Is it now time to call in all the outstanding loans?
Posted 18/09/2014 - 12:59 by thesunnysouth
I note from the recent KSF update (18/09/14) that one facility was part redeemed totalling £197k and liquidation costs amounted to £1.05m. With only a handful of loans outstanding amounting to about 2.5% can we really afford for liquidators to continue running up costs at this rate (albeit I presume these are over several months).
Surely it is now time to simply call in all debts and deal with them as best as possible. All but one were due in 2013 so have had a year to come to terms with this and the other I think was due circa June of this year.
Certainly banks in the UK would probably start proceedings a year after loans pass there payback date. In the short term costs may rise as I would think lawyers et al would be top dollar but at least then the only thing left for KSF to do would be to monitor the amount still owed by KSF London, not an onerous task and presumably not costly.
If the action taken several years ago to ensure the loan to capital ratio was not more than 60% was a success we should be able to realise a substantial part of the amount owing and we can finally put an end to this on-going misery in particular as we approach our 6 year anniversary. I think six years is enough.