Court probe threat over insolvent flats scheme developer
● as continue to analyse how cash has been used by ALD.
She said her enquiries had found that £427,267 was paid to DS7 Ltd from ALD’s account via Oliver & Co after the date of the winding-up petition on February 8, 2016.
Mrs Brittain went on to report that her agents had not been given access to East Lane House or ‘Whitehouse’ as it was rebranded, nor Empress Mill in Manchester, and as such they could not be subject to valuations for the progress report, but her staff reported that they were in ‘poor condition’.
She said DS7 Ltd had subjected a proof of debt in the liquidation worth £24m owed to it by ALD in connection with the purchase of four properties in 2014-15, but added she was ‘unable to agree the figures provided by DS7 Ltd.’
The other properties examined by the report were Spa Mill in Bolton and ‘Printhouse’ in Manchester.
The liquidation report said that Michael Roden, former director of building firm UM1, had been in touch and was ‘happy to answer any questions’ but later made contact again to say details of a proof of debt in connection to UM1 had been ‘erroneous’ and ‘made in error’ and should be withdrawn, but no formal request from UM1’s own liquidator had been made to date.
Absolute Living Developments was wound up on April 12, 2016, leaving a trail of angry investors, mainly in the Far East and many of whom were being represented by Hong Kong politician James To Kun-Sun, who held protests outside the British Consulate urging the UK authorities to investigate, as he accused ALD of committing fraud.
According to Companies House, DS7 Ltd has had five director appointments: Charles Alexander Clunie Cunningham, Laura Jane Harding, Timothy Peter Ackrel, Timothy Ackrel and Michael Lee Roden.
According to its annual return filed on June 29, 2016, its shareholders were Charles Cunningham, Andrew Camilleri and Tets Ishikawa.
DS7 Ltd’s latest accounts are overdue, and were due to be filed on September 30.
Old Etonian Charles Cunningham and Andrew Camilleri were both directors at Manchester-based Fresh Start Living, which went bust in 201314.
East Lane House is now owned by the US-based Shah Capital Ltd, which bought the dilapidated eyesore last autumn for £1.65m at auction.