Loan 29331-01 - Business Loan Lithuania

Loan Details

Loan Type Business Loan
Loan Amount € 25 000.00
Remaining Principal € 18 647.21
Interest Rate (12.5%)
6.0%
Initial LTV 71%
LTV 53%
Initial Term 12 m. 11 d.
Remaining Term Late
Amortization Method Full
Listing Date 09.11.2015
Date of Issue 27.10.2015
Closing Date 01.11.2016
Status Default
Loan Originator Capitalia
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  • Borrower and Collateral
  • Payment Schedule
  • Investment Breakdown
  • Debt Collection
  • Borrower and Collateral Details

    Loan PurposeWorking capital
    BorrowerCompany
    Business sectorWholesale trade, except of motor vehicles and motorcycles
    DescriptionActivities started in 1991 as a small family business. Company does wholesale trade of professional kitchen equipment for bars, restaurants, hotels as well as counsel kitchen planning, designs and optimizations. Today business activities include the UK, Germany, Poland, Lithuania, Latvia, Estonia, Finland, Russia, Ukraine, Azerbaijan and Kazakhstan. Company has implemented more than 1,000 projects for restaurants, hotels, supermarkets, cafés, bars, schools, universities, hospitals and airports. Company is unique in market because they represent more than 320 manufacturers. Financing was attracted to increase available stock in warehouse for increasing orders.
    Registered21.10.2010
    Risk category B
    Estimated annual default rate 1.2%
    Personal guarantee No
    Collateral Collateral is inventory (new professional kitchen equipment), stored in DS Construction warehouse in amount of EUR 50,000 value.
    Country Lithuania
    Valuation€ 35 000 / 26.10.2015
  • DatePrincipal Interest TotalPayment ReceivedPayment DateStatus
    01.12.2015 € 0.00 € 208.33 € 208.33 € 208.33 09.12.2015 Paid after the due date
    01.01.2016 € 1 985.62 € 269.10 € 2 254.72 € 2 254.72 01.03.2016 Paid after the due date
    01.02.2016 € 2 038.57 € 247.72 € 2 286.29 € 2 286.29 18.03.2016 Paid after the due date
    01.03.2016 € 2 092.94 € 211.21 € 2 304.15 € 2 304.15 28.07.2016 Paid after the due date
    01.04.2016 € 2 148.75 € 203.25 € 2 352.00 € 438.92 Late
    01.05.2016 € 2 206.05 € 174.31 € 2 380.36 € 174.31 Late
    01.06.2016 € 2 264.88 € 156.38 € 2 421.26 € 156.38 Late
    01.07.2016 € 2 325.27 € 127.74 € 2 453.01 € 127.74 Late
    01.08.2016 € 2 387.28 € 106.97 € 2 494.25 € 0.00 Late
    01.09.2016 € 2 450.94 € 81.27 € 2 532.21 € 0.00 Late

    The loan have defaulted. Debt collection has been initiated.

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  • History of Actions

    DateActionDescription
    26.07.2016 Restructuring Debtor has applied for restructuring of the company to the court. The collection process could be slowed down.
    12.09.2016 Debt collection started Contract with the borrower has been terminated and debt collection process has been started
    12.09.2016 Default All collection actions are stopped until court. Court date is 2016.09.20 15:00. Pledged inventory is secured and arrested. Capitalia pays for warehouse in which these items are kept. Loan agreement is terminated.
    04.10.2016 Court decision Court decision to make bankruptcy case, so all procedures will start and happen in standard terms. Nothing to expect soon.
    25.10.2016 Administrator selected Bankruptcy administrator selected, recovery will be started with the realization of pledged inventory.
    19.12.2016 Bankruptcy process. No update from bankruptcy administrator yet. Slow process.
    06.01.2017 Debt recovery process Waiting for auction.
    30.01.2017 Debt recovery process Creditors meeting and start of auction, likely to be in February.
    08.03.2017 Debt recovery process Auction is not yet started by Bankruptcy administrator. Also inventory sale process and prices are being confirmed with Bankruptcy administrator in order for Debt collection company to be looking for pledged inventory buyers not only via auction.

    Debt collection costs: € 961.53