|
Post by df on Sept 27, 2022 17:32:31 GMT
I'm at least glad that they've finally decided to take some proper action - It's a shame that the owners couldn't get some new debt to re-finance the current loan. It looks like the original director who gave a personal guarantee should also be pursued so hopefully some additional security from his other property development interests which do seem to be operating properly. I wonder if it had to be 9 month of not servicing interest to start recovery process, or they just forgot about it since the last update in April. It will probably be a very long time until we find out what is 44.44% LTV worth and what proportion of the recovery proceeds we will get. I'm in tranche A only, so hoping to get something if anything will be available for distribution.
|
|
|
Post by rp40000 on Mar 14, 2023 16:37:21 GMT
It looks like the property is up for sale on the open market on Right Move
<Link identifying asset/borrower redacted>.
Does anyone fancy going halves to to a buy back?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
Likes: 11,404
|
Post by ilmoro on Mar 14, 2023 22:14:57 GMT
It looks like the property is up for sale on the open market on Right Move Does anyone fancy going halves to to a buy back? Final offers were due end of Nov - so youre a bit late
|
|
johni
Member of DD Central
Posts: 368
Likes: 329
|
Post by johni on Mar 14, 2023 22:15:28 GMT
It looks like the property is up for sale on the open market on Right Move <Link identifying asset/borrower redacted>. Does anyone fancy going halves to to a buy back? Now under offer
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
Likes: 11,404
|
Post by ilmoro on Apr 18, 2023 16:47:47 GMT
Passing so did a window peer ... no evidence anyone has been near the place since closed ... discarded napkin inside pizza place doorway ... so sale isn't proceeding apace
Actually looks like back on sale again
|
|
|
Post by rp40000 on Apr 18, 2023 17:02:46 GMT
Thanks for the update!
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
Likes: 11,404
|
Post by ilmoro on May 4, 2023 6:52:23 GMT
Administrators report available on CH - unless Im misunderstanding this one appears to be a zero recovery.
Attempts to sell the leases unsuccessful and being surrendered to landlord. Doesnt seem to be any realisable assets.
|
|
|
Post by rp40000 on May 4, 2023 7:19:19 GMT
Administrators report available on CH - unless Im misunderstanding this one appears to be a zero recovery. Attempts to sell the leases unsuccessful and being surrendered to landlord. Doesnt seem to be any realisable assets. That's a real bummer 😞. Can the administrators not persue the personal guarantor for outstanding funds?
|
|
|
Post by scepticalinvestor on Jun 4, 2023 19:01:49 GMT
Administrators report available on CH - unless Im misunderstanding this one appears to be a zero recovery. Attempts to sell the leases unsuccessful and being surrendered to landlord. Doesnt seem to be any realisable assets. That's a real bummer 😞. Can the administrators not persue the personal guarantor for outstanding funds? Personal guarantee? Lol (not directed at you). As the kids on TikTok say, if you know you know.
|
|
jester
Member of DD Central
Posts: 173
Likes: 206
|
Post by jester on Jun 24, 2023 19:00:43 GMT
Administrators report available on CH - unless Im misunderstanding this one appears to be a zero recovery. Attempts to sell the leases unsuccessful and being surrendered to landlord. Doesnt seem to be any realisable assets. Every time I think I've had my fill of investing bad news something jumps up and bites me. Zero return .... Brutal!!!!
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on Jul 12, 2023 6:20:49 GMT
How can it has 0 value and being surrendered to the landlord?
Just renting it out should give money on a 33 years lease
|
|
|
Post by Ace on Jul 12, 2023 7:53:05 GMT
How can it has 0 value and being surrendered to the landlord? Just renting it out should give money on a 33 years lease If no-one wants to rent it and there are maintenance costs, then, in theory, it could have negative value.
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on Jul 12, 2023 14:00:54 GMT
How can it has 0 value and being surrendered to the landlord? Just renting it out should give money on a 33 years lease If no-one wants to rent it and there are maintenance costs, then, in theory, it could have negative value. How can no one want to rent it? The rent everywhere is so expensive with UK inflation. So many people need shelter. I would rent it
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
Likes: 11,404
|
Post by ilmoro on Jul 12, 2023 14:53:11 GMT
If no-one wants to rent it and there are maintenance costs, then, in theory, it could have negative value. How can no one want to rent it? The rent everywhere is so expensive with UK inflation. So many people need shelter. I would rent it Its not renting it, its buying the leasehold. The option would indeed be to bring in a management company in (cost), secure commercial tenants (market problematic). It would need lenders to consent & possibly buy out those who dont. AC did it with Epping Student block, still ended in large loss. See the mess Property Moose/UKDP have ended up in ... massive losses. Would need new planning to just live in as it is commercial use classes I think (cost) The problem is that site is a bit in limbo ... its just outside the main areas of nightlife in Liverpool, quiet during the day and its got a brand new brewery bar over the road which will take any trade
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
Likes: 11,404
|
Post by ilmoro on Oct 9, 2023 9:16:22 GMT
Final admin report published, company being dissolved
Includes the bizarre statement that the JA have achieved a better outcome for creditors than if it had entered liquidation
So what was this outcome?
Creditors £0 JA fees £105k, got £0 & actually ended up paying to do the job as forked out for expenses. Advisors/expenses - a few pence in the £ probably paid out by JA
RSM definitely not on a winning streak in p2p.
|
|