The latest calls are being made by a firm called Asset Recovery Consultants
In a statement we have seen, the firm explained:
German Property Group have applied for a voluntary liquidation after having accumulated large debts and not having enough capital or assets to repay the existing debts to companies and bond holders.
This liquidation is currently pending as the Insolvency Service are yet to accept the request, upon acceptance a liquidator will be appointed. Once a liquidator is appointed you will have an opportunity to attempt to claim back some capital but unfortunately for private investors there is very little protection in place for your capital. Regulated loans and agreements take priority meaning investors on average walk away with less than 11% of their total capital invested.
Causes For Concern
Now this is worrying – firstly you didn’t agree for any firm to sell your data. They now know all your personal information. Whilst we haven’t seen evidence that the firm has applied for a voluntary liquidation – we are sure this will happen shortly.
Quoting figures like ‘’walking away with less than 11%’’ are high pressure sales tactics!
All pension investors should have the option to recover some of their money if regulated firms were involved in those transactions!
Regulated loans and agreements take priority? Isn’t this nonsense when each of you should be a secured debtor with your money either being safe in an Escrow account or a title registered against a property?
The firm continued to explain the following:
Firstly, you would need to grant us permission to speak to the official Insolvency Service receiver appointed to this case to request an early liquidation. We need email confirmation stating ” I (full name) grant Asset Recovery Consultants permission to be my managing agent” this allows us to act on your behalf. Please note that this only allows us to terminate a bond early, any funds recovered from the bond must go to the bond holder.
Secondly, we would apply for an early termination of the bond. After review of this application we will be informed as to what penalties this would incur. You can expect this fee to be approximately 10% of the bond value. Any penalties paid would be able to be claimed back as a non trading company cannot process new invoices legitimately after applying for liquidation, meaning we can get the full balance of penalties refunded.
After all penalties are paid, we would expect bond monies to be released within 14 days. We submit our invoice for 5% of the bond capital redeemed after you have received a successful payout only. Please note this fee is capped at £2,000. In the event any penalties are paid without a successful redemption then we would guarantee a full refund of any penalties paid.
Most bond holders or clients with loan notes are already past their contracts’ due dates and the firm is in breach of their contracts – so now you are being told you have to pay penalties ?
Oh, but you will be getting a refund. Will you?
The firm continued to explain:
Your current bond holdings and the bond holdings we will be applying to liquidate early come to a total value of £xxx plus any unpaid interest which will be calculated at the point of early redemption claim, we understand this was a compound interest bond and we will ensure the full interest owed up to the date of redemption is redeemed.
This is absolute nonsense – if you have invested via a SIPP, the asset is held in the name of the Trustee/SIPP. It means it is physically impossible for you, the individual, to hand over the rights!
SIPP Compensation Claims
If you have invested via a SIPP or if a regulated financial advice firm recommended the investment, we may be able to help. You may be able to obtain compensation of anything up to £50,000 to £235,000 depending on if we can find evidence of the firm’s failure to act in your best interests when arranging these pension transfers or investments.
Please don’t give any more money to those firms cold calling you. Even if they say someone instructed them to make that call they are breaking rules and you may not be able to recover those additional losses!
Asset Recovery Consultants are neither authorised nor regulated – be careful and check before committing to part with your money!