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NPD MBI {Edited by Forum Team}

edited 10 July 2019 at 8:42AM in Bankruptcy & Living With It
18 replies 2.7K views
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  • ashpanashpan Forumite
    203 posts
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    Strangely i have a document from the land registry saying that i own 'room 101' or similar - the administrators have today informed . me that no work was ever undertaken on the Atlantic Bay Hotel despite planning consent being obtained. Where would i stand with my land registry document?
  • ashpanashpan Forumite
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    WhenIam64 wrote: »
    @ ashpan

    If you would indulge me with this one. I'm going to put up a couple of comments for you or others to shoot down. Your situation appears to be common as it relies on buyer inertia and wishful thinking.

    1. When the original deal went south, you were offered a contract variation in terms of switching to another investment. If you did nothing, there could have been deemed acceptance but you engaged and agreed the variation.

    2. Unless there was a term in the original paperwork you signed, the original contract was breached and you should have or could have sued for your money back. At a cost though.

    3. Courts are loathed to interfere with contracts between consenting parties but in this case, an early challenge may have saved (some of) your cash and others.

    Any thoughts as to why you didn't challenge the breakdown in the original deal?

    The questions should be taken at face value. Not trying to make points other than trying to understand how these people are able to shift investors from contract 1 to contract 2 to contract 3 etc.
    Im feeling pretty out of my depth here, i did challenge MBI as to the original contract and that they were breaching it, even spoke to the original solicitors who informed me there was no breach of contract just a variation which i could either agree to or not
  • ashpanashpan Forumite
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    For other investors out there, (admin please note these are FACTS which are out there in the public domain for all to read, not my personal opinion)
    https://www.theguardian.com/business/2019/jul/11/serious-fraud-office-assesses-gavin-woodhouse-businesses
  • [Deleted User][Deleted User]
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    ashpan wrote: »
    For other investors out there
    I think you've misunderstood the purpose of this section of the board. It's not a place to "warn" people about dodgy investments you have made in the past. This section is for support and help for those who are or about to be bankrupt.

    Do also take note of the administrator edits of your original post on this thread..
  • ashpanashpan Forumite
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    It’s highly likely that some people who have invested will become bankrupt. These are large sums of money £400k from one individual alone and as the news sinks in there will be more who realise just how much they have lost.
  • [Deleted User][Deleted User]
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    ashpan wrote: »
    It’s highly likely that some people who have invested will become bankrupt.
    That's irrelevant.

    It would surely be more appropriate to discuss this on the investment board or the "Praise, Vents and Warnings" section..
  • WhenIam64WhenIam64 Forumite
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    even spoke to the original solicitors who informed me there was no breach of contract just a variation which i could either agree to or not

    Seems #2 applies in that there was a clause allowing a change in direction. And if you signed the paperwork, you'll have been deemed to have read, understood and agreed it. (point #3)
    Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.

    The law is like an ocean - have a swim but don't drown.
  • ashpanashpan Forumite
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    can anyone explain what an 'assured investor' is, ive been told this applies to me as the Ltd company is now in administration
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