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Ratings. Guidance. The Right Lawyer.
Unsecured lenders in a business in Chapter 11, UK based couple.
Florida
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Posted about 1 month ago in Bankruptcy / Debt
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We are a UK couple whom have an unsecured investment in a company which is in Chapter 11, Tuscany Preserve Development, Inc. Our investment is $150,000 which we had put down on a property some time ago we agreed with said builder to take a 8% return on our investment and signed a new contract to this effect which cancelled the existing contract which was against a property (this was 7 months before the business went into C 11) and, if my understanding now is correct, changed our staus to unsecured creditor. We have recieved many leagal letters but it is difficult for us to understand what is going on. Our questions are how long can they stay under C11 protection as its been around 8 months now, can we expect anything back and when will we know either way. Any answers advice will be much
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Answers (2)
Kurt A. O'Keefe
This attorney is licensed in Michigan.
Posted about 1 month ago.
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No real deadline on how long they can stay in, some companies are in chapter 11 for years.
So, no way to know, when you will know anything. As a creditor, you will get a copy of the chapter 11 disclosure statement and plan, which will spell out what is proposed to be paid to the class of claims you are in. brensbizness
Posted 22 days ago.
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We were in exactly the same position as you and thought that we had lost our deposit. We were recently contacted by the Developer (3 months ago) to see if we still had an interest to close on a property and if yes we would get 100% credit of our deposit towards the closing of a home. So we drove down (since we are in South Florida) to see if anything was actually being constructed and a few units are 90% complete , some areas have not even been started still looking at vacant land, club house is in the process of being finished although they have been saying this for sometime now, when we got there their were workmen working on the pool area of the club house,the clubhouse itself appeared to be structurally complete , so we decided to close on a unit that supposedly will be ready this month (November) they said, suffice to say because of the down turn in the real estate market we are now getting the Villa we had previously paid down on for almost 50% less. We again signed a new sales contract for the lowered price . Before we close we will definitely have a lawyer review our docs to make sure we get title free and clear of any liens etc and also before closing we need a copy of the appraisal to see if the new purchase price holds up with the appraisal, don't want to shell out anymore money on a investment that continues to lose money...If you are trying to get back your deposit , not sure if you will have any luck getting it back ( we did ask for our deposit back even 50% off it we would accept and no luck either) but the developer seems as if they are trying to at least deliver on the property promised... In my opinion as an investors a Chapter 11 scenario is better than Chapter 7..You should give Tuscany Preserve a call and speak with Moshe Sheffi .
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