A company marketing plots of land as an investment opportunity has been wound-up by the High Court in Manchester following investigations by both the Companies Investigation Branch (CIB) of the Insolvency Service and the Financial Services Authority.

From February 2005 to November 2006, Sinclair Deville Limited (SDV), offered "investment opportunities" to private individuals under a scheme in which fields purchased by the company were divided into plots of land and then sold for investment purposes.

SDV was described in promotional literature as a land banking business aimed at identifying and securing prime undeveloped land before planning consent is granted. Land acquired was divided into smaller plots and sold to private individuals with a view to planning permission being obtained for the site as a whole. Investors were recruited on the basis that the value of a site would increase substantially if planning permission was obtained.

(Via Government News Network. To read the full story, click here)

1. Kelly02/04/2008 11:00:15

I bought a plot of land at Newport Pagnell with Sinclaire Deville - so now the FSA have wound the company up to stop them selling off more land plots - what will happen to the plots that have already been sold? How are we supposed to get our money back now?

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2. PropertySCAM02/04/2008 11:57:10

As the SDV scheme was ruled an illegal collective investment scheme, you have a statutory right to a refund. This makes you a creditor of the company and you should contact the administrators and register a claim as such.

In most cases where a company is wound up creditors are collectively owed more than can be raised through the process of winding up the company and so precedence of claims must be established before dividing up any proceeds.

We are not in a position to advise on what weight will be given to plot owners relative to other classes of creditor. The court appointed administrator should be in a better position to help here.

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3. GaryP02/04/2008 16:09:44
Homepage: http://www.gnn.gov.uk/content/detail.asp?NewsAreaID=2&ReleaseID=361677

Kelly, get in touch with the Receiver at piu.north@insolvency.gsi.gov.uk
to register as a creditor.

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4. Frank12/04/2008 07:51:13

Sinclair Deville have no funds what chance have we as investors got at getting our money back even when we register with the administrator---None I lost £60,000 Paul Daniels the MD still lives in a big flash house its all wrong.

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5. Anthony12/04/2008 07:55:42

My family have lost over 150,000, I think our money as with many others has gone into Mr Daniels new business venture how do we stand can we claim against his new company ...I agree with Frank its all wrong he continues to drive a big 500 Merc and live in a flash house he should be punished and do time.

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6. comment posted by [removed]17/04/2008 15:01:57

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7. comment posted by [removed]19/04/2008 13:52:57

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10. annony27/04/2008 15:43:07

why does UKLI's website not work anymore?

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11. comment posted by [removed]28/04/2008 17:26:43

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12. comment posted by [removed]30/04/2008 08:27:18

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