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Concerns over property firm bankruptcy
2:50pm Monday 24th September 2012 in News
INVESTORS fear they may have lost money after a property firm stopped trading before purchases were completed.
Southend Trading Standards is probing Platinum Portfolios, based in Baxter Avenue, Southend, which took on low-priced properties, such as repossessions, before offering them to clients as rental properties.
However, the business has closed down after its boss Michael Wild, 43, of Eastern Esplanade, Southend, who was already an undischarged bankrupt and disqualified company director, was forced into bankruptcy for a second time last month.
One investor, who contacted the Echo but did not want to be named, said he paid £9,000 in reservation fees and other costs for two properties but was never able to complete the purchases.
He said: "The sale never went through, but I decided to stick with it. Now he has gone bankrupt I have had to register as a creditor, so I don’t know if I will get anything back."
Another client said he had been able to get a refund after months of trying before the bankruptcy.
Mr Wild was declared bankrupt at Southend County Court after a client lodged a petition amid claims of a debt. The case has been handed by the Southend Official Receiver to liquidator Begbies Traynor.
Mr Wild refused to say how many clients Platinum Portfolios had, but said he was confident they would all still be able to complete their purchases.
If you invested in Platinum Portfolios call Jon Austin on 01268 469304 or email firstname.lastname@example.org .