Experts Expansion
Important : this article is addressed only to the Lenders of the Project that is subject to a collection procedure. The information contained herein shall not be reproduced, copied, distributed or disclosed to third parties other than your advisers acting in the course of their professional activities or under the conditions provided by law. The dissemination of such information may be detrimental to the lenders of the project as part of a recovery procedure. Learn more
News
18th of January 2018
We found no rejection on the cheque received at the end of December 2017. We are therefore able to refund the balance on your Lendix Account today. The project will go into “Payment in Good Standing” status and appear as completed on your Portfolio page tonight.
Summary table of the project
Past news
27th of December 2017
We received yesterday and cashed today the cheque of 121.622,70€ corresponding to the balance due by Mr Godard for the Project Experts Expansion.
Once the three-week waiting period has been respected, we will be able to deposit this amount on your Lendix Accounts. This waiting period corresponds to the period during which the executive’s bank can reject the payment, for lack of funds for example.
3rd of November 2017
Mr. Godard’s check of 30,000€ has been cashed and no rejection has been noted. We have just paid back the money into your Lendix Accounts.
What exactly is that amount?
The total amount paid corresponds to the payment of:
- Maturities of July, August and September (principal and interest);
- €510.26 interest on late payment on these 3 installments;
- €14,847.97 in capital (just over 3 maturities).
What are the next steps?
We remain in contact with Mr. Godard so that he can rectify the balance of the capital before December 31,2017 (€121,622.70).
18th of October 2017
After numerous discussions with the borrower, an agreement was reached: Mr. Godard, president of the company, agreed to acquire the debt of the Lendix Lenders on this project. He thus now takes responsibility for the company’s obligations towards the Lenders. Mr. Godard explained to us that the situation is the consequence of an industrial incident. The acquisition by him of the Lenders’ debts, subject of course to the effective payment in the long term, is a strong element in the sense of his good faith and his sense of responsibility.
What does it mean?
The total Remaining Due Principal plus the interests due on the 3 late payments will be reimbursed to you, in two payments.
What are the next steps?
We have already received and cashed a first check of €30,000. Once the three-week waiting period has been respected, we will be able to deposit this amount on your Lendix Accounts. This waiting period corresponds to the period during which the payer’s bank can reject the payment, for lack of funds for example.
Mr. Godard has made a personal commitment to repay the balance by December 31,2017. If he fails to do so, he will be subject to penalties for late payment.
Why is this debt acquisition a good news for Lenders?
By repurchasing the debt personally, Mr. Godard undertakes to repay the Lenders out of his entire assets. The position of the Lenders is therefore strengthened and the likelihood of recovering the sums lent is improved and accelerated.
11th of September 2017
We explained to you in our previous e-mail that the company Experts Expansion had placed itself in Judicial Recovery.
What actions is Lendix taking?
We have declared on behalf of the Project Lenders their claim registration forms to the Administrator. We are waiting for the confirmation from the Administrator that the receivables of the Lenders have been included in the liabilities of the Company. This confirmation may take several months.
A final amicable meeting is being organized with the borrower and his lawyer. If this final amicable attempt fails we will continue with the collection process with the filing of a complaint.
11th of August 2017
We explained to you in our previous e-mail that the company Experts Expansion had placed itself in Judicial Recovery.
What actions is Lendix taking?
We are in regular contact with the Judicial Administrator to ensure that he is familiar with the lenders’ claims. We are currently declaring on behalf of the Project Lenders their claim registration forms to the Administrator.
We exchanged with the borrower who provided us with new documents regarding bank account movements past the Lendix loan. They show that the amount borrowed was not allocated to the purpose of funding (i.e. the development of a web project). It seems that the loan has, on the contrary, been used to reimburse previous debts (including payables and social debts). The borrower should have told us about this debts before the grant of the loan as the contract stipulates it.
These new documents also show movements in bank accounts that seem inconsistent. We have communicated all these remarks to the borrower and have not yet received clear answers. We have already shared these elements with the Judicial Administrator so that she can take them into account in her analysis.
A complaint is being prepared with our internal and external advice.
17th of July 2017
The company Experts Expansion has placed itself in Legal Redress. The payment of July and the ones of the coming months will therefore not be paid.
You lent to Experts Expansion in April 2017. The company borrowed €156,000 over 36 months at 8% from 517 Lenders to finance the development of a web project.
This situation of cessation of payment seems to us completely abnormal: for a company of this size, not having the funds necessary to meet its deadlines, only 3 months after its financing is very singular. Especially since this situation is inconsistent with the information given by the borrower and his accountant.
What actions is Lendix taking?
- We contacted the company, whose explanations are inconsistent and insufficient. An appointment was scheduled last Wednesday with the General Director, Mr. Guicquel, who canceled it at the last moment. He told us he had stepped down as G.D..
- An appointment with Mr. Godard, Chairman and majority shareholder, was held this morning, July 13th, 2017. Mr. Godard is a chartered accountant, auditor and has several elective mandates within the Ordre des Experts-Comptables. His active presence in the company was a very reassuring and important factor in our acceptance of the project. Mr. Godard outlined the actions he believes will allow Experts Expansion to return to balance (reduction in the number of agencies in particular). However, he did not provide satisfactory explanations as to the sudden deterioration of the company immediately after the disbursement of the loan. A call is expected with him early next week to move forward on a solution.
- We are in contact with the judicial administrator to ensure that he is familiar with the lenders’ claims. Mr. Godard’s statements to the administrator are not consistent with those he gave us by telephone and at our meeting.
- We will declare on behalf of the Project Lenders their claim registration forms to the administrator.
- We will take all necessary measures, including with the Ordre des Experts Comptables and the courts if we judge it justified in the days to come.
We will follow the steps of this recovery carefully to defend this claim in its entirety and attempt to recover the sums owed to the Lenders. To learn more about our collection management consult our dedicated tutorial.
The rate of provision applied on future maturities in the calculation of your APR will be 100% (for more information on the calculation of provision see our tutorial).
Unless further information is provided during this period, our next e-mail concerning the recovery of the Experts Expansion project will be sent on 10/08/2017.