Our lawyers have been investigating the situation with the Enterprise House development in Leicester and trying to find out where investors' money went.
It is a particularly complicated situation, but the bottom line is; our lawyers advise that there seems to be no realistic prospect of investors getting their money back.
The details of the situation are outlined below. We appreciate that they can appear somewhat confusing, so for the sake of clarity, we repeat: it seems highly unlikely that will be getting their money back.
The development company Enterprise House Developments Ltd has gone bust and is now in liquidation. Details can be found on the developments section of our website.
The land is now owned by a company called Rutland Street Developments Ltd. The company is in fact, controlled by former NWIC associates, the same company who issued insurance bonds to the original investors.
All that the original investors are now left with, is a third charge which secures only a fraction of their investment. This seems to leave them with no realistic prospect of being paid in full.
Our lawyers advise that in their view, this is not the case, and there appears to be no chance of investors getting anything but a fraction of their money back, for the following reasons:
- Investors only have a third charge, which means there are two other charges which need to be paid off before investors will get anything
- The other two charges are likely to be for at least £1,000,000.00 (we don’t know for sure the correct amount)
- The land is only worth £2,500,000.00
The very best that investors are going to get therefore as things stand seems likely to be £1,000,000.00 or £1,500,00.00. That is going to give them back between 15% and 20% of their investment.
In the meantime, it remains a mystery where all of the money went. Our lawyers are still looking in to this issue, so we will present updates as we receive them. In the meanwhile, if you would like to make a claim for your losses, please do not wait to act.
We are forming a Group Action with the aim of recovering investors money. If you would like to register your interest in joining our group, please get in touch.