adrianc
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Post by adrianc on Jun 18, 2019 12:48:39 GMT
- A vehicle owned by the company was involved in an RTA and 80k insurance payout expected. Director claiming payout should go to him. <raises eyebrows> Company asset lost. Insurance pay out. Director insists payout should be personal? So, basically, he's saying his £80k debt from the company is higher priority than any other creditor? I don't think it works like that, mate...
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withnell
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Post by withnell on Jun 18, 2019 12:51:50 GMT
So, basically, he's saying his £80k debt from the company is higher priority than any other creditor? I don't think it works like that, mate... Hopefully it won't matter if he's held liable for his personal guarantee...
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invester
P2P Blogger
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Post by invester on Jun 18, 2019 12:59:22 GMT
The insurance mess-up just sums up this loan.
Attitude seems to be, investors have been ripped off for so much money, what is another £80k.
From the completion of the building the monitoring seems to be so lax, no explanation of where the rental payments from the local authority contract have gone.
As with a lot of the bad loans I'm not convinced people have been totally straight here and that includes Liam Brooke.
This was my largest investment, seems robbery that there can be a 75% haircut.
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adrianc
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Post by adrianc on Jun 18, 2019 13:00:46 GMT
So, basically, he's saying his £80k debt from the company is higher priority than any other creditor? I don't think it works like that, mate... Hopefully it won't matter if he's held liable for his personal guarantee... I'd rather cut out the middleman in that chain, though. Lots of scope for things to not run smoothly...
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Post by billy169 on Jun 18, 2019 15:17:05 GMT
Sorry for being thick..am I missing something How do we KNOW it's a c75% loss ??
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Mousey
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Post by Mousey on Jun 18, 2019 16:03:12 GMT
Sorry for being thick..am I missing something How do we KNOW it's a c75% loss ?? Well we don't know... If the figures in the report are correct then they'd be a 25% return. Why Liam Brooke and Rob Kelly refused to accept the 97% return offered I have no idea.
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Post by billy169 on Jun 18, 2019 16:07:10 GMT
IF the 25% turns out to be accurate,,then Mr Brooke and Mr Kelly won't walk away from that easily..oh no.
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Mucho P2P
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Post by Mucho P2P on Jun 18, 2019 16:36:37 GMT
Sorry for being thick..am I missing something How do we KNOW it's a c75% loss ?? Well we don't know... If the figures in the report are correct then they'd be a 25% return. Why Liam Brooke and Rob Kelly refused to accept the 97% return offered I have no idea. Liam claimed the offer was not a real offer!! And the offer was only made by the borrower to delay and without the intention to see it through if it was accepted. Yes, go figure that one.... Any moron would have accepted the offer and then proceeded to consider enforcement options if the offer did not materialise, unless of course, you are Liam and co. From what I heard privately (can not mention details on open forum for legal reasons <- now I sound like Lendy!), Liam never appeared to have his heart [ or brain?] in the business of P2P.
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Post by billy169 on Jun 18, 2019 17:02:44 GMT
He certainly had his hand in it..and handshakes.!!
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micky
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Post by micky on Jun 18, 2019 17:52:03 GMT
Well we don't know... If the figures in the report are correct then they'd be a 25% return. Why Liam Brooke and Rob Kelly refused to accept the 97% return offered I have no idea. Liam claimed the offer was not a real offer!! And the offer was only made by the borrower to delay and without the intention to see it through if it was accepted. Yes, go figure that one.... Any moron would have accepted the offer and then proceeded to consider enforcement options if the offer did not materialise, unless of course, you are Liam and co. From what I heard privately (can not mention details on open forum for legal reasons <- now I sound like Lendy!), Liam never appeared to have his heart [ or brain?] in the business of P2P. Although you cannot reveal the detail here, I assume that you have/will inform RSM.
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Garage246
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Post by Garage246 on Jun 18, 2019 21:51:43 GMT
£17M owed to secured creditors, expected 25% return - someone is sitting with the money. You know people should end up in prison for this sort of stuff. Sounds like borrower and lenders agent both made out of the same stuff...
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Post by Deleted on Jun 20, 2019 0:53:48 GMT
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Post by tomder on Oct 29, 2019 22:32:02 GMT
Do we know what the "legal" hold up is with DFL004?
Do we know any timescales?
Do we know what the recovery % is estimated on this loan?
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Post by p2plender on Nov 24, 2019 22:47:24 GMT
The same questions I'd be asking.
I'd have thought this one would have been one of the first to be sorted and settled. Seems nothing is moving here...
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bulletbill
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Post by bulletbill on Nov 27, 2019 13:30:13 GMT
Another question we should ask is what is happening to all the money that is being generated from rentals. This should be a significant sum and this loan has been in default for a long time. We are being ripped off left, right and centre in all this
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