Tuesday, 15 March 2011

Peverel administrators say tenants' money is safe

Big anxiety about the safety of service charges and maintenance funds at 190,000 residential units run by Peverel, which is linked to Vincent Tchenguiz.

Tenants are worried that the funds might be lost.

Yesterday, four Peverel holding companies were put into administration over a £125m debt to Bank of America. The operating companies were said to be profitable by the administrators, from Zolfo Cooper, and services would continue as before while they seek a buyer.

Now  Zolfo Cooper has given me this statement designed to try to reassure tenants:

“Money paid by tenants goes into specific trust accounts. The funds in these trust accounts are safe, completely independent and can only be used for the purpose of tenants’ respective developments. All accounts are held under the terms of a statutory trust and maintained by the Bank of Scotland. Furthermore, accounts are protected by the UK regulator, the Financial Services Authority (FSA) and the Financial Services Compensation Scheme (FSCS).”

PS They orginally said Royal Bank of Scotland was involved. However, that is not the the case: it's Bank of Scotland.

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