PENNY BROOK HOTEL LLP STRATFORD DEVELOPMENT NOW THE GANTRY

by Admin


gantry-2.jpg

The Gantry Hilton Curio Hotel artist’s impression

As we mentioned in our previous update work is underway at the site of what was to be the Penny Brook Hotel. It is now to be The Gantry Hilton and Adagio Hotels. We have visited the site and spoken to representatives of the developers.

We would encourage investors to not place undue reliance on that fact that something is being built.

As we have said before we have seen other developments where hotels have been built, completed and fully functional but the investors who enabled that to happen have still lost all of their deposits.

That was sadly the case on The Keep in Whitby and Evolution Liverpool. Please see previous blog entries on those cases.

In both of those case we have been able to assist investors in recovering their losses from other sources and we are ready and able to do the same for investors in this development should it be necessary.

It is very much in your best interest to secure protection of your position as a potential litigant sooner rather than later and please get in touch here in order to do so.

Source: weareica.com

AIG case will be heard in UK Supreme Court following appeal.

by NWIC Action Group


Unfortunately, AIG have appealed the recent positive verdict from the Court of Appeal and the case will soon be heard in the Supreme Court.

Because it is recognised that the verdict of this appeal will have ramifications for many other cases (including our own), the case has been fast-tracked in the Supreme Court meaning that we should receive the verdict of this case within the next few months.

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New Funding Options Available

by NWIC Action Group


We are now pleased to be able to offer new members a zero upfront fee funding option to enable them to pursue their case through our Action Group.

Understandably, we have had some investors who are unable or unwilling to pay any upfront fee due to the large amounts of money they have already lost on their failed property investments. In response to this, we have negotiated an option where investors do not have to pay any upfront joining fee.

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Don’t Miss Your Chance to Claim! Make Sure You Know Your Claims Deadline

by NWIC Action Group


Under UK law, there are rules about the period within which a claim needs to be submitted. These rules are called ‘Limitation Periods’ and are set out in The Limitation Act 1980.

The time limit for the type of claims that are being pursued by our Action Group is six years from when the breach of contract or negligent act occurred. Make sure you claim before it's too late!

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Aspire Citygate Group Formed

by NWIC Action Group


We have been busy forming a group for investors in this development and we are pleased to say that has been a success. We set the end of June 2016 as the date for the group to be formed and we now have over 60 members. We have an agreement from Penningtons that they will act for the group and we have an offer of legal expense insurance in place for our members.

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Investors in Penny Brook Hotel development issued with a difficult choice

by NWIC Action Group


We have recently become aware that investors in the NWIC insured Penny Brook Hotel development (previously Starboard Atlantic) have been issued with an ultimatum.

Investors been informed that unless they all agree to cancel their contracts and treat the money they have already paid as a loan instead of a deposit (as initially agreed), the project will go bust and they will lose all of their invested capital.

To make matters worse, the loan they are being asked to agree to will only be secured as a second charge and is not repayable for 3 years! Essentially, the choice they are being offered is; lose all of your money now or agree to tie it up and hope you get some of it back in 3 years time.

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AIG case verdict is excellent news for NWIC Action Group claims

by NWIC Action Group


Along with everyone else interested in group litigation against solicitors, we have been eagerly awaiting the outcome of the AIG case in the Court of Appeal.

Now, the verdict is in, and the good news is; a legal precedent has been set which requires insurers to deal with each case individually, meaning they cannot limit their liability by treating a large group action as one single case with a compensation cap of £5 million. This is great news for investors in developments backed by NWIC insurance bonds, as it should mean that if our claims are successful all investors will be paid their investments back in full.

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Important milestone reached: ATE insurance secured for all group members

by NWIC Action Group


We are delighted to announce that the NWIC Action Group represented by Penningtons has been offered full ATE insurance, comprehensively covering all our members against legal costs incurred by the defendants’ solicitors.

This means that all cases can now progress as far as they need to and proceedings are likely to be issued shortly.

This marks an important milestone for our action group, and makes a fundamental difference to how the defendants’ insurers perceive our case as they now know we can pursue them to all the way to trial if needs be. This means that we are now in an excellent position for negotiation, as insurers will only negotiate seriously with a group that is already insured or is likely to be.

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