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What was the outcome of the CVA please? Did creditors get anything?
there was a small amount paid to clients 2 years ago when CEO managed to sell some property - and this year after closing down, nothing at all . Thats all BS as I know prop'ty market and company had prop'ties all over the world, from UK accross Egypt to Malaysia and market "wasn't down" as they said all places. Officially, property under CEO's ownership has been "repossessed" but I do believe it was just a scam and whole CVA is just to help those who put client in limbo and get those involved (company) gently out off the legal punishment - my guess (and many others, too).
Were there ever any findings of fraud?
What did your contract say about which country it was governed by please?
On the side of UK agent I cannot say but definitely someone stole money in emirates (Mashreq Bank in Dubai) -account was open by 2nd branch of this agency in Dubai - and according to CVA Supervisor - money i.e our installments - have been going to developer (hard to prove and another problem is - as a 2nd market buyers, we were not on the developers's list, even though I could refer exact unit I have bought, apparently not registered under my name on the plan). But let's keep in mind - developer is heavily involved , too - I would blame them even for not verifying who were the agents/subcontractors allowed to deal with them.
Yes but did you sign any agreement?
2nd Q: Biggest problem - I was never issued a real contract! - just a sheet named "Reservation Form". The idea was (verbally stated) that we should be given S&P Agreement at a later stage (this is my fault, I should have stop paying at that moment).
If so it should have a clause which states which country law it is governed by
I don't have original on hand but a Reservation Form stated that their initial duty = to arrange reservation fees (money went to UK Bank - not like installments) was governed by UK law, next duty was to arrange payments to the developer.
OK - who is it you want to sue?
Their main argument was that the reservation fees (GBP 2k/person) were the only funds they had in their pockets to compensate us when CVA was established. but tere were some legal actions against them already and cvery likely they have spent resources at an early stage to satisfy these claims.
But you paid the reservation fee before the CVA?
I was about to sue 2 individuals in the agency but it proves to be difficult as they were covered by company protection and unless they committed crime I can't sue them. But I wonder how could disappear that whole load of our installments in Dubai bank without trace - this is where I would try to start. I had a contact with the banker in charge of that account and what I know is that it has been US $ account (although our installments were sent in AHD - dirhams) and that account has been closed.
Yes of course. If there was a CVA then there would have been an Insolvency Practioner
They should be dealing with the assets etc.
However if there are no assets then your only chance is to sue in UAE
You would need to show that the agents were just that, agents and acting on behalf of the company in UAE.
Well - bad taste in my mouth b
However I can't advise on that law as I am an English Solicitor.
You would need to take advice from a UAE lawyer
But it sounds as if they have been in a CVA and no criminal matters that sadly you can't sue the company here and the Directors personally.
If there had been fraud etc you could have pierced the corporate veil and sued personally
But without any form of conviction sadly I think this is a dead end
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
Can I clarify anything for you about this today please?
No - that's allright. I wouldn't expect much more - just a confirmation that we cannot proceed any further in the UK.
No I am sorry
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OK, Thank you Alex, good Luck
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just briefly to my recent query : I am now communicating with UAE lawyer, please can I use statements made by UK Insolvency Practitioner (CVA) in the future case in the UAE ? How about if he would be asked to co-operate - is he bound to do so in any way according to UK law?