adrian77
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Post by adrian77 on Dec 1, 2018 9:48:33 GMT
For those of us who missed it there was the following update yesterday
interesting!
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Post by spareapennyor2 on Dec 1, 2018 9:59:41 GMT
First Gazette notice for compulsory strike-off
christmas eve will be interesting
can`t see santa filling his stocking / or our`s
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adrian77
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Post by adrian77 on Dec 2, 2018 19:37:35 GMT
thanks for the above - I note this chap has 2 very similar companies - one has the charge as above and the other was dissolved by compulsory strike off in sept 2018.
I just have 2 general related questions if OK (for interest only as I ditched my original holdings in this company).
1) Can FS take control of these assets now before the entire company goes to the receivers ?
Not sure if they would want to do this - I mean where would you put the damn things!
2) Apart from the storage issue have FS the option that they take control now and shift them in the trade or whatever and get a quick recovery (if they wanted to) or am I right in thinking if they don't then the receiver will take control of them (along with all other assets) and release any remaining funds to FS once he has wound up the company and determined how he is going to repay all creditors. I guess this latter option would take several months and I really can't see the recovery being anywhere near 100% but I know nothing about caravans.
I will check but I think we have 2nd and 3rd charges spread over a total of £231K plus a first charge on £228K = £459K for 7 units viz £65K per unit and that is before interest at 20% pa or whatever...
Am I glad I ditched my holdings in these loans - answers on a digital postcard
I thank you
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Post by spareapennyor2 on Dec 20, 2018 16:21:18 GMT
waiting for a update on this
FS closed from 12 noon on Friday 21st December
park homes due to strike off 23/12/18
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Post by spareapennyor2 on Jan 2, 2019 7:44:40 GMT
companies house email today 2/1/19
08 Jan 2019
Final Gazette dissolved via compulsory strike-off
so much for the update FS (not)
would say happy new year to RAJ
hope he has a new broom / shovel
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09dolphin
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Post by 09dolphin on Jan 2, 2019 16:27:22 GMT
Perhaps FS were using Insurance values for their LTVs as Godanubis suggests so you haven't got a hope in hell of getting your capital back.
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adrian77
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Post by adrian77 on Jan 9, 2019 20:28:03 GMT
I read somewhere that only 2 homes were completed I see FS seem to have a charge on these and the uncompleted ones but whatever is a partially built mobile home worth!
Besides I would imagine the manufacturers own them and they sure as Hades aren't going to let them stand idle on a production line whilst their workers simply stare at them! I wonder if FS via the receivers are going to get a bill for the storage costs etc!
I (and many others) thought this one was going to be bad but now I wonder just how bad!
Sleeper alert - no I am not pleased to see this situation as I have sympathy for my fellow investors..
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sarahcount
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Post by sarahcount on Jan 9, 2019 20:35:34 GMT
Companies House have apparently dissolved the borrowing company which would mean all assets pass to the Crown.
Surely the borrower owned the homes and they should be sold or disposed of one way or another to provide some sort of return to investors.
FS have the power to apply to stop the CH dissolution and it is scandalous that this doesn't seem to have happened.
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Post by spareapennyor2 on Jan 14, 2019 12:23:13 GMT
just asked for update
make of it as you will
Thank you for your patience. We are currently in the process of exploring options to move the homes. Once we have a set timeframe, it will be posted onto the loan page in an update.
you do have the assets then?
Yes, we have control of the assets
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adrian77
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Post by adrian77 on Jan 14, 2019 13:26:37 GMT
And just how much is that going to cost!
Had a quick google - you need all sorts of permits and if the load is "abnormal ( more than 2.5m wide and 20 m long ?) a pilot vehicle! So presumably FS have to pay storage costs etc
. then either transport the things and pay another set of storage fees or simply sell them at a rock-bottom price to the trade whom I guess will offer nowhere near the value of the loan ....
Seems to be no wheels on the finished units so maybe axles and wheels can be added (at a cost) and the damn things towed - either that or a crane and transporter are needed - sometimes I wonder if FS actually think things through when they lend our money....
I don't think this one will beat Whitehaven as a mega disaster but I think it will come very close!
Interesting one to watch!
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Post by spareapennyor2 on Jan 14, 2019 14:06:38 GMT
i did say at the start R*** H**** was dissolved on the 8/1/19
so expect the update to be a real cracker
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rogerthat
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Post by rogerthat on Jan 31, 2019 13:34:53 GMT
Unredeemed..hardly the biggest shock of the day  |
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Post by spareapennyor2 on Jan 31, 2019 13:35:45 GMT
Now unredeemed
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pip
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Post by pip on Jan 31, 2019 13:48:30 GMT
They lent over half a million for five unfinished temporary homes with no buyers.
Not sure who is more of a fool me for investing or FS for putting it to investors.
Do people know if the homes been sold at auction are at least complete? If not can’t see them selling for more than scrap value, I.e next to nothing.
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IFISAcava
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Post by IFISAcava on Jan 31, 2019 14:03:54 GMT
They lent over half a million for five unfinished temporary homes with no buyers. Not sure who is more of a fool me for investing or FS for putting it to investors. Do people know if the homes been sold at auction are at least complete? If not can’t see them selling for more than scrap value, I.e next to nothing. Of all the loans, this is the one where you step back and think - what the **** were they/we/the valuer thinking? There's just no way there was any value in it.
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