The UK registered insolvency practitioner visited the Freedom Bay development in 2017 and confirmed that a loan was required to protect the value of the development.

The loan of $1.5m was needed to pay ongoing holding costs including site security and insurance along with professional fees. This facility is repayable out of the assets of the Company.

Freedom Bay Development in receivership

Construction Work Halted

Due to funding constraints the Company in receivership will undertake no further construction work on the Freedom Bay Development and their ultimate goal is to find a buyer for the development, which is understood to be the Company’s sole asset, in its current state.


The Company has two secured creditors, First Capital International Enterprise Limited (“First Capital”) owed £9m and Heritage Corporate Services limited (“Heritage”) owed $45m. The amount owed to Heritage relates to the funds invested by various pension providers / individuals and then loaned to the Company. Any return to creditors will depend on the ultimate sale price achieved for the development.

Act Now Before it’s too Late

If you have invested your pension money, or have been told by a financial adviser to move some savings in order to invest, you may need to seek an alternative opinion. Insolvency proceedings can continue for years – and you may run out of time, hoping the matter resolves itself.

Please note that a Group Class Action may not be the right way to receive compensation – and if you have started a claims or complaints process that has not yet been resolved, now might be the time to ask for a second option. We find that we can sometimes help clients in this type of situation. Don’t lose out – if in doubt, give us a call today!