Haycox, litigation finance experts and founders of Fenchurch Legal. Links to Huddle, Anthony Pickthall and 10 Park Place Leeds. The same names and addresses keep popping up....
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macq
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Post by macq on Dec 21, 2023 14:46:19 GMT
Assuming today's news is true it got me to thinking about defaulted loans or payments,companies in administration etc and that lead me to some articles about litigation finance.Now its suggested that its a great opportunity and almost a win-win investment (that's not advice from me!).I am no good at links but searching alts.co/litigation-finance-where-betting-meets-the-law (or alts.co/lending-to-law-firms) brings up stories about this and while there is no connection to Ablrate it still makes interesting reading about someone with experience of this side of business who i recognize Louisa Klouda and Matt Haycox, litigation finance experts and founders of Fenchurch Legal. Links to Huddle, Anthony Pickthall and 10 Park Place Leeds. The same names and addresses keep popping up.... But does say they are experts  (Think the eggnog may have lightened my irony)
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(Think the eggnog may have lightened my irony)