We have received the following comment from 'Anonymous:'
"We need to face up to reality. There is no money and there is not going to be any money.
C&B have had a number of companies wound up owing debts (the records are on the companies house web site) and then started new companies which have similarly been wound up. There are also unsatisfied County Court Judgements against Collins and Bone as a search on the Registry Land Trust web site will reveal (date of search: 30.11.2010, Liam James Collins, Northamptom CCBC, case no. 9QT65487, date 18.6.09, amount £805, status: unsatisfied judgement; date of search: 30.11.2010, David Bone, Manchester, case no. 9MA11605, date 22.7.2009, amount £2559, status: unsatisfied judgement). The reality is that there is not going to be any money from the present bankruptcy unless they have assets hidden away that we know nothing about. Their portfolio of properties (as sent round to investors to show that they had assets) was admitted by Liam Collins to me during a hearing in Lambeth County Court not to be worth anything except as a source of rental income, as it is mortgaged to the hilt.
How do you imagine they will ever pay the investors back when their only demonstrated money-making skill is dancing? If you believe this story, dream on.
Let's move on. Now we know - if something looks too good to be true, it probably is.
So I am asking the bloggers - what is now the aim of your blog?"
OUR ANSWER TO THIS: The purpose of our Blog is to get clarity on the actual assets and liabilities of Liam Collins and David Bone Jr. Obviously, this includes clarity about all the companies with which they have been involved. We also want to know how investors' money was spent. In detail. If the Partners and their Associates had been willing to share this information with us when they first told us of their financial insolvency, there would have been no need at all for this Blog. So there you have it.
"We need to face up to reality. There is no money and there is not going to be any money.
C&B have had a number of companies wound up owing debts (the records are on the companies house web site) and then started new companies which have similarly been wound up. There are also unsatisfied County Court Judgements against Collins and Bone as a search on the Registry Land Trust web site will reveal (date of search: 30.11.2010, Liam James Collins, Northamptom CCBC, case no. 9QT65487, date 18.6.09, amount £805, status: unsatisfied judgement; date of search: 30.11.2010, David Bone, Manchester, case no. 9MA11605, date 22.7.2009, amount £2559, status: unsatisfied judgement). The reality is that there is not going to be any money from the present bankruptcy unless they have assets hidden away that we know nothing about. Their portfolio of properties (as sent round to investors to show that they had assets) was admitted by Liam Collins to me during a hearing in Lambeth County Court not to be worth anything except as a source of rental income, as it is mortgaged to the hilt.
How do you imagine they will ever pay the investors back when their only demonstrated money-making skill is dancing? If you believe this story, dream on.
Let's move on. Now we know - if something looks too good to be true, it probably is.
So I am asking the bloggers - what is now the aim of your blog?"
OUR ANSWER TO THIS: The purpose of our Blog is to get clarity on the actual assets and liabilities of Liam Collins and David Bone Jr. Obviously, this includes clarity about all the companies with which they have been involved. We also want to know how investors' money was spent. In detail. If the Partners and their Associates had been willing to share this information with us when they first told us of their financial insolvency, there would have been no need at all for this Blog. So there you have it.
I have one further question. Did any investor part with cash to Collins and Bone after 12.3.2009?
ReplyDeleteThe reason I ask is that on 19.2.2009 I sent CBS a deposit of £4000 on a property that had been sourced through CBS. I then viewed the property (wrong order! - I know that now) and found the property to be non-viable as an investment (price too high, wrong part of town). I phoned Liam Collins on 27.2.2009 explaining the problems with the property and he agreed to return my deposit. My deposit was never returned.
On 12.3.2009 Liam Collins told me I was not getting my money back. This suggests that the company was not solvent at that point. £4000 had disappeared between 19.2.2009 and 12.3.2009.
Now my point is that the law might not look favourably on a business taking new investors' money when not able to meet its existing financial obligations. I am not a lawyer, but this doesn't look right to me.
As to finding any more assets, you're as likely to find fairy gold, unless you think C&G is (a) liable and (b) owns some assets. Both points are moot. You might be better off handing whatever information you have to the proper authorities.
Cornelius - Can you give us an email address so that we can contact you? Send it to:
Deleteinvestor@collinsandboneinvestors.net