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:
Carnarvon Road
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.
Collins & Bone Investors Blog 