Samuel Okoronkwo Jr. was instructed by a client regarding two commercial office units purchased in East London in 2017. The client initially received guaranteed rental income through a property management company, which ceased following its winding-up. A replacement agreement was signed with the developer, offering fixed returns, but no payments were received. The developer has since entered liquidation, and the client has been denied access to the property.
The client remains the leaseholder and is liable for service charges and ground rent. The freehold was sold to a third-party company, and liquidators suspect the sale may have been undervalued. The client wishes to cut losses and dispose of the assets, while exploring potential claims as an unsecured creditor for unpaid returns. He also raised concerns about a separate investment in a failed bond scheme and sought tax advice for protecting UK assets for his children.
Samuel Jr. advised contacting the current freeholder to confirm their position and account for any rental income received. He also recommended engaging with the liquidators to clarify the status of the property and assess the viability of any claims. Further investigation was agreed regarding the bond investment and tax planning, with a quote to follow for next steps. The matter highlights the importance of monitoring investment arrangements, understanding leasehold obligations, and seeking legal support when navigating insolvency and asset recovery.
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