Harlequin Property SVG has formally entered insolvency proceedings, which could lead to its liquidation and heavy losses for thousands of investors.
According to Harlequin, it has taken the action to allow the company a maximum of six months to work with a professional trustee to assist it to sort out its business affairs, and does not amount to an admission of bankruptcy.
Six thousand mainly UK pension investors ploughed around £400m into the unregulated overseas property scheme via financial advisers, hoping for guaranteed returns of 10 per cent a year, which never came.
Now David Ames, chairman of the Harlequin group, has declared the company which owns the land associated with the scheme, Harlequin Property SVG, insolvent in Saint Vince…
Read the full article at: https://www.ftadviser.com/investments/2016/10/06/harlequin-property-enters-insolvency-proceedings/
