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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.

Wednesday, 21 March 2012


Investors are naturally anxious that bankruptcy will adversely affect their chances of recouping any of their money. Liam Collins and David Bone Jr are playing on investors' anxiety to try to win support for an IVA. They are claiming that the mortgage company would board up all the houses and sell them off at a loss.

However, this is the view expressed yesterday by the Head of Commercial Lending at UKAR (which is now responsible for MX mortgages) about how they would handle the  situation:

“In the case of HMOs (houses in multiple occupation), we abide by any tenancy agreement. The houses would be managed by a receiver (LPA), who would collect the rent and pay the mortgage and expenses. The surplus would go to the creditors via their trustee.

It would not make business sense to sell them if they are commercially viable and UKAR would be prepared to administer them in this way for many years.”

So if, after bankruptcy, the investors appoint a trustee, the financial situation will be very similar to that of an IVA. The critical difference is that Liam Collins’s and David Bone’s finances will be scrupulously examined. And they will be completely separated from any assets which will be administered by competent personnel.

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