Concerned Singapore investors in overseas properties, and who invested in the British-based Brazilian social housing developer EcoHouse Developments Limited will likely learn more about the demise of the company at a meeting of creditors which is set to be held in the U.K. next week.
Published in The Gazette, a U.K. publication of public record in the week prior to Christmas, a statement read: “Notice is hereby given, pursuant to Section 98 of the Insolvency Act 1986 that a Meeting of Creditors of the above named Company will be held at The Windsor Room, Talbot Hotel, High Street, Stourbridge DY8 1DW, on 15 January 2015, at 11.00 am for the purposes mentioned in Sections 99, 100 and 101 of the Insolvency Act 1986.”
Those sections of British law relate to a creditors’ voluntary winding-up of the company and require company directors to disclose its assets, liabilities and all of its creditors.
The statement continued: “A form of proxy must be duly completed and lodged together with a written statement of claim at John D Travers & Company, First Floor, 58 Hagley Road, Stourbridge, West Midlands DY8 1QD, not later than 12.00 noon on the business day prior to the meeting if creditors wish to vote at the meeting.
“Notice is also given that Secured Creditors (unless they surrender their security) must give particulars of their security, the date when it was given and its value if they wish to vote at the meeting.
“The resolutions at the meeting of creditors may include a resolution specifying the terms on which the Liquidator is to be remunerated and the basis for the recovery of his firms disbursements. The meeting may receive information about, or be asked to approve, the cost of preparing the Statement of Affairs and convening the meeting.
“Creditors requiring further information may apply to John D Travers & Company, First Floor, 58 Hagley Road, Stourbridge, West Midlands DY8 1QD, Telephone: +44 (0) 1384 374000.
The statement was signed by Charles Valentine Fraser Macnamara, a Director of EcoHouse Developments Limited.
Singapore investors are advised to confirm the name of the company with whom they have contracted. PropertyGuru is aware that not all city-state buyers have contracts with this named company. Urgent legal advice should be obtained in the event their contract is with the named company.
The company, in all its forms, is thought to have as many as 1,000 individual investors in Singapore and hundreds more in other parts of the world.