Harlequin Property, the Essex-based Investment firm, which promoted off plan investments in the Caribbean filed an intention to appoint administrators yesterday. A statement, signed by director Carole Ames, said: “The company is or is likely to become unable to pay its debts.”
The firm has taken more than £300m deposits from investors since 2006. However, only some 300 properties appear to have been built and there is currently an investigation by the Police. The firm promoted its investments through many celebrities such as Pat Cash and Gary Player. It is understood that around 40 investors served statutory demands on the firm for monies owed to them. The next step would have been a winding up petition.
It has prompted fears over the future of at least 6,000 investor’s deposits, many paid through personal pensions, and around 40 jobs at the Basildon head office.
It is unclear as yet what will happen to the Caribbean registered companies which own and planned to develop the resorts.