Court freezes assets of family behind collapsed holiday home firm
High Court of Justice says assets including a Range Rover, Porsche and two family homes cannot be moved or sold until the end of October.
The dramatic collapse of a holiday home park moved to the high court yesterday when an assets freezing order was issued against the family who formerly ran the company behind it.
In April this year it was revealed that Dream Lodge Group, which is the trading name of Walsham Chalet Park Ltd, had collapsed into administration leaving 1,150 people owed a combined £25.6 million. Only £5 million of this is expected to be recouped following the company’s liquidation.
The company operated three large lodge parks in Norfolk, Suffolk and Cambridge and had expanded by selling properties for up to £165,000 each including via part-ownership structures.
It also offered investors rental deals that returned 8% per annum over three years.
Unstuck
But receiver Deloitte says the company came unstuck in September last year when it could no longer keep up with payment. At the time it owed lodge-owning investors £5.3 million. The company also owes some £14.3 million to buyers who had paid in advance for lodges which were never built.
Walsham Chalet Park Ltd also owes HMRC £340,000, suppliers £2 million as well as substantial sums to people who had paid in advance to book holidays at their parks and chalets.
Two of the aggrieved investors in the holiday home parks have successfully applied to the High Court of Justice to have the assets of four people connected to the company frozen. They are all members of the Moir family.
This includes two houses, land, the £574,000 estate of a deceased relative, a Range Rover Sport, a Porsche GTS and two bank accounts.
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