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This Blog is dedicated to making public some of the business activities and methods of Liam Collins, David Bone Jr and their associates. In the spring of 2010, the present authors invested in Collins & Bone (C&B), who were offering an enticing 8-10% interest on the basis of buying houses for cash, renovating them and letting them out to students. We were assured that our money was secured against houses that they owned, including their own homes and the properties held by their associated company, Castle & Gatehouse (C&G). We have emails and brochures that confirm these details, as do others who invested on this same basis at around the same time. The idea worked for us for over a year, then in November 2011 they told us they were insolvent. They refused our every request for clear accounts, which led us to suspect wrongdoing. We began an investigation and then started this Blog. We found our suspicions confirmed: other investors had lost sometimes quite large amounts to C&B and its predecessor CBS, and all requests for repayment were adamantly refused. These people use and have used so many names that we found it necessary to compress them into CoBo (for Collins & Bone) and Coboco (for the whole bunch of them – there are quite a few!) Note that there is an index in the margin at the right hand side.

Tuesday, 20 March 2012


Yesterday evening (19th March) Coboco finally managed to send an updated spreadsheet to investors showing their property holdings. This information has taken almost five months to arrive and no account at all is given of the rents generated by the houses, which is very odd. Coboco have easy access to these figures, since their own letting company is managing most of the properties. There are also no figures showing what is owed to investors and creditors.

We publish below Liam Collins’s points about the implications of bankruptcy, followed by comments by David Clements, a professional in the field of insolvency and bankruptcy:

LC: For those intent on pursuing criminal allegations an IVA will not protect us from that. You can continue to do this for as long as you wish.

DC: That is correct although with an IVA, investors wouldn’t have the benefit of a trustee’s investigative powers to assist.

LC: Bankruptcy will lead to all Mortgage Express going to LPA receivers. A trustee will NOT be appointed for the estate as MX do not allow it.

DC: This is highly likely, although I am not sure what equity there is to protect.

LC: Properties are the only assets C&B own

DC: No comment.

LC: Properties will be rented out and all income will go to MX NOT to creditors.

DC: This will cover mortgage costs and LPA costs so no detriment to the creditors.

LC: Those properties which lose tenants as a result of change of management will be boarded up, NOT advertised.

DC: Who knows?

LC: We do not have money in off shore accounts which will be found and split between investors.

DC: Where is the £2.5m then?

LC: We do not have anything which can be sold to generate income for investors.

DC: See answer above.

LC: Under new bankruptcy laws as of January last year I will be permitted to live in my own personal property as will David if he is made bankrupt and a charge will be placed over the asset equivalent to the equity.

DC: They have occupational rights for a year then creditors interests prevail.

LC: In bankruptcy I will lose all debt to my name, I will be allowed to keep my home and live in it. I will lose houses which are not going to have any equity for at least 3-5 years and rental income is only now starting to pick up. I have made no money from our assets for over 3 years so I will not miss any rental income.

DC: What has he been living on then? How has he been paying the mortgage?

LC: In bankruptcy the receivers will offer a third party of ours choice to buy the assets out for a small fee meaning someone unrelated to me would be able to buy them for a tiny amount and could then gift them back to me at a later day. YES WE DO HAVE MANY CLEVER WAYS WE COULD KEEP THESE ASSETS AND INCOME FOR OURSELVES!

DC: Any trustee has an obligation to obtain the best price for his equitable interest. This can be from any third party and is NOT the choice of the bankrupt.

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