News
April, the 17th of 2019
| Project’s Status | More than 30 days late |
| Duration | 84 |
| Number of paid repayments | 5 |
| Number of repayments to be paid | 79 |
| Number of late repayments | 9 |
| Entity in charge of the recovery | External recovery partner |
History
February, the 8th of 2019
We pronounced the forfeiture of the term of the contract because the borrower did not respect his commitments made with our recovery partner. In these circumstances, we are mandating a bailiff to issue a summons to pay.
How did we come to this decision?
J & H is a holding company of 3 businesses. In September 2017, the company borrowed € 497,000 over 84 months from 1,241 lenders.
Since April 2018, repayments have been inconsistent and the borrower has not complied with the clearance plan established with our recovery partner.
What are our next actions?
We are awaiting the bailiff’s report on the summons to pay, and we reserve the right to go to court to obtain an order of payment.
January, the 17st of 2019
The borrower did not comply with the settlement schedule established with our collection partner. A formal notice was sent on January 4th. Without payment by the borrower before January 20th, we will pronounce the forfeiture of the term (the request for repayment of all amounts due to lenders), action prior to any legal action.
December, the 21rst of 2018
We are still waiting for the transfer promised by the borrower for regularization. In parallel we are working on a clearance plan with the taking of a pledge.
If the January deadline is rejected, we will also transfer the file to the litigation department of our collection partner.
November, the 28th of 2018
The borrower contacted our collection partner to inform them of past and future actions, including the sending of a €10,000 transfer at the end of November and his promise to honour the December deadline.
In the absence of the respect of these 2 promises we will transfer the file to the litigation department of our collection partner.
Our next communication will take place in a month.
November, the 15th of 2018
The November maturity of the J & H borrower was not honoured. Faced with the accumulation of rejections and unfulfilled promises of payment, the decision was taken to outsource the management of this case to our collection partner.
As a reminder, the recovery phases are as follows:
Our partner will directly send a formal notice to pay which is a prerequisite for any judicial action.
October, the 16th of 2018
The October deadline was rejected by the borrower’s bank. It will not be paid to you today. The borrower has issued a transfer of €5,000 to regularize his situation. The transfer will be applied only to interests and will be credited to your Account by the end of the week.
September, the 19th of 2018
We have just sent a regularization deposit to your Lendix Account. This payment is allocated only to interests.
September, the 13th of 2018
The September deadline for J & H was rejected by the borrower’s bank for insufficient funds. We are in contact with the borrower and have received €3,000 to regularize some of his outstanding debts. These funds will be credited to your Lendix Account by the end of the week and allocated to late interest and to a portion of the remaining principal.
In view of the lack of explanations from the borrower, we decided to send him a formal notice to pay. We are considering transferring the project to our collection partner if the October deadline is also unpaid.
Our next communication will take place in mid-October
August, the 20th of 2018
Our recovery partner received a regularization deposit from the borrower J & H that we have just sent on your Lendix Account. This payment is allocated only to interests and not to principal. Therefore there are still 4 maturities outstanding. Our next communication will take place mid August.
August, 1st 2018
Our recovery partner received a regularization deposit from the borrower J & H that we have just sent on your Lendix Account. This payment is allocated only to interests and not to principal. Therefore there are still 4 maturities outstanding. Our next communication will take place mid August.
17th of July 2018
The July repayment was rejected by the borrower’s bank. The cheque cashed in mid-June has not been rejected and we will be able to repay it into your Account by the end of next week. The cheque scheduled for the end of June was finally postponed to mid-July to guarantee its correct payment.
What is the current status of the proceedings against the seller?
The proceeding initiated in April is still in progress. The order which was to be issued on 13/06 was postponed to a later date because the assignor produced new documents on which the judge could not rule. We are not yet aware of the next hearing date.
The follow-up link of our collection actions will be updated mid August. As a reminder, this is accessible at any time directly from your Portfolio / Loans page by filtering projects in default.
5th of July 2018
There was no rejection noted on the first J & H cheque cashed on May the 31st. We have just paid the amount on your Lendix Account, it has only been allocated to interest due.
For the moment there was no rejection on the 2 other cashed cheques that we will be able to pay you mid July and end July.
15th of June 2018
June’s due date was rejected. The first cheque was cashed, and we did not observe any reject for now. It will be credited to your account in the end of June.
28th of May 2018
We have just received 3 cheques from the Borrower J&H, for an amount equivalent to 53% of the sum of the 2 late payments (April and May 2018). This is insufficient but it is a first step towards a total regularisation.
We agreed with the manager to cash the 3 cheques on May the 31rst, June the 15th and June the 30th. Once the cheques are cashed, there is a 3 week waiting period during which the Borrower’s bank may reject the cheque for insufficient funds for example.
18th of May 2018
Last month we announced that April’s deadline of the J&H project was rejected. The borrower had committed to regularize 50% of the amount by the end of April and has not done so.
May’s payment also came back unpaid. There is now two deadlines in default. For now, we are keeping internally the management of the recovery. In the absence of regularization in the upcoming month we will transfer the project to our partner.
For the recall, the recovery steps are as follows :
Our next communication will take place in a month.
17th of April 2018
J&H April due date was rejected by the borrower’s bank for insufficient provisions and has not be paid to the Lenders. The company was until then, up to date in its reimbursements.
As a reminder you lent to the J&H project in September 2017. The company borrowed €497,000 over 84 months to finance the purchase of 3 businesses.
How did the company end up in this situation?
The manager explains this overdue and its cash problems for 2 reasons:
What are the next steps?
We are waiting for a return from the Court following the action brought by the purchasers. For now, the borrower is not able to regularize April’s deadline and we are in discussion so that it can be regularized at 50% before the end of the month.
Our next communication will be sent in a month.
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.
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