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INTRODUCTION
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.

Thursday, 1 March 2012

THE INEVITABLE SOLUTION

Regarding Collins's attempt to prevaricate via an Individual Voluntary Agreement (IVA), we have already pointed out that the IVA route is not feasible in this case.  Most investors simply aren't interested. Bankruptcy is obviously where this unsavoury little saga is going, and that is the way in which all the unaccounted-for CoBo accounts will get the thorough scrutiny that they need. Why should anyone resist such a wholesome eventuality?

Investors should note that in the case of bankruptcy, it is extremely likely—given the multiple ramifications of the C&B story—that an insolvency practitioner will be appointed as  trustee. It will be his or her job to ensure, through responsible management of the assets, the best possible financial outcome for the creditors. 


Posted by IFS at 20:55

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