Winding up petition issued to OM Property
By admin | January 22nd, 2012 | Category: Past Articles | 13 comments
In March 2011, it was announced that Peverel had entered Administration and we were assured that it was business as usual for other Peverel related companies including OM Property Management.
However, as reported last week – on the 28 December 2011 a ‘Winding up Petition’ was issued to OM Property Management by Kingsway Asset Finance Limited.
This type of action demonstrates that clearly it’s not been business as usual for OM Property Management / Peverel related companies and therefore, what does the future really hold for OM / Peverel?
TTAS contributor “AFriend”, has informed us that the London Gazette Notice 1503780, which was first published on the 28 December 2011, but was actually applied for on the 21 December 2011 will be heard at Manchester District Registry at 10am on the 23 January 2012. (tomorrow)
Those in the Manchester area, may be interested in attending this hearing and if so, the address of Manchester District Registry is 1 Bridge Street West, Manchester, M60 9JD.
Until this Petition hearing has taken place, OM Property Management will remain with the company status of a ‘Winding Up Petition’ and therefore, anticipate further developments as of tomorrow.
TTAS will be keeping an eye on this case and we’ll bring you more details as and when we hear of them.
Submission of Accounts
The revelation that accounts have been submitted finally to Companies House has caused a stir on many of the Peverel related websites, such as TTAS, Carlex and Peverel Action Group.
Unfortunately, from our point of view CreditSafe (who we use for our credit investigations) are yet to update their systems with the information that has been submitted to Companies House.
The reason we prefer to publish information obtained from CreditSafe, is because we can compare and analyse their trading performance and report what their current credit status is.
With OM Property Management being issued with the winding up petition, that can surely only suggest that times are hard and they are withholding payment to their suppliers!
Judging by the facts contributors who have obtained copies of the submitted accounts, suggest that things are certainly not good.
In 2009, OM made an operating profit of £1,021,936.
In 2010, OM made an operating LOSS of £,1718,117.
Heaven knows what the losses would be for 2011 and would suggest differently that they had a strong trading performance.
The Loan to Aztec Opco Developments increased from £116,800,000 in 2009 to £131,375,729 in 2010.
No wonder Administration was incurred in 2011 if another £15million was needed from Aztec Opco!
Peverel Action Group, highlighted the following important points:
For the last filed accounts (2009) of the group parent of OM, Peverel Retirement, and Kingsborough there were shareholders funds of £11.9mn. From the filed financial statements this seems likely to have gone up a little in 2010.
During 2010 Kingsborough paid a dividend of £13mn and Peverel Management services (Peverel Retirement) paid a dividend of £10.55mn. So £23.55mn was paid in dividends from the shareholders funds of £12mn+ at a time when the group had insufficient money to even pay interest on its borrowings. As the parent is in Administration and not preparing accounts we cannot know for sure what happened to this £23.55mn but it seems highly likely that it was paid to the British Virgin Islands company Euro Investments and then into another pocket of VT such as Vincos Ltd.
On 12 October the Administrators report stated that it is expected that the secured creditor (Merrill Lynch) will suffer a ‘shortfall’ on its loan and that many unsecured creditors will not get a penny. Remember also that there is a list as long as your arm of leaseholders who have been cheated by OM and are queuing up to take the company to LVTs. Meanwhile £23.55mn has been removed from the company and away from its actual and potential creditors. Surely this is a matter for the Administrators to pursue and retrieve the money and for the Department of Trade to disqualify VT as unfit to hold office as a company director.
There is still a lot more to come from Peverel / OM in the coming weeks and relating to the winding up petition, in addition to the strengthening rumours that it’s true Peverel have been sold – with more residents coming forward to advise that they’ve been told “unofficially” that, that’s the case.
It’s not just OM / Peverel
TTAS has always been one of trying to focus on promoting the failings of Peverel / OM related companies, but we are starting to see an increase in correspondence from residents that are having the same problems as ourselves – but with non-Peverel related companies.
Therefore, we thought it would be an idea to publish some of this correspondence to name and shame other underperforming managing agents and demonstrate that they are not immune to being able to ‘get away with it’.
Our estate is managed by FW Gapp and at the current time they have initiated a contract to repaint the exterior (in accordance with the Deed) however they consulted the 55 flats 16th May 2011 (as requried but Common / Leasehold act) but NOT the 75 Freehold houses.
Our issue is that many of the windows need replacing and uPVC seems the best option as it will remove the recurring cost of repainting.
However FW Gapp insist they will still require properties to contribute to the repainting fund £4000 as a % of total cost even if your house does not require painting.
They have also added “Professional Fees” of 12.5% (£20,000) to the contract cost as FW Gapp view them as major works and not recurring.
