This blog was established to help get to the bottom of how the Collins & Bone Partnership reached the very sad situation it is now in, with its partner Liam James Collins having a bankruptcy hearing on 25th January (postponed)15th March 2012 (ditto), and finally bankrupted on 9th May 2012 (case # NEWC 1517 of 2011 BKT 3472187, Newcastle County Court, The Law Courts, The Quayside, Newcastle-upon-Tyne, NE1 3LA), and David Bone Jnr declared bankrupt on 31st May (case no 100 of 2012 Wigan County Court). The partnership used the following addresses:

25 Shelton Street, Covent Garden, London, WC2 H9HW, UK

Eastern Villa, Station Rd. North, Forest Hall, Newcastle Upon Tyne, NE12 9AE (owned by Liam Collin's parents, and now up for sale)

There are 3 specific goals of this blog:

• To find out what happened to the 1m+ GBP monies that C&B raised via PNs in late 2009, 2010 & 2011. I am excluding PNs issued to ex-CBS investors, but that said, this blog will be of interest to ex-CBS investors, and there is information that needs to be obtained from this set of investors wrt when PNs were issued to them, and their duration.

• To determine what, if any, criminal charges should be brought against the partners.

• To warn other investors off doing any business with the partners, their equally inept/unscrupulous extended family members, and supportive cohorts.

When you look at the PNs, there are no specific statements on the documents that specify how the monies were to be used - how you believed they were to be used is based on whatever e-mail/phone call foreplay you had beforehand with Liam Collins. That is why it is so important that the following information is collated for this category of C&B investors on an individual basis:

1) What did you believe you were investing in, and what was your basis for believing this?
2) What investment risks were you informed of?
3) What was your understanding of the purpose to which PN monies could be put?
4) What brochures and documents were you furnished with as prt of your due diligence?
5) What due diligence did you do?
This blog is being operated completely separate to Sally & Jasmine's blog (, although we share the common goal of getting to the bottom of this mess in a professional manner. If you don't want to post anything on the blog in person, you can send an e-mail to me at - information conveyed in any such e-mails will only be posted on the blog on your behalf after any editting/your specific consent.

Ewart (The Editor)

Tuesday, 20 March 2012

Take on latest C&B property spreadsheet

The latest spreadsheet from Liam Collins still contains no rental or mortgage interest rate/terms & conditions information, and of the 27 properties listed:

  • 3 of these were not on the "C&B assets - negative equity" property spreadsheet, and have as the beneficiary Iqbal Singh (a former business partner of Liam's).
  • 4 that were on the "C&B assets - negative equity" property spreadsheet are no longer there (2 abbeycroft close, 24 carnarvon, 56 beckford court, 30 peacock avenue). The first three of these 4 had positive equity, so what happened to them?
So basically we're now down to 24 assets from which, over an IVA term, it is proposed that (~4m GBP debt + average ~448k GBP of negative equity) be paid off 100p in the GBP. Or, put another way, each property needs to generate ~37k GBP each and every year for 5 years via
  • after-tax, after-mortgage payment & after-maintenance rent monies
  • increases in underlying asset value.
This is not going to happen ... it is totally unrealistic!

If you compare the mortgages in this new property spreadsheet with the "C&B assets - negative equity" property spreadsheet, you will see that some of the outstanding mortgages on the properties have declined by 1/2k - 1k GBP, but the mortgage on 25 Shelton Street has increased 6k GBP, so the total outstanding mortgage balance across the properties has remained pretty much the same.

The Editor

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