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Post by es2013david on Nov 16, 2016 14:43:05 GMT
This case is listed as a B security. The applicant was made bankrupt by HMRC through failing to collect money owed on big jobs (without, presumably, agreeing to staged payments, nor seeking to recover losses through court action), overstated house value (but not offering us a second charge anyway) and claiming only to have been made a director recently despite on-line data suggesting he was a director originally in 1997 (until bankruptcy). The loan is to finance more big contracts and the bids are piling in but I'm not convinced. If the new big customers don't pay the bills either where will we stand on this one? Any thoughts, anyone?
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kaya
Member of DD Central
Posts: 1,150
Likes: 718
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Post by kaya on Nov 16, 2016 15:31:22 GMT
For some strange reason I now feel nervous about 'electrical' companies...
Seems like a 20% 'C' loan to me.
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mnm
Posts: 65
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Post by mnm on Nov 16, 2016 16:39:09 GMT
es2013david. The big conracts arent that big. Big enough for this company. Need more in the pipeline. The wife director mentioned lessons learnt after bankruptcy. This could be very true. I would imagine belt & braces will be worn particularly tightly for all further trading. Due to this they could now be safer. If new big customers don’t pay and if the company takes on more debt it will be bad. If the company cash flow is resolved as they would like we all OK. kaya. Agreed. At present “C” risk. This time next year “B” risk.
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