withnell
Member of DD Central
Posts: 550 
Likes: 491
|
Post by withnell on Sept 18, 2018 9:46:19 GMT
What happened to the £10m in deposits that the borrower took from buyers? Could well have gone on paying off PBL120!
|
|
agent69
Member of DD Central
Posts: 6,055
Likes: 4,441
|
Post by agent69 on Sept 18, 2018 10:09:49 GMT
It's safe to say that a lot has changed since 2016! Too true.
In 2016 there was a chance the development would be finished on time
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Sept 18, 2018 17:54:33 GMT
"We are writing to advise of the Creditors’ Meeting that took place today with Lendy in attendance. Its objective was to consider the options under review by the administrator, including the potential build out of the site.
From a Lendy investor’s perspective, it’s important that we make you aware that the meeting took place today. The directors of the borrower company were also present at the meeting. Whilst the borrower company reiterated some vexatious allegations about our conduct throughout the development at the meeting, Lendy’s position remains the same. As previously communicated, our decision to appoint an administrator and to propose to build out the site was made with a view to protecting our investors. With the borrower company breaching various material terms of the loan facility, having amongst other things, not been open about the level of deposits that had been paid by off-plan purchasers, we lost confidence in the developer’s ability to compete the project within a reasonable timescale, and on budget. We were therefore left with no alternative but to proceed with the appointment of an administrator.
Our approach in situations like this is to always act in the best interests of our investors, and to do everything in our power to maximise the return of their investment.
We will continue to update you as the administration progresses."
|
|
invester
P2P Blogger
Posts: 612
Likes: 618
|
Post by invester on Sept 18, 2018 18:26:17 GMT
Seems very unlike Lendy to be so fast off the mark like this to make a communication - presumably they want to get the 'vexatious' allegation in the open first so that people are not shocked when it does get out in the report.
Aside from that, it seems a rather nothing update. Is anyone any clearer as to what will happen?
|
|
|
|
Post by charliebrown on Sept 18, 2018 18:49:23 GMT
Click “like” if you had to go to dictionary.com to lookup “vexatious”.
it is a nothing update. It basically just says a meeting happened but doesn’t say what was discussed nor what the outcome or next steps are.
|
|
|
|
Post by Please turn me over on Sept 18, 2018 21:39:45 GMT
It's safe to say that a lot has changed since 2016! Here's a pic from back then.  This is what it actually looked like on 31 December 2016 (i.e. in respect to the company's filed accounts to the same date):  And this is what it looked like on the date the administrators were appointed (i.e. 27 June 2018):  Still a big change.
|
|
will
Member of DD Central
Posts: 98
Likes: 57
|
Post by will on Sept 18, 2018 21:59:23 GMT
Fair enough - I think my pic was from March. They progressed well that year!
|
|
richox
Member of DD Central
Posts: 66
Likes: 120
|
Post by richox on Sept 18, 2018 22:11:55 GMT
Still a big change? You must be joking. The time difference is 18 months. Look at www.youtube.com/watch?v=AhLk7L1B_fE to see how the chinese are putting up 57 storey buildings from foundations to practical completion in 19 days - 3 storeys per day. Sure they use modular build technology and work 24/7 but 18 months from photo 1 to photo 2 does not impress me. |
|
|
|
Post by Please turn me over on Sept 18, 2018 22:29:51 GMT
I agree that the building in question should have been completed ages ago. I'd like to know where all the money went. But I don't view Chinese construction standards as something to aspire to.  Excellent YT channel, BTW. |
|
will
Member of DD Central
Posts: 98
Likes: 57
|
Post by will on Oct 1, 2018 10:09:13 GMT
Looks like the apartments within this development are back on the market.
|
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
Post by TitoPuente on Oct 3, 2018 20:32:48 GMT
Looks like the apartments within this development are back on the market. Would you mind posting a link in DD central or pointing out how to get to the offering though google? There are many off-plan buyers that lost their deposits.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
Likes: 11,558
|
Post by ilmoro on Oct 3, 2018 20:52:50 GMT
Looks like the apartments within this development are back on the market. Would you mind posting a link in DD central or pointing out how to get to the offering though google? There are many off-plan buyers that lost their deposits. Zoopla under its previous name. Links in DD
|
|
p2pete
Member of DD Central
Posts: 144
Likes: 142
|
Post by p2pete on Oct 8, 2018 21:32:56 GMT
Is it really legal for the borrower to take £10m from buyers and not use it to pay off the first charge loan?
|
|
|
|
Post by martin44 on Oct 8, 2018 21:42:37 GMT
Is it really legal for the borrower to take £10m from buyers and not use it to pay off the first charge loan? Unfortunately.. probably yes.
|
|
p2pete
Member of DD Central
Posts: 144
Likes: 142
|
Post by p2pete on Oct 8, 2018 21:44:54 GMT
So can I sell my house, not use the money to pay off my mortgage, and just walk away?
|
|
