ilmoro
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'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 Sept 9, 2020 23:38:00 GMT
Can you tell us what your legal qualifications are to underpin the above - thanks Just common sense and research but happy to be corrected if you have legal expertise of your own. Pretty difficult to sue someone for money if they dont owe you any (I mean you could try but probably not going to get very far). FS themselves might be a possibility but generally companies in administration are protected from legal action. Secondly, administrators are appointed in a personal capacity so if you were going to sue anyone in that context it would be the individuals not CG. Finally, generally under the Insolvency Act if the administrators are acting as agents of the company they have no personal liability for their actions. You can read a statement to this effect at the bottom of every single communication issued by the administrators, in fact possibly every page. You would need to find malfeasance or breach of duty to pursue a claim against the administrators, not distributing cash for seemingly legitimate reasons probably doesnt count IMHO. Perhaps you could petition the courts to release the money? Edit Realised I miss read where the cash was being held so my previous post was a little erroneous in context but still generally correct.
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adrian77
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Post by adrian77 on Sept 10, 2020 6:22:00 GMT
i.e. zero legal expertise - sorry but enough to make sweeping statements which are not going to get us anywhere.
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rocky1
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Post by rocky1 on Sept 10, 2020 12:14:26 GMT
the answer seems to lie in the update 12.2 20.the receivers solicitors are holding the 25k .as far as i can see unless it is going to be added to our returns it is between borrower and receiver to sort out.receiver has already had their fees out of us.am i reading that update correctly?.
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Mousey
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Post by Mousey on Sept 10, 2020 12:58:51 GMT
i.e. zero legal expertise - sorry but enough to make sweeping statements which are not going to get us anywhere. Common sense... and research.
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ilmoro
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'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 Sept 10, 2020 13:08:49 GMT
i.e. zero legal expertise - sorry but enough to make sweeping statements which are not going to get us anywhere. Common sense... and research.
Link broken, oddly seems to have acquired a couple of extra invisible characters www.bailii.org/ew/cases/EWHC/Ch/2020/1869.html
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adrian77
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Post by adrian77 on Sept 10, 2020 16:47:55 GMT
already cited - the will of a deceased clerical paedophile with potential claims from historic child victims - not exactly the same situation is it.
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Mousey
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Post by Mousey on Sept 10, 2020 17:27:46 GMT
already cited - the will of a deceased clerical paedophile with potential claims from historic child victims - not exactly the same situation is it. I said "a judgement where a court authorised funds to be held on account awaiting potential legal claims" which is exactly what it is.
It would take someone of extraordinary ignorance of common law to suggest that it needed to be exactly the same. I would think them most foolish if they did.
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syalith
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Post by syalith on Sept 10, 2020 17:41:49 GMT
PS Another borrower company still seems to own part of the title, charges still extant at CH Thank you for this information, could you explain this a little more for the layman? I have a large sum in the first tranch and have been under the impression for the last two years that the only thing left to do was sell the property and distribute the proceeds. Perhaps you could give your opinion on what you expect to happen now and what sort of chance you think I have of getting my money back. Much appreciated!
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adrian77
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Post by adrian77 on Sept 10, 2020 18:56:43 GMT
Sadly a paedophile has childhood victims so I can understand why he can have his estate frozen - in fact delighted to hear this as we all are.
I have personal experience of a will being contested but have never come across this in many years of property dealing so for me a very interesting exercise although as I said I really feel for the serious investors who have been had.
I was only asking what could cause the monies realised here to be frozen - perfectly reasonable question
As I see it this money is in a suspense account - well that must be for a reason So what is this reason somebody can lay claim to it - bloody well hope not! and if so then who and why ? simply a spoiling tactic by a high-powered lawyer - hopefully this is the case and the money will soon be released - not saying it is wrong but concerns about the loan and appointing receivers sounds very weak to me but what do I know - not a lot. or some other reason or reasons I am not aware of.
If some suitably qualifed legal expert could comment I am sure a lot of us would be grateful.
Commenting upon my lack of legal knowledge is perfectly reasonable as I don't have any!
