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Post by turton on Apr 11, 2019 14:46:41 GMT
Went past today, no sign of any activity but I did notice all the signage has been taken off the hoardings around the site (names of builders, architects etc.)
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adrianc
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Post by adrianc on Apr 11, 2019 14:50:21 GMT
Any idea why they took so long to appoint receivers? Unfortunately this loan (in various tranches) is most of my COL holdings. Yes but covered under NDA. Can we ask if you find the reasoning acceptable?
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Monetus
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Post by Monetus on Apr 11, 2019 15:02:05 GMT
Yes but covered under NDA. Can we ask if you find the reasoning acceptable? Yes and yes.
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adrianc
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Post by adrianc on Apr 11, 2019 15:08:07 GMT
Good 'nuff for me.
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7d7
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Post by 7d7 on Apr 13, 2019 11:57:48 GMT
It seems several parties have approached the administrator to resurrect the scheme lately. Consequently, it might take a while before we see any activity at the building site.
Although the development was promoted as student housing with distinguished facilities, the University of Bolton has apparently expressed its disapproval. Will this cast doubts on its future appeal? For our sake, I hope not. I wonder what the current state of affairs is with respect to the units sold at its inception.
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agent69
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Post by agent69 on May 4, 2019 21:35:12 GMT
Was rummaging around on MSE and came across a link to a newspaper article that detailed the collapse of the borrower's property empire. Looks like he also has several large loans on Ly gone south.
I'm in the first charge on the Col loan, so hopefully will see full recovery.
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ozboy
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Post by ozboy on May 5, 2019 10:54:25 GMT
Was rummaging around on MSE and came across a link to a newspaper article that detailed the collapse of the borrower's property empire. Looks like he also has several large loans on Ly gone south.
I'm in the first charge on the Col loan, so hopefully will see full recovery.
Yes, full recovery for BDO.
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hazellend
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Post by hazellend on May 5, 2019 13:20:03 GMT
Was rummaging around on MSE and came across a link to a newspaper article that detailed the collapse of the borrower's property empire. Looks like he also has several large loans on Ly gone south.
I'm in the first charge on the Col loan, so hopefully will see full recovery.
Yes, full recovery for BDO. First charge will be fine. Hopefully most of second charge and some of later charges too. Does first charge interest get paid before or after later charge capital for this one?
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chris1200
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Post by chris1200 on May 5, 2019 14:55:28 GMT
Yes, full recovery for BDO. First charge will be fine. Hopefully most of second charge and some of later charges too. Does first charge interest get paid before or after later charge capital for this one? Good question - it'll come down to whatever the Collateral T&C said about this, surely? It's been a while now, so I've started to forget, but I think these layers of "charges" actually aren't charges per se (i.e. you wouldn't see separate registrations at CH); they're internal Collateral arrangements as to how the different tranches rank for lenders. So the loan agreement itself would be silent on this issue. Happy to be corrected on this, though. If I'm right, does anyone have any ideas what the Collateral rules for this were, if it was commented on at all? This is yet another complexity for BDO to deal with (complexity which I really wish people would take into account before constantly laying into them).
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chris1200
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Post by chris1200 on May 5, 2019 14:59:06 GMT
Was rummaging around on MSE and came across a link to a newspaper article that detailed the collapse of the borrower's property empire. Looks like he also has several large loans on Ly gone south.
I'm in the first charge on the Col loan, so hopefully will see full recovery.
Yes, full recovery for BDO. No disrespect meant, but what do you think you're adding with these comments exactly? Yes, they'll be paid fully to do their job - which, of course, they should be. It just happens that their job unfortunately involves being paid out of assets owed to us. But that's just how administrations work. If you don't like that, you've got complaints with the entire system of administration - not BDO.
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ozboy
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Post by ozboy on May 6, 2019 21:16:39 GMT
Yes, full recovery for BDO. No disrespect meant, but what do you think you're adding with these comments exactly? Yes, they'll be paid fully to do their job - which, of course, they should be. It just happens that their job unfortunately involves being paid out of assets owed to us. But that's just how administrations work. If you don't like that, you've got complaints with the entire system of administration - not BDO. Errr, yes, I have, the system is woefully wrong.
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gwenynwyr
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Post by gwenynwyr on May 7, 2019 8:08:19 GMT
First charge will be fine. Hopefully most of second charge and some of later charges too.Does first charge interest get paid before or after later charge capital for this one? My bold. Surely all of the later charges (15%) will be treated equally?
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hazellend
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Post by hazellend on May 7, 2019 8:48:55 GMT
First charge will be fine. Hopefully most of second charge and some of later charges too.Does first charge interest get paid before or after later charge capital for this one? My bold. Surely all of the later charges (15%) will be treated equally? yes the 15% ones were all ranked equally
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boundah
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Post by boundah on May 7, 2019 14:14:20 GMT
No disrespect meant, but what do you think you're adding with these comments exactly? Yes, they'll be paid fully to do their job - which, of course, they should be. It just happens that their job unfortunately involves being paid out of assets owed to us. But that's just how administrations work. If you don't like that, you've got complaints with the entire system of administration - not BDO. Errr, yes, I have, the system is woefully wrong. Any practical suggestions for fixing the system, apart from forcing all administrators to work for a fee set by government?
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ozboy
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Post by ozboy on May 7, 2019 15:47:53 GMT
Errr, yes, I have, the system is woefully wrong. Any practical suggestions for fixing the system, apart from forcing all administrators to work for a fee set by government? Not for us to make suggestions is it boundah, but what we do know is that the current "system" is clearly VERY broken and wide open to abuse. One thing that could and should be done is the implementation of a completely independent team to audit the "Fees" these leeches charge, I think there'd be a few BIG surprises there. With no real checking of time and fees human nature takes over doesn't it? Such an auditing team could be funded exactly the same way as The FCA and other countless Government Quangos get funded I'd have thought? The reason of course why Administration and/or Receivership are such profitable troughs is that there is heavy lobbying to maintain the status quo, many MPs and Others of Influence are involved with the Accountancy and Insolvency Firms - don't rock the gravy train! (To mix my metaphors.)
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