INSOLVENCY MEETING 5/6/09 - DISCUSSION THREAD

Feedback from the meeting at The Insolvency Service for those who could not attend. Key points:

* The Insolvency Service WILL investigate the conduct of the directors and shadow directors (those who acted in the capacity as directors or (maybe - I'm not sure) held themselves out to be directors

* The vote on the appointment of the Liquidators was made. It was a simple monetery majority by the creditors that led to the apointment of Nick Wood and Ian Richardson of Grant Thornton. One is in London one is in Leeds (I think). A member of Mr Richardson's team can take calls 0207 7282651 - Sam - I think her name was. However, hold back for now, they have to have time to investigate.Their role is to recover funds and turn assets into cash to pay a dividend (eg 20p in the £) to the creditors at the end of the liquidation (I am not talking down to anyone, just not averyone will understand this process).

* DI Spears and his team's 'role (previous asumption made here was incorrect - sorry to ooovvvpp poster!) is to investigate what happened and work with other agencies (including internationally with the SFO) the Ins Service and liquidators to recover funds and undertake criminal action if necessary.  WHAT THEY DON'T need is mass calling of people. Report you case by telephone, if you feel you have been a victim of crime by OVP, and obtain your crime reference number.

* Still send your reports of your own dealings to the Ins Serv (especially matters of conduct of the directors and shaddow directors) and lodge your claims as creditors with the IS at Manchester (0161 234 8351). Also, send in reports (the same ones to the IS) to help the investigation if you have not done so to  DI Andrew Spears (Staffordshire Economic Crime Unit ) BUT give them some breathing space to investigate. The investiagtion on 3 fronts (IS, Liquidators and police.  It IS underway and IS being taken seriously)

* The creditors that came forward as of the 1 June cut-off date amounted to £42million. (I think was Sterling not EUROS).

* The was a creditor claim of circa £1m relating to Sean Woodhall's company/Worldwide Desinations -  as he has died (I know) in a plane crash his interest will be liquidated for his estate so don't be too concerned. Although, a potential conflict of interest of the liquidator appointed is being looked at and if they find out there is conflict they will deal with that. However, initial assurances made are that there are none. It could be helpful even given the reported potential link with OVP in the past. 

* a creditors committe will be formed (separate meeting) later to oversee the renumeration of the Liquidators

* I would like to say well done to the Dean Hamlin at the Insolvency Service. They have done well so far in what they state is a very large case. The OVP related developments from which there were claims from creditors were - EBCC, G of M, Vista Rocas, Tefedna Bay (Or Royal Maroc as previously known), and some others ( around 6 or 7 in total). I just asked around the room. There were a good 6 - 7 lever arch files of claimants.

* A thank-you should be made to a certain Police officer who helped get the criminal investigtion off the ground. I was pleased to have been able to personally thank him. You know who you are mate!

* I would say for now report yourself as creditors to Dean Hamilin, give your information to the police and also the liquidator. Leave them to investigate and get on with your lives for now as best as you can.

* I did approach a few people at the meeting to try to make contacts. I am sure may were sceptical of me and my motives so I apologise for that. Let me assure you, I am genuinly trying to help. I am trying to recover my funds and will to try to help you too, if I can.

* It was good to meet simimarly affected people for some mutual support and also to help with the fight for justice, return of money and to see them have their dodgy lifestyles well and truely curtailed (one day!).  Mr V - good to talk to you - keep in touch! I will be in touch soon with those I discuss EBCC with. Mr W (and partner), D&H, BG etc

Try not to post for a while - leave this as the latest post for a while for people to read over the next few days as I think that may be the most helpful thing to do for now and is the most up-to-date information. You can PM me with questions altugh I will be off-line  from 3.00 pm onward today.

Regards

Joey123

Hi all

Blimely, I think I need some valium or something. I am so stressed. How is everyone doing? Any other observations or feedback?

Joey123

has this "stunned" people into silence? £42m of creditors and growing is a huge sum!

Yes but 'for the moment' the Official Receiver has accepted anybody and everybody as creditors.....GofM purchasers who could actually complete but don't want to, Mijas II clients who have perfectly good properties built but are massively delayed due to town hall wranglings.....Woodhall's estate....that's a laugh (and a massive conflict of interest........when Thornton do get some cash who they gonna look after first....themselves(Massive fees not mentioned in any reports) and the woodhall estate for which they act.).......Manilva Beach purchasers who again have properties that they just didn't want to complete on etc. etc..

All need to remember that Liquidator, once appointed, can then deem people who were down as creditors as no longer creditors..(and probably will so that own interests are better protected).

Could be £42million and falling.

And who is going to pay the liquidators fees prior to any monies being recovered ??

Er Joey

Read your first post

"Try not to post for a while" you said.

They're not stunned.......just doing as they're told.

Duh!!

