Aston Darby insolvency

Zainab82

I invested in Aston Darby in 2017, I filled all the required papers and send them back to the company. Since then they had returned papers back to me twice for corrections. Until now, and after I had completed all papers and submitted to them again, they did not send me any update about registration in land registry. They told me in Scotland, usually the space will not be registered earlier than 3 yrs. During COVID Era I haven't received any email from them. Today it self I realized that the company has been in insolvency. No contact emails, no contact phone numbers, what should I do? 

Linton

Zainab82 said:

I invested in Aston Darby in 2017, I filled all the required papers and send them back to the company. Since then they had returned papers back to me twice for corrections. Until now, and after I had completed all papers and submitted to them again, they did not send me any update about registration in land registry. They told me in Scotland, usually the space will not be registered earlier than 3 yrs. During COVID Era I haven't received any email from them. Today it self I realized that the company has been in insolvency. No contact emails, no contact phone numbers, what should I do? 

From, a quick Google I fear there is nothing you can do and may have to accept any money you have paid them has been lost.  This type of high risk unregulated scheme has unfortunately been far too common in recent years.  Many people have lost significant amounts of money. For background info see:
https://www.gov.uk/government/news/car-parking-investment-companies-shut-down-in-court
https://bondreview.co.uk/2020/07/16/aston-darby-ponzi-scheme-shut-down-by-insolvency-service-26m-of-funds-at-risk/ 

How did you find out about the scheme? Who persuaded you to invest?  

block10

Interestly the prospectus is still up for the Glasgow Airport. "11% net return", unforunately an unrealstic return is a common theme of these type of scams. 

https://www.astondarby.co.uk/wp-content/uploads/2020/04/aston-darby-glasgow.pdf

Funseeker

I am curious why people only take action against these schemes when there is a problem? Do they not all fall under definition of unregulated collective investment schemes (S235 of the Financial Services and Markets Act says a CIS is an investment in which investors do not have day to day management of their money). Its supposed to be "criminal" to market them, but FCA and no-one else seems to care to make them stop marketing.  What am I failing to understand?

ratechaser

Funseeker said:

I am curious why people only take action against these schemes when there is a problem? Do they not all fall under definition of unregulated collective investment schemes (S235 of the Financial Services and Markets Act says a CIS is an investment in which investors do not have day to day management of their money). Its supposed to be "criminal" to market them, but FCA and no-one else seems to care to make them stop marketing.  What am I failing to understand?

I suspect it is because their marketing materials carry JUST enough disclaimers (pointing out that it's a high risk unregulated investment suitable for professional investors only) to get away with it. Funny how people tend to have a blind spot to such warnings when there's a big headline rate being dangled in front of them.

masonic

There have been a couple of previous threads about this investment scamheme:

https://forums.moneysavingexpert.com/discussion/6133637/aston-darby-airport-car-parking-investors-group-legal-action

https://forums.moneysavingexpert.com/discussion/6141292/aston-darby-car-park-space-investment-scam