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Frank Hovis

£500m fortune or nothing - binary wealth!

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Now you see it now you don't!

Ignoring the unrelated aspect of a death three years' earlier of someone he knew this is just silly.  How do you manage to get the papers to report you as having £500m of assets when you actually have £32m of liabilities?  Answers on a Foxton's brochure to the usual address.

 

Quote

 

Rarely has anyone seemed as aptly named as Kevin Cash, the property tycoon with a reported fortune of some £500 million.

I can disclose that the Birmingham-born magnate, 54, is trying to reach an individual voluntary arrangement (IVA) — a deal to pay all or part of his debts — with creditors to whom he owes a staggering £32 million.

They, however, are not buying it and could demand he is declared bankrupt so they can access his assets. ‘Some significant creditors have voted against [the IVA],’ says insolvency specialist David Rubin, whose London office hosted a meeting of creditors this week.

One of the most notable creditors is HM Revenue & Customs. ‘They’ve done a detailed investigation over the last seven years and come to the conclusion that Mr Cash does not have much, if any, assets.’ :D


 

 

http://www.dailymail.co.uk/tvshowbiz/article-5610127/SEBASTIAN-SHAKESPEARE-500m-friend-McMafia-death-plunge-tycoon-brink-bankruptcy.html

0D8AF4FC000005DC-0-image-a-1_15235721669

 

"I have CONSIDERABLY more debt than yowse"

article-2260386-16DCA922000005DC-657_634

 

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3 minutes ago, Frank Hovis said:

Now you see it now you don't!

Ignoring the unrelated aspect of a death three years' earlier of someone he knew this is just silly.  How do you manage to get the papers to report you as having £500m of assets when you actually have £32m of liabilities?  Answers on a Foxton's brochure to the usual address.

 

 

http://www.dailymail.co.uk/tvshowbiz/article-5610127/SEBASTIAN-SHAKESPEARE-500m-friend-McMafia-death-plunge-tycoon-brink-bankruptcy.html

0D8AF4FC000005DC-0-image-a-1_15235721669

 

"I have CONSIDERABLY more debt than yowse"

article-2260386-16DCA922000005DC-657_634

 

In bed with the Russian mafia by reading that. 

One of the main creditors is the tax man. Dodgy as...

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It's as easy as walking into a bank, getting them to lend you a few £m and pissing it up the wall. The banks can easily write off £32m in debt like it's nothing; the government has their collective backs and they know it.

All of these people are mortgaged to the hilt. A quick Google of that "Kevin Linfoot" guy says he's "worth £50m", whatever that means. This article says his ~£4m stately home only has £200k of value , that's a 95% mortgage.
 

Quote

 

In March 2010 his assets were valued at £184,501 against an ‘estimated deficiency’ of more than £7.5 million.

Under the terms of an individual voluntary arrangement (IVA), Mr Linfoot agreed to pay £2,700-a-month for five years - a total of £162,000. Amongst his assets were stately home, Ravenswick Hall, set in 198-acres near Kirkbymoorside, and Bishopsthorpe Garth, York, valued at £4 million and £2.6 million respectively in March 2010 - both of which are heavily mortgaged.

 

 

So he gets to keep the stately home for a massively reduced price after a few years of financial hardship (or not) - who's the idiot again?

Ravenswick-Hall-2011.jpg

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@spygirl things went a bit south for that Guy person... http://www.yorkpress.co.uk/news/11587381.Sex_cheat_tycoon_Guy_Brudenell_jailed_for_nine_years/

 

My understanding of IVAs is limited but, it sounds like your home is protected in an IVA and is rarely taken off you. I'm amazed that the government allowed people with £4m homes to be protected by this legislation - not.

The only requirement seems to be in the last year of the IVA agreement, you have to release any equity and give it to the creditor. Big fucking deal! So this guy gets a £4m house for £162,000 - that cannot be right, surely?

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22 minutes ago, Sgt Hartman said:

Based on first impressions, I wouldn't lend that guy a fiver let alone 32m.

How the fark does someone like that convince anyone to part with 32 million pounds?

He bares some resemblance to Richard Hammond to me too. 

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23 minutes ago, spunko2010 said:

@spygirl things went a bit south for that Guy person... http://www.yorkpress.co.uk/news/11587381.Sex_cheat_tycoon_Guy_Brudenell_jailed_for_nine_years/

 

My understanding of IVAs is limited but, it sounds like your home is protected in an IVA and is rarely taken off you. I'm amazed that the government allowed people with £4m homes to be protected by this legislation - not.

