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Jo C.
Jo C., Barrister
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Experience:  Over 5 years in practice
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I invested my savings of substantial amount on some Joint Ventures

Customer Question

I invested my savings of substantial amount on some Joint Ventures Investments with a company dealing in buying properties from auctions, refurbish and sell then profits are shared with investors but I believe I may have invested wrongly. It was meant to be JV on properties and because there was a solicitor involved in the process, I decided to join. But I believe I have made a big mistake and may loss my funds and investments. I require some help on how to proceed and may need to discuss matters with an investment solicitor .
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
,
Thank you question and welcome.
My name is ***** ***** I will assist you.
What documentation did you sign? A joint venture?
Have you received shares in a company investment or ownership of a property?
Kind regards
AJ
P.S I will be off line until 12.15pm so please do not be concerned if I do not respond straight away.
Customer: replied 1 year ago.

AJ

Thank you response. Yes I signed some paperwork emailed to me and returned to the company, then details of of my JV investments indicating my JV properties where emailed to me which I printed out and kept, however, contact from the company has been very limited.

Initially, I joined a company and got two JV properties which later were confirmed to be sub standard properties then the company went into Administration and now Liquidation. At time the initial company holding my two JVs on sub standard properties went into Adminstration, the Company they were apparantly sourcing customers all investors and promised to take over all JVs and reapply our funds to New Build Properies in order secure all JVs investments.This was in July 2014 and as to date, I have not be applied any new properties despite continuance requests from me. I was told they are awaiting CH1 documentation from the Land Registry. I do have two properties of new build of which I have the address details of the JV investment. I really am seeking advice on how to proceed to secure my investments of all my life savings.

I wait to hear from you.

Thanks,

Pat J

Expert:  Alex J. replied 1 year ago.
,
Thank you.
So to confirm, were you given share certificates or anything like that?
Are the properties registered in your name?
kind regards
AJ
Customer: replied 1 year ago.

I was given Land Registry Documents and my name is ***** ***** a Charge however, the ones obtained through the Liquidated Company, although I was also given Land Registry documents properties, but there were problems with those property in that a Mortgage Company took them over which was why the company they sourced to allocate all investors with New Build properties in equivalence to each JV. The problem is that a year, no such properties have materialised and when every I email them , their response is always that they are awaiting comeback from the Land Registry. I am getting worried in case, subsequent to allocating me with the promised two New build properties, they then go into liquidation. The property market is presently slow and I am really anxious.

Are there any recourse to follow?

Customer: replied 1 year ago.

Are you still dealing with my enquiry, AJ?

Expert:  Alex J. replied 1 year ago.
,
Thank you.
There may be some recourse the problem is the Joint Venture went bankrupt. We therefore need to somehow confirm on what basis your investment has transferred to the new JV.
Was your debt listed as a debt in the administration of the old JV?
Kind regards
AJ
Customer: replied 1 year ago.

On the basis that due to the bankruptcy to the first company, and the recall from the Mortgage company, all investors received correspondence to the effect that they were recall the loan in and properties are to be sold to recover their returns, we received an email correspondence from the second company to advise that in order to ensure security of investments, funds from those properties would be transferred to new build properties and provided they could confirm my transfer, then I may not be too anxious about the whole matter.

Not my debt but my name as an investor.

Kinds regards

Pat J

Expert:  Alex J. replied 1 year ago.
,
Thank you.
I am not quite clear how the funds of the property could be transferred?
If you were a charge holder then you should have either been paid out when the property was sold or listed as a creditor in the administration.
Is there an individual that is orchestrating all of this?
Kind regards
AJ
Customer: replied 1 year ago.

AJ

I was unable to respond due ti technical problems. The answer to your question is that there are a few sales men selling the product but all properties are being mortgaged by the the company under the name of the director. In other words, the properties are mortgaged under his company name and each JV investment is applied as a charge on the property under my name and various other investors. The sales peach stated that investments are secured on the properties and can only be sold with your consent at which time your invested fund together with your profit share would then be paid to the investor. However, due to the bankruptcy of the first company, I am worried in case the other company also declare bankruptcy. They seemed legit as they are registered as a limited company in Company House which is no guarantee but I wish to know if there any legal steps to take to aid recovery of my capital.

As this is all my fee of £38 covers, I wait response and take this opportunity to thank you help.

Regards

Pat J

Expert:  Alex J. replied 1 year ago.

Thank you.
Can you confirmed first that you still have a charge on a property?
Do you have a name and service address director?
If you have a charge over a property you can make a demand - if they do not repay you can then seek to enforce your charge by going to court and seeking an order of the property. Do you have the address details?
I apologies further requests but i will assist you as much as I can.
Kind regards
AJ

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