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Who finishes when developer goes bust?
tarajayne
Posts: 7,081 Forumite
I am hoping that someone might know from a legal point of view the answer to a question about what we do once the developer of our estate has gone into liquidation. We will be speaking to our solicitor but he is on holiday for a couple of weeks and it isn't urgent so we shall wait. The man in question is here http://www.thisisplymouth.co.uk/news/TYCOON-S-EMPIRE-OWES-MILLIONS/article-602143-detail/article.html
The estate has 40 houses, in 4 phases. The final 5 houses are now being finished by the finance company who obviously want to get some money back but it's the roads and waterworks that are a problem. The water company say it will need £150k to do the works for them to adopt them but there is only a £10k bond. The roads are not done and although there are some bonds they don't cover all phases and I think only 2 of the 4 have the section 38 required. I also know that the bonds will not cover the work. What happens to the estate now, we recieved letters this morning from an insolvency company as we are all shareholders in the estate and there is a residents management committee.
Any help appreciated.
Thanks.
The estate has 40 houses, in 4 phases. The final 5 houses are now being finished by the finance company who obviously want to get some money back but it's the roads and waterworks that are a problem. The water company say it will need £150k to do the works for them to adopt them but there is only a £10k bond. The roads are not done and although there are some bonds they don't cover all phases and I think only 2 of the 4 have the section 38 required. I also know that the bonds will not cover the work. What happens to the estate now, we recieved letters this morning from an insolvency company as we are all shareholders in the estate and there is a residents management committee.
Any help appreciated.
Thanks.
Too many children, too little time!!!
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Comments
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Anybody got any idea please!Too many children, too little time!!!0
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You'll need specific legal advice on this."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
Yes, i suggest you speak to a conveyancing solicitor. maybe there is one on board here who can respond0
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naijapower wrote: »Yes, i suggest you speak to a conveyancing solicitor. maybe there is one on board here who can respond
Richard Webster.0 -
Thanks all, will see if someone else can help.Too many children, too little time!!!0
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