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So, it's taken a while, but the whole sorry saga has finally come to a close tonight. Just came back from signing up a new 3 year binding Lease with a new tenant. They run an immaculate show, so shouldn't have any trouble with them, but you never know. To reduce the risk, they supplied a...

Not yet Lizzie - but the operation who took over my Tenant is paying all of the rent and outgoings on the block for the next month or two whilst they shift out, so I have a bit more breathing space to secure another tenant.....may as well ask for an outrageous amount upfront and let them...

Holy smokes.....my written communication skills must be absolutely sh*te if that's what people are extracting from this thread..... It's something like this ; 1) Trust owns an industrial site with 1 tenant occupying the entire site. 2) Tenant goes into Voluntary Administration, new...

Cheers guys.....if I ever writea book I'll send you guys a copy for free. The final meeting was yesterday to send the company into a DOCA....deed of company arrangement. I wasn't able to attend as I am up in Singapore. No doubt the company went this way, as that is what they were setting...

Nope....no money in that carry on. My generosity doesn't extend that far. ...and I have no wish to be exposed to that typical Ozzy attitude of stand back with your sceptical arms crossed and throw the proverbial from a safe distance. There's a few who are interested...maybe a hundred or so...

Screening....oh it's a very robust technique indeed. I shake the guys hand, look him in the eye and then sit down and grill him for about 2 hours over a cup of tea. Then I go and have a squizz at his current leased Premises to see what type of pigsty they wallow in presently. Then I...

OK, for those mildly interested.....it's been a while but the situation has progressed a little since last I posted. The second meeting of creditors which was supposed to decide the fate of the company going under took place on 20 July. There were minimal people attending....myself...

Unfortunately that's not going to happen. The big boys in the industry are circling to take over the company's assets etc. By the very nature of the Voluntary Administration process, the decision has been taken fully out of his hands, he is now out of the picture completely. The chartered...

Yes indeed, I'm certainly learning quite a bit about this particular little patch that we are being forced to go through....and also what that spills over into, on a larger scale. Hopefully by sharing some of the steps involved, someone might glean something useful from it. In terms of the...

Yeah, you're right JoannaK, that sounds like the way it is going to play out. Just got back from the meeting, and I'm pretty happy with my position as Landlord. Amongst a whole bunch of other things, the VA confirmed that they wanted to continue using the site to trade out of, as the...

Cheers Scott for that. I'm fairly sure that's what he's spent on the prop...it'd be close I reckon...but then at this stage I only have his word for it. We had a DEPPRO report done on the place just as we bought it. I might get you guys out there after this sh*tstorm blows over and you can...

Agreed, I think we'll come out of this 'hiccup' sort of....OK. We reckon our maximum exposure to loss will be circa 5K, so we may have to cop that on the chin and move on. If we get a whole band of solicitor's involved, that amount of money again would buy us about 3 or 4 one page...

Cheers Cliff. More on the legal stuff....the wife and I weren't too encouraged with those two sections quoted. We jumped on the ASIC website and found this...which gives us some comfort ; Voluntary Administrator's Liability Any debts that arise from the voluntary administrator...

Thank you everyone for your replies and related stories / experiences. Most of you have either been down this road before or are extremely cluey, cos it appears alot of what you are mentioning is turning out to be the case. Had a bit of a chat with the Manager of the Administrator. A young...

Hiya Folks, Thought I’d share something that happened this week to us. Everyone who doesn’t agree with our philosophy of property investing, will be glad to know that one of the big bogey risks that normally scares the bejesus out of most investors has come to fruition….as they...