News Article

Business Recovery & Insolvency

Land Heritage (UK) Limited (In Liquidation) liquidators preparing to pay dividends

By CreditMan Wednesday, November 25, 2009

Jo Milner and Stephen Cork of Smith & Williamson, the Liquidators of Land Heritage (UK) Limited are in the process of finalising certain matters in the liquidation and will soon be able to pay a dividend to creditors.

They are waiting on the return of less than 40 outstanding transfer packs to maximise the return to creditors. 436 transfer packs have already been completed and returned. The liquidators require the completed packs to be returned by 8 December 2009. Only plot holders who have returned their packs by this date will be eligible to participate in the dividend.

Unless the missing transfer packs are returned properly completed then those plot holders will be unable to participate in any dividend. The packs need to be returned because they enable us to transfer the plots of land back to the company, resulting in a near complete plot of land being in the possession of the company and available for sale. The more complete the sites are the better the final return will be for the creditors. To maximise the payout to the creditors as many plot holders as possible need to transfer the plots back to us. If plot holders refuse to return the plots then they will not be able to participate in the distribution to creditors, warns Jo Milner, associate director of Restructuring and Recovery Services at Smith & Williamson.

The company has been in liquidation since December 2006 after the FSA intervened to stop the company trading as it was operating an unauthorised collective investment scheme by offering plots of land to the public under a land banking scheme. Since then the liquidators have successfully won damages from its former advisors which have enabled them to look to make a payment to the unsecured creditors, including plot holders who agree to return the plots of land to the company.