PHILIP MARTIN RAPID PROPERTY BUYERS LTD CASE NO: 0457 of 201

[Nick]

Dear Friends, Colleagues and Clients,

It is with much regret and a heavy heart that I am sending you this letter.

My company, Rapid Property buyers Ltd, has ceased trading and has entered into voluntary liquidation, there are no assets or capital (please refer to my statement sent 2 weeks ago, by way of background).

I will be staying in office as Director to fulfil my obligations and facilitate the liquidation of the company. The liquidation will be handled by Tim Heasle-grave, The Redfern Partnership, 29 Jury Street, Warwick. CV34 4EH 01926 497 722, please address all future enquiries relating to the company to them.

In addition to this, at 10:51 this morning, primarily due to the personal guarantees I offered investors and a massive libel lawsuit from Harlequin Property (caused by my support for investors posts on SingingPig.co.uk), I was forced into personal bankruptcy.

My personal Bankruptcy will be handled by M P Dunn, Official Receiver, SOL House, 29 St Katherine Street, Northampton NN1 2QZ, please quote reference 0457 of 2010. Please address all enquiries relating to my personal bankruptcy to the Official Receiver and they will contact you directly in due course.

I have taken an employed position with Rapid Property Deals Ltd which will focus on the core business of providing quality property deals to investors.

It is within this role that I would hope to:


a) Satisfy the portfolio builder services that Rapid Property Buyers Ltd had planned to fulfil before it ceased trading

And

b) Generate income sufficient to repay all of my creditors and past clients within a reasonable period of time.

I would stress that neither Rapid Property Deals Ltd nor myself personally are under any legal obligation to offer this. I offer this on a personal basis, without personal guarantees, formal agreements nor contracted timescales.

I am currently going through a type of grieving process and would ask for some patience and time to rebuild, I have lost most of what I have worked for over the last 4 years, not just material things but confidence, friends and reputation.

Many people will be rightly distressed and upset at this outcome. I do accept full responsibility for the failure of the business projects and for taking uninsured risks.

I apologise unreservedly to everyone, I am truly sorry.

I respectfully request that I now be allowed to spend time with my family and that the Official Receiver and the Liquidator named above handle all enquiries in the appropriate manner as defined by English law.

To this end, please support my efforts to remain in the property industry. If you feel you are not able to support me, I would ask that you refrain from disseminating information that is baseless or inaccurate as this will not help anyone moving forward.

After this healing period, I hope to begin to move forward next year and will keep you, together with all of my clients and creditors, informed of progress.

One day, I hope to be able to hold my head high again, having honoured all of my original intentions.

Yours Faithfully,



Phil Martin

[keith]

It's a pity the website http://www.rapidpropertyinvestment.com/index.php doesn't warn you it's gone belly up

[REI]

It's a pity the website http://www.rapidpropertyinvestment.com/index.php doesn't warn you it's gone belly up

I think the website is now under the control of the administrator.

[keith]

Rei

That's what I'm saying as an example when Cdiscount went under a message appeared on the from page saying it was in administration.

[REI]

Rei

That's what I'm saying as an example when Cdiscount went under a message appeared on the from page saying it was in administration.

It is up to the administrators to create the message. If they do not want to or they are not technically able to do so, then nothing will happen.

Granted, what should happen technically, employees or prior owner taking orders from the administrator also might not happen.

[Nick]

John,

Keith raises a good point, surely administrators need to indicate to consumers that if they send money in, it goes to a company trading in administration? Is money paid to a company in administration ring-fenced from the company debts?

[REI]

John,

Keith raises a good point, surely administrators need to indicate to consumers that if they send money in, it goes to a company trading in administration? Is money paid to a company in administration ring-fenced from the company debts?

My point is PH should not have access to the site. The administrators are calling the shots. What has to be done to legally trade or otherwise interact with the public is set out in the laws for administration. It is out of PM hands.

[muldoon]

Tried to contact the supposed liquidators (Redfern) and was told they NOT dealing with this case. Is our friend Phil telling porkies again or are the solicitors mistaken???