The bottom line is that this chap has taken nearly £3m of OUR money and far whatever reason most of us are going to lose a great deal of our investment - in fact if we get another mega legal bill like for The Dell (and this one is not exactly simple is it) then we could be facing a mega haircut on the first loan and a 100% loss on all the others. It has crossed my mind this one will be a 100% loss but hopefully not.
I thank you
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ilmoro
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'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 Sept 10, 2020 18:58:10 GMT
PS Another borrower company still seems to own part of the title, charges still extant at CH Thank you for this information, could you explain this a little more for the layman? I have a large sum in the first tranch and have been under the impression for the last two years that the only thing left to do was sell the property and distribute the proceeds. Perhaps you could give your opinion on what you expect to happen now and what sort of chance you think I have of getting my money back. Much appreciated! Not sure it is significant. The charges registered against our borrower and the other company (actually formally owned by the borrower principal so now not an obvious related party) relate to the parts of the same registered title. Difficult to see exactly what land as the attached plan is monochrome so the colour outlines cant be determined. My concern would have been some form of ransom strip but this seems unlikely as it doesnt seem to cover an access point to the block. Having done some poking around on the LR site it looks like FS security is now on a separate title but the site isnt proving particularly helpful to conclude that definitively. Very difficult to say what will happen now without some detail of the nature of the borrower's challenge. It all depends on how solid the FS contracts/charges are and its not an area where they fill me with confidence. If hes determined then it will probably have to go to court. (Worse case scenario is the London loan) AIUI the first charge should be alright, but obviously legal fees could eat into the returns.
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Post by overthehill on Sept 10, 2020 19:20:47 GMT
PS Another borrower company still seems to own part of the title, charges still extant at CH Thank you for this information, could you explain this a little more for the layman? I have a large sum in the first tranch and have been under the impression for the last two years that the only thing left to do was sell the property and distribute the proceeds. Perhaps you could give your opinion on what you expect to happen now and what sort of chance you think I have of getting my money back. Much appreciated!
Borrowed 2.6M interest free and is paying 1.3M to buy the property back but that apparently isn't enough for him or his lawyer. What is needed is a good litigation company to chase the debt as a counter claim, FS already know one or two. Does the borrower have receipts for 2.6M ?
The 1st ranking loan was for 575k so a rough figure assuming we get what is owed to us, the development tranches will be lucky to get back 25% capital. There are also 2 supplementary loans. Hammer horror story.
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adrian77
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Post by adrian77 on Sept 12, 2020 8:25:30 GMT
Agree with this - I think we are entitled to know more about what is going on here - not sure if the loans in the suspense account are still clocking up interest but if we presume they are then those of us in the later loans are losing ever more of our capital whilst this is sorted out. Been thinking about why this chap is not happy about the loan and receivership - the charges are registered at CO (hopefully correctly?) and he never made the repayments so hopefully he has not got a leg to stand on? Given this chap's business plan is clearly to play games with other peoples' money I am still struggling to see how he is going to benefit by this action unless he thinks he can get this set-aside - if he can I don't think that will go down very well on this forum!
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r1200gs
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Post by r1200gs on Sept 14, 2020 11:07:00 GMT
This is the one loan that (should) just about gets me clear of FS with my shirt on my back, yet even when the place is sold and the money is in the bank they STILL find a way to keep it from the rightful owners! Argh! What on earth is going on here now?
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adrian77
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Post by adrian77 on Sept 14, 2020 17:31:07 GMT
hopefully for you it will but we have still to be told what the legal expenses will be - also as I said before I supect the other rip-off fees will be substantial e.g. site security etc I am in the second loan and hoping for 50% recovery but bracing myself for zero- anything for a change...as mrc deduced the legal fees for the *ell may well have been in excess iof £700K - it is still bugging me what exactly happened with the *ell so hopefully we will find out sooner or later...
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rogerthat
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Post by rogerthat on Sept 30, 2020 15:48:45 GMT
FundingSecure
Charter House - Development - Tranche 8 - Loan Update Loan References: 4202861543 (+1166384406 + 1483336004 + 8396173082 for me) An update has just been added to a loan that you have an investment in. UPDATE:
Further to the previous updates, please be advised that we are seeking direction from our instructed solicitors. A detailed update will be provided upon receipt of the same.
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