At present the resort owners face a winding up petition, that petition is due to be heard in court on the 2 of March 2015.
A winding up petition is a claim made to a court by a creditor whose debt has not been paid. The petition states that a company is insolvent and unable to pay its debts if and when due. Once it is filed at court the status of the debtor and the pending petition is advertised so that other creditors (who are owed money by the debtor) can join in with the petition. A court hearing will be convened to hear the case from the petitioner (the creditor who states they are insolvent) and the supporters.
The hearing will determine 2 issues:- is the creditor solvent or not. If not: the company is entrusted to official receiver. If solvent can they given time pay the sums claimed in full.
In this case that petitioner is
HMRC :“Her Majesties Revenues and Customs”. They are claiming sums due and owing to them which have not been paid by Dyserth Falls.
The case will be heard by the court on the 2nd of March and other creditors (as stated) can join in with the HMRC claim so that their interests are protected.
In respect to consumers who own weeks at the resort, they have an interest in any outcome. That said the fractional owners have an equitable interest in the property. The timeshare property is not part of the bankruptcy.
In short the consumers have rights and those rights will be protected by the court and the consumers’ interest should be listed and placed before the courts. Further the appointed insolvency practitioner should be made aware of the habitual wrongful acts which have been perpetrated against consumers.
The official receiver (OR) can stop the habitual mistreatment of consumers and elect a temporary manager or he can manage the resorts in conjunction with the consumers creditors. We hope that the consumers band together and either form an independent and consumer driven resort or they ensure that they receive adequate compensation for the loss of their rights and property. Any and all decisions of the (OR) will be voted on and if the consumers band together they will have a big voice and with teeth
A group of some 80 owners have registered to take action against the resort and protect their rights. The TCA will publish a contact E:mail shortly, and when permission has been gained. Most of the participant’s timeshare issues cover both pre and post Expert Resort Solutions involvement. They raise issues of mismanagements, wrongful acts and seek damages against the debtor. They also include persons who transferred as a result of Brockwood Hall failure.
The initial group holds a belief that another Company is waiting in the wings to engage with the liquidator however the consumer’s issues will trump any external appointment. It is believed yet unconfirmed that the other company is associated with Brockwood Hall.
The TCA support the present consensus to call your local police station, Trading Standard Office citing intent to defraud by Non delivery of Title Deeds, Copy of discretionary benefits scheme Insurance Certificate Plus Non Registration of Deeds at the Land Registry.
This could get very grubby indeed as the antics at the resort have not been good in the past and as documentation comes in a lot of questions are coming to light in respect to the promises made. In the event you have taken out loans in support of your purchases at the resorts you are well advised to contact those finance companies and make them fully aware that the resort has ceased to trade and issues surround the historic and present selling practises at the resort.
Any and all payment of maintenance fees should be cancelled
Paralegals are making approaches to the solicitors who are heading the petition and as soon as more information is received the TCA will publish that information.
The presence consensus is that each consumer should prepare a schedule of the monies they have paid for their timeshare plus all the maintenance fees claimed by the resort (as due) and act as a single sub-petitioner. If that were to be done the claim might be larger than the first petitioner and those consumers having the biggest liquidation vote can appoint the liquidator of their choice.
The TCA is presently making representations to the HMRC and will present on behalf of the consumers a caution and notice to join in.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk