We have been in touch with Christopher Hill, the liquidator for NWIC and we have a letter from him with a progress update.
The letter says
- NWIC issued guarantees in respect of twenty five UK developments
- Most of these are in default or in distress if they haven't already gone bust
- There are up to 4,500 claimants
- The assets held by NWIC at liquidation were less than $1m
The prospects of any creditors getting paid anything in the NWIC liquidation would therefore appear to be effectively zero.
The number of developments which end up collapsing is bound to increase.
We are keeping a close eye on the situation and in particular are monitoring (amongst others)
- Portsmouth One Hotel
- Enterprise House, Leicester
If you are in any development which has not yet completed and which is guaranteed by NWIC then we want to hear from you. Do not wait for the development to fail. Contact us now.