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Land for Sale in UK by Official UK Land Investments Group
UKLI Limited (In Administration)
Call us on
0207
007 1057
HOME
| FREQUENTLY ASKED QUESTIONS | PLANS | FORUM | REGENTS LAND | ST JAMES’S LAND | DOCUMENT LIBRARY
UKLI Limited (In
Administration) (“the Company”)
Lee Manning and Carlton Siddle of Deloitte &
Touche LLP were appointed Joint Administrators of the Company on 22 April
2008.
*** UPDATE 9.9.2008: Detailed Reports
on each plotted site have now been prepared – please follow the links on the PLANS page to view / download these documents.
***
UPDATE ***
We have encountered some recent issues with
registering investors for the UKLI Forum. If you have recently tried to
register for the forum but you have not received validation emails please
retry here.
***
UPDATE ***
25 August 2008
The minutes of the recent Creditor Committee
Meeting are available here.
*** UPDATE
***
13 August 2008
The summarised minutes of the meeting are now
available here.
The transcript of the meeting (excluding the
reading of the Joint Administrators’ Report to Creditors) is available here.
***
UPDATE ***
11 July 2008
The Forum is now available for plot holders to
communicate with other plot holders, and for plot holders to put themselves
forward as representatives for their sites. You can access the forum here, or click on the FORUM link
above.
*** UPDATE ***
10 July 2008
A Copy of the Joint
Administrators Report on the Creditor’s Meeting held on 24 June 2008 is now
available here
*** UPDATE ***
Creditors Meeting
By way of update the Meeting of Creditors held
on 24th June at the Camden Centre, Judd
Street, London WC1H 9JE, commenced at 2.15 pm and
approximately 500 investors were in attendance or sent proxies to vote on
their behalf. The meeting adjourned at approximately 6pm.
The creditors voted on and approved the
Administrators' proposals as detailed in Section 8 of the report and also
resolved to appoint a Creditors' Committee. The Formal notices to this effect
will be distributed in due course.
Creditors were invited to join the Committee and
one was duly formed. Details of the members of the committee will be
circulated shortly. The meeting also provided an opportunity for investors to
pose questions to the Administrator and to seek clarification on any matters
outlined in the Creditor Report. An extensive 'question and answer' session
followed the meeting and we plan to have the transcript on the website
shortly.
Land plans and site information
At the meeting we were able to display composite
images of the various sites UKLI marketed to investors, along with an
assessment (for information purposes only) of each
site prepared by our property consultants DTZ. We have now
made these plans available for download from the website, please click on the
PLANS tab above.
As suggested by creditors at the meeting we will
also be extending the website to include forums for each
site in order that plot holders can communicate with each
other and elect a representative to speak for them at sub committee meetings.
Please bear with us, as an update of the site to
include forums will take a short while.
*** UPDATE ***
18 June 2008
Errata: We can confirm as a
result of our further enquiries that St James Capital (Pty) Limited and
European Property Ventures Limited are not owned by Mr Chohan.
*** UPDATE ***
10 June 2008
THE ADMINISTRATORS
PROPOSALS TO THE COMPANY'S CREDITORS HAVE BEEN FORMULATED AND WILL BE SENT TO
CREDITORS SHORTLY.
In order to vote on
the proposals you can complete the proxy form (the pink page attached to the
report or available on the link below) or attend the meeting of the Company's
creditors. The meeting is to be held on 24 June 2008, commencing at 2pm at
the Camden Centre (Bidborough Street entrance), London, WC1H
9JE (location details can be found here).
A copy of the Administrators meeting notice is
available for download here.
A copy of the Report and Administrators'
Proposals are available here.
A copy of the appendices to the report are available here.
A copy of the form
you can use to vote instead of coming to the meeting, or to appoint a person
in your place (a proxy) can be downloaded here. You
must ensure you use this form only, and complete this form fully, or your
vote or proxy nomination may not count.
If you wish to attend
the meeting please note that admission is limited to the creditor or his representative,
and that there is very limited parking in the vicinity of the meeting
location. We also ask that you notify us by emailing kehedger@deloitte.co.uk
in advance, and also arrive in good time in order that
registration is completed before the meeting commences. Registration
commences at 1pm.
PREVIOUS ARTICLES
22 April 2008
I have been appointed as administrator of UKLI
Limited ("the Company") together with my partner Carlton Siddle and
our joint appointment was registered with the High Court Companies Division
on 22 April 2008.
The Company is in administration because it is
insolvent as it is unable to meet its liabilities as and when they fall due.
The Company records show that many individuals
and companies purchased land from it as part of a "landbanking"
scheme. It appears that the operation of the scheme, for the reasons set out
below, was in breach of the Financial Services and Markets Act 2000
("FSMA"). Accordingly, you may have a right to make a claim against
the company which you are entitled to pursue in the administration (or any
other insolvency process). I explain these rights further below.
Background and Action taken by the Financial
Services Authority ("FSA")
The Company is also the subject of a winding-up
petition served on it by the Financial Services Authority, which was
advertised in the London Gazette on 17 April 2008. The FSA asserts that the
Company should be wound up under the provisions of Section 367 of FSMA as the
Company is unable to pay its debts and that it is "just and
equitable" that it should be wound up.
The basis of the FSA’s petition is that it
considered that the landbanking scheme(s) operated by the Company constituted
the operation of an unlawful Collective Investment Scheme ("CIS").
