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Investor Says He Is Not Liable after Selling His Company
maximumme
Posts: 84 Forumite
18 months ago I invested £30,000 with a property refurbishment company. The money was spent towards renovating two properties which are now rented out, and I was promised a £40,000 return I have received nothing.
The company I invested in has now been sold, and subsequently closed down.
The original owner says he is not liable to refund my investment even though he still owns the 2 properties and still rents them out. When he sold the business, he kept the 2 properties. This cannot be right surely?
The company I invested in has now been sold, and subsequently closed down.
The original owner says he is not liable to refund my investment even though he still owns the 2 properties and still rents them out. When he sold the business, he kept the 2 properties. This cannot be right surely?
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Comments
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You say you invested in a company . How? Did you make a loan, buy shares....?
What evidence have you of the investment? Have you seen a solicitor?0 -
I invested money with them, and they reconditioned the properties. It was by bank transfer. I have documentation. I emailed a solicitor online who more or less said he wasn't liable as the company didn't exist.0
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If you are a shareholder you should be entitled to the share of the assets of the company.
If you made a loan then was it secured on any of their assets?Remember the saying: if it looks too good to be true it almost certainly is.0 -
No, I am not a shareholder. There is no mention of the money being secured on their assets.0
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Did you take legal advice before entering into this transaction?
What documentation do you have? Is it an agreement? What does it say?0 -
I think you may have been a victim of deception.
I would call the police.Be happy...;)0 -
spacey2012 wrote: »I think you may have been a victim of deception.
I would call the police.
Definitely. I wonder if the online solicitor was a stooge.
The OP may also want to post your experiences on the threads from investors looking to put their money into property refurb/rental companies as a cautionary warning for them.Remember the saying: if it looks too good to be true it almost certainly is.0 -
You need to look at the contract you signed and seek legal advice. That may result in you being told you were very willy and/or it may involve you being referred to the police to report a crime.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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