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Post by dudester on Apr 3, 2018 12:17:53 GMT
So what is the correct procedure going forward for investors in this loan? Should they register as creditors with the administrators?
I doubt this loan was drawn down as cashback wasnt paid after it was filled. I remember even asking this question (when will cb be paid) here on the forum before col shut down
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Post by medelm on Apr 23, 2018 17:53:08 GMT
There are no Collateral charges registered against this borrower company, nor new charges from any lender. The company is named in DDC. I have been monitoring this property title on Land Registry alerts since before the loan filled and there have been no alerts to indicate any new charges or sale being prepared. Searches are usually done just before a loan is paid to the borrower. AIUI in England, a company charge must be registered at Companies House before it can be added to the Land Registry (the opposite situation applies in Scotland). A charge must be registered at Companies House within 21 days of creation. Charges are created at the time a loan is paid to the borrower. Funds would not be advanced without the creation of a legal charge as loan security. AIUI Collateral under the Administration and restricted by the court does not have authority to make new loans. Metoo, as I dont have the company name or number, are you able to confirm if a charge has been lodged against the company yet? One other thing, if my memory is correct, there was 4 previous bridging loans that showed against the company. 3 of them were completed and 1 was outstanding (where the loan was coming from) can you see if that charge is still active?
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Post by medelm on Apr 23, 2018 18:07:14 GMT
thanks cooling_dude, understand CH is slow and not always updated but at this stage we dont have any other source of info! Appreciate you checking.
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Post by martin9876 on Apr 25, 2018 4:37:17 GMT
I remember in the last few days before Col stopped operating there were quite a few parts up for sale in the 1st tranche. This should not have been able to happen as all tranches had to be filled before anyone could sell. I tried to sell and it through me out as it should have. So who and why managed to place parts up for sale?
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tx
Member of DD Central
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Post by tx on Apr 28, 2018 15:52:41 GMT
I remember in the last few days before Col stopped operating there were quite a few parts up for sale in the 1st tranche. This should not have been able to happen as all tranches had to be filled before anyone could sell. I tried to sell and it through me out as it should have. So who and why managed to place parts up for sale? I remember the same. I think there might have been foul play and want to attract more cash to platform in the final days. Only the court and FCA and BDO will find out now. And may only come to light in, if any, criminal proceedings.
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moist
Member of DD Central
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Post by moist on Jul 6, 2022 17:27:46 GMT
I have formally complained to Collateral today about the lack of info and response to my questions on this 'loan' as it was never drawn down, should be coming back to us shortly....lol
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