Establishing, operating or winding-up a CIS is a "regulated
activity" under FSMA and it is necessary for any person who wishes to
carry on such a regulated activity to be authorised by the FSA under the
provisions of Section 19 of FSMA. The Company was not authorised by the FSA
to carry on any regulated activity. The FSA also has serious concerns as to
how the Company promoted its business activities to the public.
As a result of all of these matters the FSA considered
it necessary to present a winding-up petition to the Court in accordance with
its regulatory objectives.
You will appreciate that a central part of the
Company’s business was to acquire sites of land which it claimed had
development potential, divide these sites into smaller plots, then sell these
plots to members of the public, on the basis that the purchasers of these
smaller plots would benefit from the anticipated planning permissions and the
resultant effect on the value of the site as a whole.
We are now investigating the affairs of the
Company to assess how creditors will be affected by the insolvency of the
Company as a result of its activities. We are liaising with the FSA in order
to seek to secure the best outcome for all of the creditors of the Company.
How does this affect me?
As a result of the Company not being authorised
by the FSA investors do not have access to the statutory protections to which
they would otherwise be entitled. Specifically, investors cannot seek
compensation from the Financial Services Compensation Scheme or complain to
the Financial Ombudsman Service, both of which they would have been able to
do had they dealt with an authorised firm.
Although the winding-up petition has yet to be heard
by the Court, the Company is now also in administration, as it is insolvent.
The Company is not in a position to continue trading and therefore it will be
unable to continue with its arrangements with investors, including the
progressing of any development plans and planning applications in relation to
the land it retains and the numerous plots it has sold to investors.
Where investors have dealt with an unauthorised
firm then they may have a claim under Section 26 of FSMA. Section 26 of FSMA
provides:-
26 Agreements made by unauthorised persons
(1) An agreement made by a person in the
course of carrying on a regulated activity in contravention of the general
prohibition is unenforceable against the other party.
(2) The other party is entitled to recover -
(a) any money or other property paid or
transferred by him under the agreement; and
(b) compensation for any loss sustained by
him as a result of having parted with it.
Investors will need to consider whether they
wish to assert any claim against the Company. In this regard if you have
already invested in land, then we would strongly advise you to seek
professional advice to assist you in considering your statutory rights under
FSMA (and any other relevant legislation) and whether you wish to make any
claim against the Company.
What is the practical effect of this for
Investors?
If it is determined (as is likely) that
investors are entitled to rely on Section 26 of FSMA then they will be able
to return any land purchased from the Company and seek a refund of monies
paid. However, as I have explained above, the Company is insolvent and even
before taking into account its potential liability to refund investors for
land returned under Section 26 of FSMA, the Company appears to have
insufficient realisable assets to meet its other liabilities. This means that
it is highly unlikely that any customer who chooses to return land to the
Company will be repaid in full.
The Company's records indicate that
approximately 5000 plots of land have been sold to investors, spread over
several locations. Clearly, at this stage it is impossible to determine how
many investors will choose to try and exercise their rights under Section 26
of FSMA. If it is determined that investors are able to return their land to
the Company pursuant to Section 26 of FSMA, where investors opt to do so,
investors will have a claim against the Company for the amount the investor
paid for the land (and any applicable compensation under Section 26 of FSMA)
but this claim will rank as an unsecured claim against the Company.
Investors should appreciate that once land is
returned to the Company, it then becomes an asset of the Company. By
returning the land to the Company, the investor effectively
"replaces" his ownership of the plot of land with an unsecured
claim against the Company. The amount unsecured creditors may receive will
depend on the value the administrators realise in selling the Company's
assets and the extent of the Company's creditors.
This is why the administrators recommend that
investors seek professional advice of their own, as we are unable to advise
you on whether you should retain your land or return it to the Company.
What happens next?
As administrators, we are obliged to convene a
meeting of creditors within 12 weeks of our appointment, to explain our
proposals for dealing with the Company and its assets.
Creditors are given 14 days notice of that
meeting together with a report on the progress of the administration and
details of the administrators’ proposals. At that meeting it will also be
possible to appoint a creditors committee, comprising between three and five
creditors, who will be able to be regularly kept up to date by the
administrator on the progress of the administration, including any
investigations undertaken.
You will be sent this report and invited to the
creditors meeting, which is likely to be held in late June or early July, as
this will give us time to gather information on the Company’s activities.
In order to gauge the level of interest from
investors in attending the meeting and in potentially returning land to the
Company, you will find a brief questionnaire on this site for you to complete
and return to us.
Click here to download.
In the meantime, the administrators will be
liaising with the FSA regarding the winding-up proceedings that remain
against the Company. It is a requirement that the administrators apply to the
court for directions in circumstances such as this. We will keep you updated
with regard to any developments and updates will be posted on the Company’s
website.
PLEASE NOTE this questionnaire is only to assist us with organising the creditors
meeting and to gauge the desire of investors to return their land to the
company. Any responses you give are NOT legally binding on you.
We would request at this stage that you keep
telephone enquiries to us to a minimum; however if you wish to contact us my team
can be reached on +44 (0) 20 7007 1057 or kehedger@deloitte.co.uk.
For and on behalf of UKLI Limited
Lee Manning
Joint Administrator
Lee Antony Manning and Carlton
Siddle were appointed joint administrators of UKLI Limited on 22 April 2008
and the affairs, business and property of the company are being managed by
them. The Joint Administrators contract as agents of the company without
personal liability.
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Develops | parcels | of | undeveloped | land | from | offices | around | the | globe; | includes | investment | opportunities, | market | statistics, | and | news. |
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http://uklandinvestments.com
UK Land Investments Group 2008 October
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