Liam Collins sent an email to all investors yesterday morning, claiming that this Blog was responsible for the failure of their attempt to set up an IVA. The Insolvency Practitoner concerned is in Northern Ireland; his name is Michael Peoples. Ewart Tempest (see his blog indexed at right) wrote to Mr Peoples to find out why the IVA process had stalled. Readers will take note of the fact that what Collins said to his investors was, once again, wholly untrue. Here is the exchange:
Dear Mr Peoples,
Liam Collins has posted an e-mail to investors in which he states the following:
"The IVA company we had engaged, pulled out last Wednesday due to 'extreme hostility' from the George's as well as the other handful of people we have going against us. Their concern was that there had been press threats and it was too much of a risk for their company."
McCambridge Duffy is 'The IVA company' mentioned above. Can you comment on the above statement and the nature of the 'extreme hostility' that your firm was subjected to by the Georges* and others?
Ewart
(a major Collins & Bone Partnership investor)
* These are the famous Sally and Jasmine, of course, authors of the present Blog —Editor
________________________________________
Dear Mr Ewart,
A number of people contacted ourselves and Mr Chris Jary —who helped Liam [Collins] get the first adjournment— making various accusations. While this may indeed be a factor in deciding whether to proceed with the IVA, there was also an issue with Mortgage Express who were the main lender to Collins & Bone. It is their policy to appoint LPA receivers if a landlord enters an IVA and this would have caused any IVAs to collapse. We spoke to them on a number of occasions and they would not say for definite that they would not appoint LPAs.
This was a huge factor in being unable to proceed as we could not draft proposals and recommend them to creditors knowing that Mortgage Express could pull the plug immediately afterwards. They did say they would refer the case to their risk team and hopefully it would be looked favourably upon, but that answer was not enough to justify the work and expense involved in drafting IVAs.
I hope this information is helpful but should you require anything further please give me a call.
Kind Regards,
Michael Peoples
A number of people contacted ourselves and Mr Chris Jary —who helped Liam [Collins] get the first adjournment— making various accusations. While this may indeed be a factor in deciding whether to proceed with the IVA, there was also an issue with Mortgage Express who were the main lender to Collins & Bone. It is their policy to appoint LPA receivers if a landlord enters an IVA and this would have caused any IVAs to collapse. We spoke to them on a number of occasions and they would not say for definite that they would not appoint LPAs.
This was a huge factor in being unable to proceed as we could not draft proposals and recommend them to creditors knowing that Mortgage Express could pull the plug immediately afterwards. They did say they would refer the case to their risk team and hopefully it would be looked favourably upon, but that answer was not enough to justify the work and expense involved in drafting IVAs.
I hope this information is helpful but should you require anything further please give me a call.
Kind Regards,
Michael Peoples
Insolvency Practitioner
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