Kelvingrove House is the latest NWIC bonded development to go into administration.
Paul Dounis and Matthew Wild of Baker Tilly were appointed joint administrators on 28th August 2015. They were appointed by the main lender who are QIB (UK) Plc. They are owed just over £7m.
Investors deposits are £3.9m so a sale which pays back QIB and the administrators fees and the costs of sale and still leaves enough money to repay investors back their deposits is looking unlikley.
Sadly therefore It looks like this is another development where investors will be making a loss.
Our lawyers are therefore putting together a group to pursue the recovery of those losses and that is open for membership.
To participate in that group please register here.