Mousey
Member of DD Central
Posts: 1,565
Likes: 6,530
|
Post by Mousey on Sept 17, 2020 9:47:12 GMT
The court did not facilitate remote access to this hearing so efforts are being made to obtain a transcript and obtain any judgement/ order of the court.
|
|
micky
Member of DD Central
Posts: 651
Likes: 536
|
Post by micky on Oct 5, 2020 14:14:52 GMT
Hi. Is anyone able to provide an update on this hearing? Thanks.
|
|
Mousey
Member of DD Central
Posts: 1,565
Likes: 6,530
|
Post by Mousey on Oct 7, 2020 18:03:18 GMT
No information as yet although I have this potential bad news...
On 02/10/2020 the borrower filed a Part 7 Breach of Contract Claim at the high court against: 1) Lendy Limited (in administration) 2) Saving Stream Security Holding Limited (in administration) 3) xx and xx (as Receivers)
|
|
|
Post by billy169 on Oct 7, 2020 21:37:28 GMT
Surely the first breach of contract was when the borrower stopped paying the frigging interest !!!?
|
|
sydb
Member of DD Central
Posts: 345
Likes: 316
|
Post by sydb on Oct 9, 2020 10:08:54 GMT
Surely the first breach of contract was when the borrower stopped paying the frigging interest !!!? That would depend on the contract, and how it came about. Possibly they are playing a similar card to the one we have seen elsewhere where the claim is associated with how and why Lendy declared default/ extra fees/ extra interest, etc. Pure speculation.
|
|
Mousey
Member of DD Central
Posts: 1,565
Likes: 6,530
|
Post by Mousey on Oct 20, 2020 19:10:02 GMT
I understand the director of the borrower company has made an application for an injunction against Lendy which will be heard in court tomorrow.
|
|
Mousey
Member of DD Central
Posts: 1,565
Likes: 6,530
|
Post by Mousey on Oct 21, 2020 14:56:29 GMT
This was an application made by the director of the borrowing company to injunct the sale of an adjacent car park pending Part 7 claims ("other claims") that are at an early stage. The court was told that these other claims may take some months or years to conclude.
I understand the car park is an important part of the whole site and if the injunction were successful this may adversely affect the ability of the receivers to sell the site until the other claims have concluded. If the injunction is unsuccessful, but the other claims ultimately are successful, then the claimant submits he may not receive sufficient damages due to the "hopelessly insolvent" state of Lendy.
^Please note my two uses of the word 'may' in the above paragraph reflect significant and detailed submissions made by both parties. I'd consider it inappropriate for readers to speculate about a legal matter under active judicial consideration.
The hearing lasted from 11.00 until 15.00 and my notes run to some 3,500 words. I did not make notes about the remarkably long submissions regarding the difference between the words "Void" and "Voidable".
Judgement will be handed down at 10.00am on Tuesday 27th October 2020.
|
|
|
Post by billy169 on Oct 21, 2020 15:36:59 GMT
So,, excuse my lack of understanding.. Do we want the injunction successful or unsuccessful,,what's best for us ?..I presume unsuccessful...sorry if sounds stupid but I did woodwork.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,836
Likes: 11,061
|
Post by ilmoro on Oct 21, 2020 17:09:47 GMT
So,, excuse my lack of understanding.. Do we want the injunction successful or unsuccessful,,what's best for us ?..I presume unsuccessful...sorry if sounds stupid but I did woodwork. We don't want an injunction as that will probably stop anything happening regarding getting our money back
|
|
Mousey
Member of DD Central
Posts: 1,565
Likes: 6,530
|
Post by Mousey on Oct 23, 2020 8:11:41 GMT
I understand the borrower is in court tomorrow as claimant in an action against a Building Developer in Wolverhampton In relation to this hearing I have now obtained the claim particulars:
|
|
agent69
Member of DD Central
Posts: 5,585
Likes: 4,181
|
Post by agent69 on Oct 23, 2020 9:45:39 GMT
I understand the borrower is in court tomorrow as claimant in an action against a Building Developer in Wolverhampton In relation to this hearing I have now obtained the claim particulars:
As somebody who has spent his entire life working in the construction industry and who is well versed in the procedure for reporting damage to electric cables, I can assure the claimant he has zero chance of getting money from anyone for this.
|
|
Mousey
Member of DD Central
Posts: 1,565
Likes: 6,530
|
Post by Mousey on Oct 27, 2020 19:34:28 GMT
The hearing today was to allow the handing down of a Judgment following an application on 21st October 2020 by the borrowing companies director to injunct the sale of an adjacent property, namely a car park.
The court:
Refused the Application for an Injunction Refused the subsequent Application to Appeal Refused the subsequent Application to continue the interim injunction to allow an application to Court of Appeal.
I've made a written application to the court that they upload their judgement to BAILII as it was very detailed and contained important information exploring the issues. I will await the response before attempting to compile my notes.
At the application hearing on October 21st 2020 Mr Matthew Weaver, the lawyer representing the respondents, told the court there was an active offer on the table of some £7.5m to purchase the entire site which was "ready to go" and could complete within 2-4 weeks.
The court was told this would leave the personal guarantee in place and the amount guaranteed is some £28m.
|
|
|
Post by walkmill on Jun 6, 2021 10:16:28 GMT
Anyone got the latest on this one please?
|
|
Mousey
Member of DD Central
Posts: 1,565
Likes: 6,530
|
Post by Mousey on Jun 6, 2021 13:26:14 GMT
Anyone got the latest on this one please? There's a fair amount of legal claims being made vis the conduct of Lendy and the investors. Unlikely to be a distribution until that's resolved.
From what I've seen the interests of the investors verses the interests of Lendy are in conflict.
|
|
one21
Member of DD Central
Posts: 398
Likes: 265
|
Post by one21 on Jun 6, 2021 13:47:38 GMT
Anyone got the latest on this one please? There's a fair amount of legal claims being made vis the conduct of Lendy and the investors. Unlikely to be a distribution until that's resolved.
From what I've seen the interests of the investors verses the interests of Lendy are in conflict.
Thanks for the information Mousey! Yep, suppose we the Lenders have been labelled the bad guys again, via yours truly FCA regulated Lendy's (our Agents) expert conduct and business practices!
|
|