Jun 2 2008
Lee Manning and Carlton Siddle of Deloitte were appointed as Joint Administrators of UKLI Limited (the Company) on 22 April 2008.
UKLI was involved in ‘landbanking’, the purchase of large areas of undeveloped land which were then subdivided into plots and sold on to private investors, with UKLI retaining some of the land itself. UKLI would then seek to gain planning permission on the sites although, to date, planning permission has not been obtained on any site.
The circumstances leading to the Administration followed a petition to wind the Company up by the Financial Services Authority (“FSA”), on the grounds of public interest as UKLI had operated as a collective investment scheme without FSA authorisation.
Lee Manning, Deloitte Partner and Joint Administrator, commented: “We have written to around 4,500 investors who bought land from UKLI to advise them of their rights to return the land to the Company and to seek a refund from it, to the extent that funds are available. The letter also gives further information on what will happen next. We will be inviting all investors with UKLI to a creditors meeting in due course.”
At the time of the Administration, the Company employed 80 staff, mainly engaged in selling land, who have since been made redundant.