02 Aug EcoHouse Group Developments
You may be aware of EcoHouse Group Developments Ltd.
EcoHouse supposedly invested in the construction of social housing. They offered investors the opportunity to invest in social housing in Brazil and claimed a connection with the Brazilian Government who denies any relationship between them.
In November 2014 the EcoHouse office closed and they failed to pay interest on £20,000,000 for investors. Brazilian police are now probing into the company for alleged fraud.
Liquidators, PWC, were appointed on 15 January 2015 and they have indicated that there is about £21,000,000 outstanding to unsecured creditors. We suggest that, if you have not done so, you register with them immediately. We understand that there are well over one thousand such investors.
If the investors do not recover monies via the liquidator, which is unfortunately often what happens in these cases, they may wish to see whether professional advisers such as IFAs, solicitors and pension advisers have properly advised.
We understand, in this case, that Saunder and Co solicitors ran the escrow account/were escrow agents and these solicitors are currently being investigated.
Our firm has successfully dealt with a number of group actions and we are familiar with claims against IFAs and solicitors.
We note that in this particular case the solicitors who acted as escrow agents have now stopped trading due to insurance problems. It is possible, that if a challenge to the insurers of the solicitors cannot be made or the financial advisers have no monies or have no insurance, then there may be a claim against the relevant compensation fund.
If you would like a free consultation on this topic and possible time limits please contact Jonathan Kenwright of Croft Solicitors on 01242 285855 or email him at firstname.lastname@example.org.