The authorities are in the process of investigating the business affairs of Liam Collins and David Bone Jr, who are both under bankruptcy restriction orders for another 13 years. Here below are the Government’s Insolvency Service findings:-
Here is a link to another article on this subject from the Daily Mail’s This Is Money:
Readers, why not send us your comments or a brief account of your own experiences with Collins & Bone?
As reported in our post of 18th May, David Bone Jr is still getting an income or benefit from three former Collins & Bone properties, as illustrated below:
A Flat in Beckford Court
So why have these properties not been repossessed, sold and the proceeds distributed among CoBo’s many creditors? Well, it’s a fact that the houses have, up to now, been in negative equity; it has always been CoBo’s strategy to pay out as little as possible to the mortgage companies, in such a way that the houses have always hovered on the brink of repossession or LPA receivership. CoBo regarded any money, including income from renting such houses, as unquestionably theirs to spend without regard to contracts or commitments.
It is absolutely plain that David Bone Jr and his family should not be benefiting in any way from these properties. Any income from them should be used to reimburse creditors.
I am formerly* asking you to remove your blog as it contains statements which are false and therefore defamatory and libelous.
I have mentioned many of these instances to you but you have not removed them. I am taking legal action at present and so this is to say that I have asked you first. If you do not take down the blog then Google will enforce that.
Freedom to speak and freedom to lie are two very separate things.
*We think he means ‘formally.’
One thing that Collins accuses us of is ‘bullying and harassment.’ This is his way of trying to get rid of qualities which he obviously possesses, qualities that show up in his writing: just try to offload them at someone else, preferably someone who takes the trouble to scrutinize his crooked dealings.
When he is finally brought to book, he will, without doubt, try to argue his way out of his past and what he has done to people who trusted him,* but there is ample evidence of his deceit and we are confident that justice will prevail in this case.
*“It is a condition of the free market that trust must prevail between those engaged in commerce …” R. Conquest. Though the sense is anyway obvious, it comfortably bears repetition in this case, in which the trust of bona fide investors has over many years been seriously abused.
2 Abbeycroft Close, Astley, Tyldesley, Manchester M29 7JT
56 Beckford Court, Tyldesley, Manchester M29 8GF
24 Carnarvon Road, Preston PR1 8PU.
Research has shown that David Bone Jr is benefitting from all three properties in terms of accommodation and rental income.
Abbeycroft Close is a 4-bedroomed house, built in 2004 and acquired by Collins & Bone for £270,000 in October 2007. Zoopla currently values it at £263,972, so it is just within the bounds of negative equity. As far as we know, David Bone Jr lives there with his wife and child.
Beckford Court is a 2-bedroomed flat and CoBo used it as a Manchester office for CBS and Collins & Bone. It was purchased in July 2007 for £127,950. Zoopla’s current valuation is £111,898. It is estimated to have a rental value of £568 per calendar month.
Carnarvon Road is a 3-bedroomed terrace house, purchased by CoBo in February 2008 for £110,000. Zoopla values it at £124,668. This property was put in the name of Rachael Stanley, David Bone Jr’s wife. Its estimated value as a rental is £773 pcm.
It is clearly unfair, to put it mildly, that David Bone Jr should still have charge of three properties and an income from renting out two of them when some bona fide investors have actually lost their homes or had to sell them because of money lost through CoBo’s swindling. We have made sure the authorities know about these properties because it is extremely unlikely that David Bone Jr would inform them about the benefits or income he gets from them.