We have all been waiting to see what the proposals were from Begbies Traynor, the administrators for Aspire Citygate and in particular of course to see if there was going to be any money for the investors.
Sadly we now know the answer which is that unsecured creditors will be getting nothing.
The administrators proposals are here but we can summarise them for you as follows
- Secured creditors are owed over £2m
- The land is valued by the company at £1m
- Unsecured creditors (ie the investors ) are going to get £0
In the meantime Graham & Rosen have produced an open letter to all of their former clients suggesting that they "seek the advice of another firm of solicitors"
We strongly suggest you follow that advice and contact us so our solicitors can advise you on how to recover your losses.