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.

Did you invest in this development?

Our action group is open to investors in this development. If you were an investor and would like to make a claim for your losses, please register with us via our contact form.

The claim will operate on the basis that had you not been badly advised about accepting a useless insurance policy from NWIC, you would now be in a very different position. Either you would never have invested in this development, or you would have done so only after securing an insurance policy that could actually now be claimed on.

Either way, you would now be getting your money back and not only possibly be getting it back in 3 years time.