I know that this has not been widely reported but the UK property investment company Instant Properties filed for adminsitration last week
One of their main developers in Spain were San Jose and this can only potentially add to the confusion plus a number of furniture suppliers are owed money for booked completions
The following is the notice on their website
Kevin Anthony Murphy and Richard Howard Toone were appointed Joint Administrators on 19 September 2008, to manage the affairs, business, and assets of the Company. All enquiries and correspondence should be addressed to the Joint Administrators at Chantrey Vellacott DFK LLP, Russell Square House,
Kevin Anthony Murphy and Richard Howard Toone are authorised to act as Insolvency Practitioners by The Institute of Chartered Accountants in and (Practitioner Nos 8349 & 9146 respectively).
If you have any queries regarding the above please email firstname.lastname@example.org or call 020 7509 9160 and a member of the Joint Administrators’ staff will deal with your query as soon as possible.
On another website a customer has made the following comment
Have just contacted their office and yes, they are in administration. For those of you who are interested, you can still go onto their website and their is an announcement there that states their plans for the future. IAP will still exist under the heading of IAP Global. They CLAIM that they will still push through all current deals to completion.
As they are always at pains to state, our contracts are with the developer, not IAP so if it’s a matter of your property being finished and you completing on the deal, then this SHOULDN’T affect that part of the process.
The forum ‘Real Estate Topics, News & Discussion’ is closed to new topics and replies.