We have been in contact with the Insolvency practitioner dealing with this situation who has advised us that they are still compiling a Statement of Assets and Liabilities and Income and Expense statements for the Guarantors prior to advising creditors of their proposals for debt reduction. We will update you further once this information comes to hand.
Presumably that's the well known Insolvency Practitioners, Snail and Son
We are advised that proposals in regard to the IVA for the Guarantors will be presented to the Creditors in very early course. We understand from our preliminary discussions that a reasonable recovery will be achieved.
Notwithstanding this, as matters in terms of the actual recovery process are likely to become protracted we consider it appropriate to mark this loan as a loss. As recoveries are achieved your accounts will be credited as appropriate.
We regret to advise that we are still waiting on the proposals in regard to the IVA. An update has been requested and once we receive a response we will advise accordingly.
I have written this one off, in my opinion almost no chance of recovery, small business in liquidation and guarantors in insolvency proceedings, forget it!
Of more interest is how a certain buildings repair company has still not been defaulted, last payment was Jan 2016 and it's now May 2017! How long will the guarantor have to sell the house, two years, five years, ten years!? Default it and start bankruptcy proceedings. Time has taught me waiting on these things usually is not the best. The guy seems slippery, oh actually no make that clearly somebody who plays the system. He owns a new company advising on dealing with keeping creditors at bay!!!!
The IVA is now proceeding. The Guarantors property will be exposed for sale and the amount of recovery will in the main be determined by the eventual sale proceeds less fees etc.
I'll believe it when I see the cash. So far their recovery efforts have resulted in £0 being returned to investors. And then we have the loan that is almost a year and a half late, the company has been wound up, but for some reason hasn't been defaulted!