Kindly posted on a previous thread ( I want my house ) but seems to have been ignored.
Explains clearly how liquidation will benefit people without a BG
Position Statement on HdT Settlement Agreement from SARC
The above statement is poorly advised.
A few observations from me as a Chartered Quantity Surveyor with 40 years experience in the property and construction industry in Europe:-
1) Is it in your best interest to trust a company to deliver a product when they have patently failed in the first instance? This is inviting further pain and suffering. I have dealt with many liquidation scenarios and usually the business failure is due to incompetence or fraud or a combination of both
2) If you do proceed to pump more funds into this company what is to prevent them/you from ending up in exactly the same position a few years from now? The management is clearly incompetent.
3) Has any satisfactory answer been provided as to where all the initial up front cash went? Clearly the land cost plus "development" carried out on the ground, plus materials on site, plus HdT overhead in the form of obtaining planning permissions/administering its company as opposed to the cash taken in is NOT EQUAL AND OPPOSITE. So where did this cash go and why? We have not seen any evidence from the administrator to inform us other than a statement of assets of the company which came out in January 2009. I insert a reminder of that issue of Asses and Liabilities from January 2009 below for those of you who have forgotten
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Assets
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€ '000
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|
|
|
|
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1
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Properties
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189,042
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2
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Long Term Investments
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1,363
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3
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Inventory/Stock
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29,455
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4
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Investments in Companies which are part of the Group
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2,205
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5
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Short Term Investments
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1,648
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6
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Cash
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33
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|
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Sub Total
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223,746
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7
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Debts including amounts to be paid by buyers if they want their houses
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137,997
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|
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Total
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361,743
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8
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Liabilities
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|
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Total Monies Owing to Buyers
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80.881
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Ignore item 7 in the table above as this is the total that HdT were calling for finishing the houses already sold off plan ie the further monies that you would have had to pay HdT as detailed in your purchase contracts.
4) From the above table the total debts owing are € 80 million( ie cash taken in the form of deposits from us) . The total tangible assets are €223 million. Even given a fire sale of these assets they should be able to repay 100% of any debts owing.
5) When items 3 and 6 in the table above are added together they total a paltry €29 million; HdT has taken in €80 million from us; where has the other €51 million gone? Bear in mind that the Inventory and Stock in 3 above is what is actually “on site” at the moment which in my view as a cost consultant to the construction industry is GROSSLY OVERVALUED. It does not take €29 million to pursue a planning permission plus build on site that which stands there now.
6) I intend to ask my layers and the Administrators for a full breakdown of the funds taken in by HdT and how they have been used plus any “inter-company” transfers made by directors as there may be a case for matters beyond incompetence in administration.