Business
Further re Recovery of Deposi
Further re Recovery of Deposi.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n RNS Number : 9794U Off-Plan Fund Limited (The) 26 October 2010 \n\n\n\n\n\nAIM: OPF\n\n\n26 October 2010\n\n\n\n\n \n \nTHE OFF-PLAN FUND LIMITED\n(the \"Fund\")\n \nFurther re Recovery of Deposits - Canon House, Wallington\n \nAs announced in its interim results for the six months ended 31 March 2010, the Fund had made a provision in full for a £1.1 million deposit paid, relating to 118 properties, to Henry Homes (Wallington) Limited (\"HHW\") on the commencement of the Canon House project. On 31 March 2010, HHW was subject to a winding up order and is now in insolvent liquidation. As a result of HHW's insolvent liquidation and as a beneficiary of the policies to cover such a situation, the Fund made a claim on 9 April 2010 to recover the entire amount of the deposit from the insurer, Zurich Insurance (\"Zurich\"). \n \nThe Fund is pleased to announce that it has received confirmation from Zurich's solicitors that processing of the payments relating to each property will begin shortly. As a result of the number of properties involved in the claim, full payment of the £1.1 million sum insured is expected to take up to 3-4 weeks to complete. The Fund is working with Zurich to ensure that payments are made as quickly as possible and a further announcement will be made once all monies have been received.\n \nOnce the monies have been received the Directors of the Fund will determine more accurately the likely timetable for the conclusion of the process to wind up the Fund. The Directors of the Fund will consider whether it is appropriate to make further partial redemptions or other forms of distribution to its Members when such announcement is made.\n \n \nList of Contacts:\n \nDevelopment Capital Management\nAndy Gardiner\nTom Pridmore\n020 7355 7600\n \nMerchant Securities Limited\n(Nominated Adviser)\nBidhi Bhoma/Simon Clements\n020 7628 2200\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END FURPGGACUUPUGQA \n ","length":3626,"tagName":"div"}]