[Nick]

Tried to contact the supposed liquidators (Redfern) and was told they NOT dealing with this case. Is our friend Phil telling porkies again or are the solicitors mistaken???

I'm not a creditor so I am not on the inside loop, but hear is some information that will help you:

Creditor Support Group

A website is dedicated to helping people who have been misled and / or mis-sold services which deemed to bring them financial independence through property. Since the property boom a number of companies have offered such schemes only to fold at the loss of their clients. The website is only open to genuine creditors of Phil Martin, Rapid Property or other Property Frauds.

Creditor's Meeting

The Official Receiver from the Insolvency Service held the official Creditors meeting on the 1st of February 2011 at The Park Inn, Silver Street, Northampton, NN1 2TA.

The 2 Creditor Groups are:-

Creditors who have a personal Claim on Phil Martin, or have a claim against Rapid Property Buyers Ltd and a personal guarantee from Mr Martin.
Creditors who have a claim on Rapid Property Buyers Ltd only.

At the time of the meeting there were 75 Creditors who stated that they were owed money by either Phil Martin or Rapid Property Buyers Ltd, but the proceedings released by the OR show only 32 of the 75 Creditors had registered their interest with Official Receiver.

You can contact the Official Receiver on:-

Email: laura.pacey@insolvency.gsi.gov.uk

Telephone: 01604 542446


If you join the above creditor support group you will have access to much more information than I have.

[muldoon]

Thanks to everyone offering advise. Bit difficult doing things from a distance (Australia). Following up on all suggestions.

[REI]

Thanks to everyone offering advise. Bit difficult doing things from a distance (Australia). Following up on all suggestions.

Were you in Australia when you started dealing with Rapid / Phil? Or were you in the UK at that point?

[muldoon]

In Australia.

[Nick]

The power of the internet!y

Good luck with your case, but I suspect that you won't see a penny of your money.

[REI]

In Australia.

Your rights might be different or there could be other means to apply pressure.

On an unrelated topic but as an example that could provide insight...

In some US situations a cross boarder transaction will involve the transfer of funds by electronic means. Charges related to 'wire fraud' can be brought against the promoter given the cross boarder transfer AND the other necessary issues for there to be a valid charge.

I would speak with the creditor committee and I would consider independent legal advice from someone who understands the potential implications given you were outside of the UK at the time of the transaction. Just research your situation and your rights is the simple way to state things.

[Nick]

John,

From what I have heard I suspect Phil Martin doesn't have the money to pay, so pursuing him may be throwing good money after bad. However good your advice about wire fraud, I would certainly make the first step ascertaining whether there are any assets to be had before spending money on legal fees.

[muldoon]

Not sure whether "wire fraud" the way to go.....funds were transferred from UK bank account. Have proof that they (Rapid) were still chasing further payments on 21/12, after they went belly up. That surely must be illegal???

[Nick]

Yes it's illegal to trade whilst insolvent, but all that happens is the directors become personally liable for the company debts run up during the insolvent trading, and can be banned from being company directors. As Phil Martin has gone personally bankrupt that leaves you no further forward as he has no assets to pay on behalf of Rapid, and can't be a company director anyway.

[Phil Martin]

http://wck2.companieshouse.gov.uk/caeea ... 96&#result

Rapid property buyers limited has never been liquidated and is still a trading company!

Phil

[Nick]

Phil,

That is excellent news for you and your creditors! You can understand the misunderstanding by checking the OP which quoted your statement:

My company, Rapid Property buyers Ltd, has ceased trading and has entered into voluntary liquidation

Although your link didn't work, I can confirm that Rapid Property Buyers never entered liquidation - does this mean that the creditors are going to get paid?

[Nick]

Phil,

I hope that you won't ignore my first two questions:

1) Why you announced your company was in liquidation, when it wasn't.
2) Whether creditors will now be getting paid.



Having checked the Company Record:

Latest Accounts made up to: 31/12/2009
Next Account due date: 30/09/2011

Latest Return made up to: 14/12/2009
Next Return due date: 11/01/2011

I see that the company is about to be struck off due to not filing accounts. Would it be a fair guess that your administrator simply didn't think it worth the expense of closing a £2 company?