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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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I am one of 50 people that purchased a 20 year membership in

Customer Question

I am one of 50 people that purchased a 20 year membership in a golf club for £5,000 each. The company went into liquidationMay 2015. The course was subject to a 20+ year lease which the owners took back along with all the operating assets. It has transpired that originally the owners advised the liquidator he would honour the memberships then one day prior to the creditors meeting he advised the liquidator he would not honour the memberships leaving us at this late stage creditors but not having the oportunity to be represented on the creditors committee. The assets were taken as far as we are aware without consideration and depriving the members of an asset that could be sold or taken over protecting the members payments. It seems the creditors have been disadvantaged by disposal of an undervalued asset. Question is do we have a claim against the landowner who took over all the assets under Insolvency Act 1986 particularly Section 423 or another .
Submitted: 2 years ago.
Category: Law