L*******l E********l loan

Did it happen?  From what I can see, it doesn't look like it did.

It surprised me that AC would have considered drawdown before the deadline set for lenders to declare whether they wanted to stay in or get out of this loan (1300 today, IIRC) because of the awkwardness of lender money going to the borrower when the lender might subsequently decide they wanted out.  No doubt AC's brilliant tech team would have worked out a way to handle that, so my concern probably wasn't a valid one.

Now, however, AC seem to have a different problem.  Having told lenders that the loan would draw down yesterday or today, I expect that some lenders will have decided to stay in because they thought the long wait was over.  If there actually have been further delays, then AC may have to reopen their offer to let lenders exit.

PS.  Here's another thought...  Might the delay to drawdown have been caused because lenders have been slow to settle their shadow bids?  I suppose that's pretty unlikely because there are less than £90k of 'user' bids -- and only some of those will have been shadow bids -- and there's an underwriter involved.  But the current state of the Aftermarket, where there are an awful lot of loan parts available -- £5.7M at the moment -- and very little apparent activity can't be helping shadow bidders raise the funds needed to settle their bids.

I haven't seen it on the AM, but I did have my AutoIinvest target set above my existing holding, and I picked up some units at 1454 today.  It could have been any lender selling some units, but since the u/w green has shrunk it probably was an underwriter.  If their first sale attempt went instantly, I might have expected them to offer up the rest of their holding, but perhaps what's remaining is held by a different underwriter.

5th Oct 2017

Further to our last update, we have now been formally advised that the Directors have resolved that the company is placed in liquidation and a meeting of creditors has been arranged.

As a result we will now be issuing formal demand for repayment from the guarantor. Trading in this loan will remain suspended. We do not expect matters to progress quickly and therefore a further update will be issued by 31 Dec 2017.