Mousey
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Post by Mousey on Jul 17, 2021 12:41:30 GMT
Right to clear up any confusion: (Incidentally typed up on a train to Cardiff) Lendy do have a first charge, not disputed AFAIK by anyone. As I've said before:
"In Williams and another v Broadoak Private Finance Ltd and others [2018] EWHC 1107 (Ch), the court held that joint administrators were entitled to dispose of a partly-developed freehold property, free from the interests of both a secured lender and several contracting purchasers."
Very careful scrutiny should be carried out as to: a) What consideration the Borrowing Company's Administrators gave to selling the property free of the Equitable Liens.
b) What consideration the Welsh Government gave to buying the property with the Equitable Liens in place.
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Mousey
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Post by Mousey on Feb 18, 2022 11:51:21 GMT
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Post by p2psws on Feb 19, 2022 6:27:40 GMT
Cursed? Cursed!?!? Thats one word for it. Not the word I would use to describe the administration, how Lendy was run, or the borrower!! 
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adrianc
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Post by adrianc on Jan 12, 2023 16:39:16 GMT
12.3% just repaid.
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izigor
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Post by izigor on Jan 13, 2023 13:05:08 GMT
Is that it for DFL006 or could there be more repayments? It's called DFL006R1 .. so I'm hoping there'll be a DFL006R2?
Also if there have been any sightings for unicorns, mermaids, bigfoot and the lochness please let me know.
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rocky1
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Post by rocky1 on Jan 13, 2023 13:54:57 GMT
further payments to come. surely there cannot be any more costs taken after the first distributions on the same loans.
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one21
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Post by one21 on Jan 13, 2023 15:39:54 GMT
Is that it for DFL006 or could there be more repayments? It's called DFL006R1 .. so I'm hoping there'll be a DFL006R2? Also if there have been any sightings for unicorns, mermaids, bigfoot and the lochness please let me know. Haha yeah! Apparently, we have had 65% of what's been recovered,(less the usual deductions) the other 35% will be paid when our committee agrees with RSM fee for extra distribution work!
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Post by df on Jan 13, 2023 18:34:06 GMT
further payments to come. surely there cannot be any more costs taken after the first distributions on the same loans. There is also cost of administration that is not related to any specific loan. I think that's why a proportion of the recovery sum is retained.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 13, 2023 18:49:24 GMT
further payments to come. surely there cannot be any more costs taken after the first distributions on the same loans. There is also cost of administration that is not related to any specific loan. I think that's why a proportion of the recovery sum is retained. The retention is split - 25% to cover costs/fees relating to the general costs ie relevant to M1 & M2 loans & costs that relate only M2 lenders but cant be allocated to a specific M2 loan, the other 10% is to cover costs that can be allocated to a specific M2 loan.
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