The company is abusing it’s position and exploiting the lack of legal control.
Therefore, we’d be interested in hearing from other FW Gapp residents who are also unhappy with the services and charges.
Admin,
You say that the Winding Up Order may be because OM are withholding payments to their suppliers, may be wrong. It maybe more serious. The fact it is an asset finance company that has issued the Winding Up Petition, suggests that rather than a supplier, it is a debt default that has triggered the action.
Peverel Action, recently started to name Peverel directors.
It may just be a coincidence, but when it comes to Peverel I do not like coincidences.
We know of Philip Cummings and we know of Lee Middleburgh.
What is very unusual is that they appear to share the same middle name.
Now had the middle name been John, or Steve, no problem.
To share a middle name called “Sumatra” is highly unusual, and possibly suggests a preciously undeclared
family connection.
In these desperate hours for Peverel, I bring them good and bad news.
The good news for Peverel is that I can confirm you are not suffering from Paranoia.
The bad news for Peverel is that I can confirm you really are hated!
Well done Michael.
I am sure that many thousands will agree.
I know a small development that have the gross misfortune to be “managed” by the Investors in People company that are called Ostentatious Morons. The block is occupied by folks all in their 70 or 80 year old lives. All they try to do is live out what life they have left. Oh I almost forgot ….that means pay their council tax and pay for the daylight robbery by what is termed to as a Management Fee to a bunch of crooks.
They do not understand why in this day and age is this allowed to continue. They do not understand that to have any recourse to stop this action they would have to pay for Legal people. They have little money as it is. They can only wonder at the words LVT and have no idea of what it means.
Michael these people are too old to hate they just wonder why they are treated so badly by a company who just demand money for nothing for what they can see. As many say go back 40 years in merry England and this situation would be laughable and not allowed to exist, the next question they pose is far more serious………what has happened to “our” country?
Any idea Mr VT ?
I find this comment quite extraordinary and of concern. I read it with incredulity. I am all for free speech but here is a solicitor using the TTAS website to advertise and hand out free legal advice to Peverel/OM Property!
I understood that TTAS is a campaigning website working on behalf of thousands of long suffering leaseholders who are being ripped off by this corrupt property managing.
Admin – in your role as a moderator perhaps you should consider removing this ‘comment’ from your website?
Typo correction to my previous comment: property managing company.
Puhlease, OM will not lack legal advice or be saved by last minute consultation with TTAS or any other we site. I think it’s useful for the rest of us, non-lawyers, to see where things stand.
I mean PROPERTY MANAGEMENT COMPANY – sorry, too early in the morning to think straight!
Fleeced,
I think you may have got the wrong Idea in this case. It is though an understandable mistake.
After my post concerning the implications of a Winding Up Order, Bella, very kindly reinforced the technicalities.
Bella or TTAS certainly were not advertising or helping OM. Unless Bella had taken hours to type the information twice I suppose she used a “cut and paste”from the site.
Bella’s intention was purely to explain the dire situation OM find themselves in.
Though the information comes from the opposition, in many ways that makes it even more valuable.
I hope this clears things up for you Fleeced.
Remember, the only one we want to be wound up today is OM!
That sorted, Time for a song! Altogether!
OM’S GETTING WOUND UP IN THE MORNING
DING DONG THE BELLS ARE GOING TO CHIME
OM’S GETTING WOUND UP
OM’S GETTING WOUND UP
SO GET ME TO THE COURT ON TIME!
Take your point but even if it’s a ‘cut and paste job’ Peverel must use their own legal advisers and be left to fight their own battles!
Hi all
The hearing is in the district registry, so it will probably be just seeking an order for directions, or to be sent for listing to a court …. viz [as it says in the notice] the High Court of Justice (Chancery Division). And that by the way is I think in London.
The good news is that it is unlikely to thrown out by the registrar unless of course the payment is made by peverel … but unless that happens then this will all take lots more time … which is the last thing that peverel will want.
the only thing that one can do is to wait and see the case listing when it appears …
looking forward to it tho …
happy days
The only way we got our money back from Peverel was to issue a winding up order. It is something that they cannot ignore and must act on. A bit of a shame really as a good community service would have been done if they had chosen to continually ignore us.
Thank you Robert for this.
You may not wish to divulge which ‘Robert’ you are, but I am aware of 2 on this site:
1.Deck Close
2. The ‘Robert’ who bought their freehold but were unable to get rid of ‘Peverel’ as manager immediately.
Whichever one you are, or maybe you are ‘ANOther’ – thanks again!
Kingsborough news :
27/1/2012 Directors Change of Particulars/ LE Middleburgh
A new company document