TV - I set up seperate thread for comments and one for info. So as the one that most people were posting on I thought I would try and get some feedback from others.

You are quite correct - it may be £42m and falling (or rising). Facts are though EBCC deposts are unaccounted for.

Anyway, at least you have now so clealy shown yourself as someone from OVP. Can you tell use why you did not keep the EBCC deposits moneys (and millions in IVA that you should not have been taking) safe. What's your latest scam?

joey 123

the true figure conned out of people by OVP is far more than will ever be known. Many were virtually bullied in to completion by being told they would lose their deposit if they didn't, despite massive breaches of contract, no LFO, late build time, change in spec' etc, and worst of all no bank guarantee!! OVP told everyone their money was safe. Just more lies coming from those who would stoop to any level to cheat decent people. TV likes to forget this, probably being of similar nature?, but the fraud squad will not. The cost of putting the crooks responsible away  may be large, but is a small price to pay for justice, and hopefully will be paid by assets from anyone who knowingly went along with the scam.

Why MUST I be from OV.

Every time I raise my head same old stuff. Just cause I don't happen to agree with every theory that you all put forward. Where's James when I need him??

"Bullied into completion" - surely legal completion on a property is a notarised process between seller and buyer?? If such massive breaches why go through with it. OV had done their sales job and been paid their commission so at completion in effect they were not even involved so how couldthey bully anyone?. Did none of you/them actually quaestion, through proper channels, whether you/they were still obliged to complete on a property with a developer who had performed so badly?

As for Estepona deposits Joey - No idea. Doesn't look like they've got them now though. Doesn't look like they've got much now !!

TV

It's a good job you & JameAshley are in the minority otherwise the world would be awash with people thinking it was OK to play/gamble with other peoples money without consequence.  Unbelievable...

As numerous people on this forum have stated many times, EB&CC investors money should have stayed safely in an OVP client account in the UK.  OVP had no authority or right to use these funds until a BL had been granted.  They knew this - everybody knew this.  This is what I & all investors signed up to & agreed.

It wasn't business naivity on their part, they used monies that they had no right to touch. Their acts were considered, fully calculated & thought through - a crime will eventually be proved & those found guilty will be brought to book...

EB&CC is a unique case.  Nothing was ever built & investor monies deposited should have been refunded long ago - had OVP not been greedy & completely without integrity/scruples.

There was some discussion at one point about bringing a 'class action' against Miranda/Sungolf.  Does anybody know if this is still being considered? What's the current position?

The trouble was Tricky Vicky, that OV was heavily involved in the completions & did use bully boy tactics.  This department was run by Stuart Jones and buyers were told if they did not complete, they would lose everything which is a joke now as there are hundreds who do not even have a property & have lost everything. They also used their own bent solicitor who advised buyers to complete when they should not have done.  This was part of their craddle to grave service..!!

DF - look at all the EBCC threads and you will find what you are looking for. Chalkstorm did a posting. Put a call into Maria De Castro. Have not done so myself. Can you send me a PM with any info please.

Thanks

Joey123

wilma

 you are smack on.  Lies were spun and spun. The bent UK lawyer, (now folded) , the useless Spanish lawyer and the dreadful developers used were all part of the scam.  OVP (stuart Jones) advised us to complete many times despite my growing concerns and knowing full well it was wrong. Anything to get their money, and we could all go to hell.

I realised it all lies just in time, many didn't sadly.

Any comment on that Tricky Vick as you seem to be such an authority..!!!???

Tricky f**ker or Tricky Vicky or Tricky O*P

You will try every trick in the book to put people off or try to create a smoke screen. This will not work anymore. It has been stated by a former O*P staff member that O*P and the developer were joined at the hip, witness can can be supplied. As regards to GOM some of it may have to be knocked down and other phases may never be built, developer about to go bust etc. Do not tell me you were just the sales agent(remember O*P joined at the hip with developer on EBCC, Punta Perla, Morrco). IVA money collected, so much wrong doing. Come over to Ireland and explain this face to face.

We all know that serious cimes have been committed by this shower and to say that they have lost everything is a joke. We all know that C**lin Th**as and the like have not lost a damn thing as all assets will be in partners/wives names. They are sitting pretty at the moment but with a bit of luck and a following wind we could be seeing them deprived of their freedom at some point in the future?

Just ignore TrickyDik... like a rampant poisonous weed just deprive it of sun or attention and it disappears.

You know I think you are absolutely right, lets just ignore TrickyVic and JamesAshley and the frustration they will feel from been ignored will make us all feel better.

Rory2, bit of a long shot here but were you the guy that came on the inspection tour with a friend just to assit them in buying and ended up buying yourself as a place to stay while on business!!

Sheppy

I think you are confusing me with someone else( no harm done) and anyway could not be me because I have no friends.

Rory2

Ahhh Rory2 - you're amongst friends here!