Property Assets Limited (07781829): administration
- Status
- Administration ended
- Administration began
- 2013-09-09
- Incorporated
- 2011-09-21
- Location
- Ilford
- Industry
- 68310 Real estate agencies
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The company was incorporated on 21 September 2011 and commenced trading shortly thereafter The current director, Mr Jonathan Bullock has been the sole director of the company since incorporation The company was set up to be a brokerage investments in property in need of renovation.
Potential investors in property found in charged a £5.000 annual fee for membership. The member's money was being invested in a property and a joint venture agreement was entered into between the investor and the developer. The investors’ money secured by way of a legal charge aver the property. The company now in administration was not a party to the joint-venture agreement.
Initially, the scheme worked well with properties that the company's clients had invested selling relatively quickly an enabling the investor to make a good return. Unfortunately the speed at which properties were both being renovated and sold declined The effect this was the annualised return on investments declined as tewer joint ventures could be completed in a year.
Administrators' statement of proposals (2013-10-17) · Companies House register