Purchasers who paid £6.5m to the collapsed city centre property business Dylan Harvey Residential are not expected to get anything back. The company was an agent for properties in northern cities bought by off-plan investors, taking deposits for schemes.
The administrators, CLB Coopers, say a payout is unlikely unless substantial assets can be recovered.
The report, by joint administrators Mark Getliffe and Diane Hill, gives details of around 600 property investors, based throughout the UK, who put down deposits ranging from £2,000 to £66,000 on apartments marketed by the company, which had just £23 in the bank when it went into administration.
Its only asset was a Manchester car park worth around £150,000.
The administrators are investigating a series of transactions by the company, including a £1.6m dividend to its parent company, Dylan Harvey Group, and the collection of £2.6m worth of deposits for two planned developments which did not appear to be handed over to the developers.
Some schemes failed because of the collapse in the city-living market. A creditors’ meeting is to be held at the BT Convention Centre in Liverpool on October 9.
Comments