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Rapid Property Group - Liquidation


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Hi there,

I recently invested a significant fortune with Rapid Property Builders, offered guarantees and personal guarantees from the owner, Phil Martin. However, I have just received notification that the company has gone in to liquidation and that Phil Martin has filed for bankruptcy.

 

Is there anything that I can do to get my investment back?

 

Many thanks in advance for any suggestions or advice!

Tanya.

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Is there anything that I can do to get my investment back?

Not unless the Company or he has sufficent assets that can be realised to pay creditors. All you can do at this stage is notify the Liquidator of the Company and Official Receiver, who will initially be dealing with the bankruptcy, of your claim and then wait to hear.

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Thank you for your quick response. I was afraid you were going to say that! Is there anything to be gained from reporting to the police? Given that when he was soliciting my investment, he was doing so in the full knowledge that the company was in crisis and that he was facing bankruptcy?

 

Thanks again. Regards

Tan.

Edited by alanfromderby
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You can of course report the matter to the Police as well it won't do any harm. However, in view of the fact the gentleman is about to be declared bankrupt you may find the Police won't be hugely enthusiastic as they often have the view that the Official Receivers are the experts and who can if necessary instigate criminal proceedings.

 

Bear in mind that even if a criminal offence has taken place, a conviction is obtained and you feel justice has been done it won't necessarily mean there will be any more money available to pay creditors such as yourself.

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Hi there,

I recently invested a significant fortune with Rapid Property Builders, offered guarantees and personal guarantees from the owner, Phil Martin. However, I have just received notification that the company has gone in to liquidation and that Phil Martin has filed for bankruptcy.

 

Is there anything that I can do to get my investment back?

 

Many thanks in advance for any suggestions or advice!

Tanya.

 

Hi Tanya,

 

I have been duped in exactly the same way after handing over £16k of my life savings over to Rapid less than two months ago for their lease option portfolio builder. I am as infuriated as you probably are, and would be intereste in any legal action that we can persue. But for now I guess we have to wait to hear back from the Official Receiver to see if there are any money left to pay back creditors or if the money has vanished..

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  • 3 weeks later...

Hi Tanya

 

First, was the company a Ltd one, if so you will be in line as a creditor with little chance.

 

Second, if it was a Ltd company he will be only liable for the amount of shares he holds,

Ie about a £100 worth to set up.

 

You state he gave you personal guarantees, here may lay, your only chance of getting

anything back.

 

You have to know if he owns any property in his own name, ie where he lives, you can

I think now do a cross reference Ie name to property, or will be able to soon.

 

Even if he gave you a verbal guarantee, it is as binding as a written one.

 

Hope this helps

 

john

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  • 1 month later...
  • 1 year later...

I suffered at the hands of Phil Martin and believe that he is now out of bankruptcy....my house was repossessed - sold recently just waiting on the shortfall!For whatever reason, he only put my wife's name down as a creditor on his bankruptcy...are there any avenues I could explore in term sof legal action?

Edited by alanfromderby
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Hi

 

Seems like this guy has been going from one business to another have a look at this link; http://www.kewego.com/video/iLyROoafYgJI.html

 

and check out the company under his name and all I will say is then do a domain name check.

 

Wow also just noticed how old original post is!!!

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I cannot give any advice by PM - If you provide a link to your Thread then I will be happy to offer advice there.

I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

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