On 1st April 2008, the Financial Services Authority (FSA) served a petition to UK Land Investments (UKLI) to cease operations.
The hearing date is Monday, May 26, at the Royal Courts of Justice, known as London Companies Court, when the future of the company will be decided.
You can view a copy of the liquidation gazette here.
Hwever, it seems that the company will still continue to operate outside the UK as UK Land Investments International.
6 comments
1 ping
nb says:
May 14, 2008 at 6:09 am (UTC 8)
There are several thousand people who are effected by what has happened here and I can’t find anything on the internet other than this.
Can anyone point me to discussions sites, etc about what are our options and any legal work we can do together?
Thanks
lioninvestor says:
May 14, 2008 at 10:51 am (UTC 8)
Hi NB,
You can try these two sites:
http://www.propertyscam.org.uk/d6plinks/7E5CA9#comments
http://groups.google.com/group/plot-owners
Good luck.
Quaestuo says:
May 16, 2008 at 2:31 pm (UTC 8)
NB – I am sorry for your position.
Unfortunately Property Scam seems to have been neutered of late. All the useful comments have gone. perhaps as a result of legal threats and they have closed discussion.
You can look at the UKLI web site which is now being run by the administrators. Its not good news. UKLI sold 5000 plots but now there is no company to advance planning permission. The site says that since UKLI may have acted illegally, under UK law you can probably claim against the company BUT since the company is insolvent its unlikely you will get money back.
If you are an investor you definitely should look at the web site as the administrators are trying to understand the views of the Land Buyers and are asking you to to let them know what you want to do.
http://www.uklandinvestments.com/
lioninvestor says:
May 18, 2008 at 1:46 am (UTC 8)
Hi Questuo,
Thanks for the pointing us to the site. Looks like the options are spelt out quite clearly by the administrators.
I’m just wondering whether they have any way of claiming against this new company that has came out?
Quaestuo says:
June 12, 2008 at 11:55 pm (UTC 8)
The UKLI site has been updated and now has a number of reports on the status of the company from the administrators . Well worth reading if you are interested in UKLI or how land banking works.
Also property scam appears to be up and running again.
lioninvestor says:
June 13, 2008 at 12:58 am (UTC 8)
Hi Quaestuo,
Thanks for providing the updates. Pretty detailed report from the administrator.
Looks like Mr Chohan has been systematically siphoning money from the company to his other interests.
Update on Liquidation of UK Land Investments | Den of The Lion Investor says:
September 11, 2008 at 7:10 pm (UTC 8)
[...] the decision by the Financial Services Authority (FSA) of UK to shut down UK Land Investments, Lee Manning and Carlton Siddle of Deloitte & Touche [...]