The only requirement seems to be in the last year of the IVA agreement, you have to release any equity and give it to the creditor. Big fucking deal! So this guy gets a £4m house for £162,000 - that cannot be right, surely?

Oh it fucked it in many ways for all of them.

The Guy bloke was, whats known in the trade, as a cad too.

http://www.thenorthernecho.co.uk/news/7144347.Once_upon_a_wedding_day/

'

He said the wedding was one of the most spectacular that Helmsley had seen.

"The carriage was just like in the story of Cinderella when the pumpkin is turned into the glass coach," he said.'

In this case, the groom turned into a pimp ....

?type=responsive-gallery-fullscreen

 

Here's the carriage. Same one used by Katie Price, whcih should have been a heads up.

 

Very strange bloke, loon.

25 minutes ago, Sgt Hartman said:

Based on first impressions, I wouldn't lend that guy a fiver let alone 32m.

How the fark does someone like that convince anyone to part with 32 million pounds?

'Hello. Is that RBS? Cna I borrow ~50m? Ta'

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1 hour ago, spunko2010 said:

@spygirl things went a bit south for that Guy person... http://www.yorkpress.co.uk/news/11587381.Sex_cheat_tycoon_Guy_Brudenell_jailed_for_nine_years/

 

My understanding of IVAs is limited but, it sounds like your home is protected in an IVA and is rarely taken off you. I'm amazed that the government allowed people with £4m homes to be protected by this legislation - not.

The only requirement seems to be in the last year of the IVA agreement, you have to release any equity and give it to the creditor. Big fucking deal! So this guy gets a £4m house for £162,000 - that cannot be right, surely?

No it isn't. You can get to carry on living in the house (if the mortgage lender will let you - mortgages can't be included in an IVA), but if there is any equity your IVA can insist you release it by remortgage (now very hard) or sell it to pay off your creditors.

So in reality, you could end up with a £1m house but you would still have a £1m mortgage.

But most likely, the administrator would decide that you were living well beyond your means and insist the house was sold.

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53 minutes ago, spygirl said:

Oh it fucked it in many ways for all of them.

The Guy bloke was, whats known in the trade, as a cad too.

http://www.thenorthernecho.co.uk/news/7144347.Once_upon_a_wedding_day/

'

He said the wedding was one of the most spectacular that Helmsley had seen.

"The carriage was just like in the story of Cinderella when the pumpkin is turned into the glass coach," he said.'

In this case, the groom turned into a pimp ....

?type=responsive-gallery-fullscreen

 

Here's the carriage. Same one used by Katie Price, whcih should have been a heads up.

 

Very strange bloke, loon.

'Hello. Is that RBS? Cna I borrow ~50m? Ta'

Look at me.  Look at me.  Look at meeeeeee!!!!!!!!!

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I thought this might be about Richard Branson. There was talk on ToS about his liabilities outweighing his assets for some time. It was speculated that was why when ever he tried to buy something it was always for a tiny amount of money but included the use of the virgin brand, i.e. buy something for £750m, of which £50m is cash and £700m is the value Branson thinks his brand brings to the deal. Whereas I’d say he’s trying to buy something for £50m.

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7 minutes ago, assetrichcashpoor said:

I thought this might be about Richard Branson. There was talk on ToS about his liabilities outweighing his assets for some time. It was speculated that was why when ever he tried to buy something it was always for a tiny amount of money but included the use of the virgin brand, i.e. buy something for £750m, of which £50m is cash and £700m is the value Branson thinks his brand brings to the deal. Whereas I’d say he’s trying to buy something for £50m.

I would have said that was just being smart and sweating your assets?

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38 minutes ago, assetrichcashpoor said:

I thought this might be about Richard Branson. There was talk on ToS about his liabilities outweighing his assets for some time. It was speculated that was why when ever he tried to buy something it was always for a tiny amount of money but included the use of the virgin brand, i.e. buy something for £750m, of which £50m is cash and £700m is the value Branson thinks his brand brings to the deal. Whereas I’d say he’s trying to buy something for £50m.

https://www.lrb.co.uk/v36/n06/david-runciman/the-stuntman

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Guest

Did he softly hum Tubular Bells to you whilst rocking you in his arms?

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