Aspire Citygate has become the latest development backed by an NWIC "guarantee" to enter administration.
The development company was originally called Aspire (Citygate) Limited and changed it's name to Bradford Developments (Yorkshire) Ltd in August 2015.
The site was marketed through IPIN under their "Secure Exit Strategy" scheme which attracted a large number of investors who together put in over £4m.
All of these investors rank as unsecured creditors and it seems likely that they will now lose all of the money they have put in.
Julian Pitts and Nick Reed have been appointed as administrators and they are currently making investigations into the financial position of the company.
Julian Pitts has said "We are very hopeful that we will be able to sell the site with the benefit of planning consent and that eventually the proposed development will take place,"
No doubt the site will be sold but it seems highly unlikely that it will be for an amount which will leave anything for the unsecured creditors.
Please contact us if you were an investor in this development and we will explain how we can help you with the recovery of your money.