j
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Penguins are very misunderstood!
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Post by j on Mar 29, 2014 18:10:35 GMT
Is the winding up order against a subsidiary of the co? If I recall correctly, they were backed heavily by a capital venture firm with something like £10m & the loan was/is fully secured. So, find this situation quite odd & surely AC would have known about it via their regular monitoring. Can andrewholgate investigate & provide us a definite answer if there are any issues or not? PS if there is an issue, I wonder if the interest accumulated on sold units will even be fulfilled. Then again, I go back to the point that the loan was fully secured & whilst nothing is 100% secured, I'd think we'd have more chance of getting our money back than not. Maybe someone with more experience would care to comment more accurately?
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Post by Ton ⓉⓞⓃ on Mar 29, 2014 18:18:06 GMT
Not overly, the loan is to E-T*****Y Ltd notE-T*****Y Trading Ltd so our interests should be insulated. It looks like they picked up a CCJ and the claimant has possibly gone to the next stage by looking to have the company wound up in order to get their money Not so sure about that, same trading address and directors. The winding up request has been started by HMRC who of cause will be top of the pecking order when it comes to sharing out any recoverable debts. Page 11 of the Credit Report mentions E-T*****Y Trading Ltd, here's a paste of it: E-T*****Y Trading Limited – no borrowing – overheads tend to sit in this business with a management charge into the different trading entities as required.
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Post by oldatheist on Mar 29, 2014 18:20:37 GMT
Under the circumstances these loan parts should not be sellable, and I would be mightily pissed off with both the seller, for knowingly selling me a dodgy product and AC for allowing it if I had purchased any.
This is where regulation will benefit buyers in the secondary markets by allowing them time to back out.
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andy2001
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Post by andy2001 on Mar 29, 2014 18:26:07 GMT
There stating to sell fast now.
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Post by Ton ⓉⓞⓃ on Mar 29, 2014 18:30:30 GMT
Under the circumstances these loan parts should not be sellable, and I would be mightily pissed off with both the seller, for knowingly selling me a dodgy product and AC for allowing it if I had purchased any. This is where regulation will benefit buyers in the secondary markets by allowing them time to back out. looking at the accounts I struggle to see how they can be wound up for a tax bill there's very little tax charged charged in previous years. Is this a tactic to get them to pay a small unpaid tax bill? Or are the accounts a little slim on details? (again page 10 credit report)
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j
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Penguins are very misunderstood!
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Post by j on Mar 29, 2014 18:42:58 GMT
Under the circumstances these loan parts should not be sellable, and I would be mightily pissed off with both the seller, for knowingly selling me a dodgy product and AC for allowing it if I had purchased any. This is where regulation will benefit buyers in the secondary markets by allowing them time to back out. looking at the accounts I struggle to see how they can be wound up for a tax bill there's very little tax charged charged in previous years. Is this a tactic to get them to pay a small unpaid tax bill? Or are the accounts a little slim on details? (again page 10 credit report) I also remember the guarantees were across the whole co for the AC loan. That could be both good & bad. It provides extra depth & solidity to our units but, also might be negative if someone else issues legal action, as seems the case now, against any part f E-tric as it can affect our loan too. I think we really need some guidance from AC on this
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Post by Ton ⓉⓞⓃ on Mar 29, 2014 18:51:30 GMT
looking at the accounts I struggle to see how they can be wound up for a tax bill there's very little tax charged charged in previous years. Is this a tactic to get them to pay a small unpaid tax bill? Or are the accounts a little slim on details? (again page 10 credit report) I also remember the guarantees were across the whole co for the AC loan. That could be both good & bad. It provides extra depth & solidity to our units but, also might be negative if someone else issues legal action, as seems the case now, against any part f E-tric as it can affect our loan too. I think we really need some guidance from AC on this You're right we're suffering from an information vacuum, if you hold some of this would you put a new question on the E-T*****Y loan proposal page asking for more info?
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Post by Ton ⓉⓞⓃ on Mar 29, 2014 18:56:37 GMT
And interestingly 2.5k appeared on AM  make that 3.5k  want some? I just bought your last £20 on the AM, but I'm not too hungry for this item,well not until andrewholgate gives us an update.
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andy2001
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Post by andy2001 on Mar 29, 2014 19:01:46 GMT
I also remember the guarantees were across the whole co for the AC loan. That could be both good & bad. It provides extra depth & solidity to our units but, also might be negative if someone else issues legal action, as seems the case now, against any part f E-tric as it can affect our loan too. I think we really need some guidance from AC on this You're right we're suffering from an information vacuum, if you hold some of this would you put a new question on the E-T*****Y loan proposal page asking for more info? Looks like Cactusroger has done this.
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j
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Penguins are very misunderstood!
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Post by j on Mar 29, 2014 19:08:55 GMT
You're right we're suffering from an information vacuum, if you hold some of this would you put a new question on the E-T*****Y loan proposal page asking for more info? Looks like Cactusroger has done this. Let's wait & see
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Post by pepperpot on Mar 29, 2014 19:18:39 GMT
make that 3.5k want some? I just bought your last £20 on the AM, but I'm not too hungry for this item,well not until andrewholgate gives us an update. Thanks, given the circumstances I though a decent haircut was in order. And thanks also to the OP ( siatou) for pointing this out, I might not have come across it otherwise, given the notice is over a month old. It would put people at ease if one of the AC team could comment, but it's most likely just a wobble, and might be Monday before any contact is made. AH won't want to comment yet without speaking to them first.
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oldgrumpy
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Post by oldgrumpy on Mar 29, 2014 19:45:36 GMT
It gets about fast, doesn't it? 32 watching AC, a total of 7 on all the other threads!  |
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Post by andrewholgate on Mar 29, 2014 19:47:36 GMT
j1 says there is an information vacuum. Interesting given it is the weekend and my team are at home as per the terms and conditions of their contracts. We are investigating and will report in due course. With a winder (winding up petition) we would have to freeze current accounts, but we are only a debt provider. We will get answers but I am certain this is a default under material adverse change and we will act if this is the case. Please calm down, and we will report on Monday.
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Post by bracknellboy on Mar 29, 2014 19:59:46 GMT
My understanding is that HMRC have become increasingly aggressive in issuing winding up petitions to try and force resolution of disputes. I don't think you can read too much into it at this stage, other than that there is a dispute between HMRC and the company.
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j
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Penguins are very misunderstood!
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Post by j on Mar 29, 2014 20:00:36 GMT
j1 says there is an information vacuum. Interesting given it is the weekend and my team are at home as per the terms and conditions of their contracts. We are investigating and will report in due course. With a winder (winding up petition) we would have to freeze current accounts, but we are only a debt provider. We will get answers but I am certain this is a default under material adverse change and we will act if this is the case. Please calm down, and we will report on Monday. , just to clarify, I did not make that comment! But, I did allude to the fact that we would like some guidance from AC. Nor did I mention it had to be instantaneous. I appreciate you're all entitled to time off like everybody else. Besides, the information on here from other members states the action was taken a few weeks ago, hence why we're all making enquiries to be reassured.
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