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Agencies & People

Founder signs off ARPM being wound up and liquidator appointed

After nearly three weeks of nail biting, estate agents and landlords owed money by the property management firm will soon find out how much cash is left to repay them.

Nigel Lewis

arpm

Ash Residential Property Management (ARPM), the troubled outsourcing company that ceased trading earlier this month after getting into financial difficulties, is to be wound up.

The move has been confirmed by founder and director Simon Duce, who until now had gone to ground, unable or unwilling to take calls from media organisation and worried estate agency clients.

As we reported recently, the shock collapse of ARPM is believed to involve some 70 estate agencies, which will hopefully soon find out of the funds held by ARPM on their behalf can be recoupled.

Duce has also confirmed within official documents uploaded to the Companies House website that Umang Patel of Harrow-based Neum Insolvency has been appointed as the official liquidator of the company.

ARPM is based in Rickmansworth and is headquartered within a rented Regus offices building.

Special resolution

A general meeting of the company, which is believed to have been attended by Duce at the offices of Neum Insolvency, was hold on 21st September, it has been revealed, at which a special resolution was passed that the ‘company be wound up voluntarily’.

A members’ voluntary liquidation is one of the three types of liquidation available to business owners, the others being a creditor’s voluntary liquidation and a compulsory liquidation.

The route chosen by Duce will give some of his creditor hope. It is the type chosen when a company is solvent but the person operating it no longer wishes to run it any longer.

This means Duce will have reviewed ARMP’s assets and liabilities just before making the declaration.

October 1, 2021

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