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Largest ARPM creditors join committee to oversee firm’s liquidation

Three estate agencies and its deposit protection and client money protection scheme providers are named in document.

Nigel Lewis

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The ongoing saga surrounding the collapse of property management firm ARPM has taken its latest step forward.

Insolvency expert Umang Patel of Neum, which is handling the liquidation of the company, has announced that a Creditors’ Committee has been formed to assist him in the discharge of his functions and to approve his remuneration.

This committee, which can be made up of up to five elected creditors of the company, are usually those with the most significant financial involvement.

In the case of ARPM, these are three of the most vocal estate agents each of which are owed substantial funds by ARPM, most likely in the form of unpaid property management fees.

These agencies and their representatives are Paul Ashman of Branksome Homes in Hemel Hempstead; Jenny Gregory-Dade of Ingot Properties in Croydon and Graham Carter of Kudos Properties in Holland Park, London.

Deposits and client money

These creditors are joined by the two insurance-based schemes that covered the deposits collected or held by ARPM on behalf of landlords – MyDeposits – and any rental funds (i.e. client money) – covered by Client Money Protect, Companies House documents reveal.

Agents owed their cut of their management fees collected by ARPM but not passed on to them are not covered by these two schemes.

They can either join the queue of other creditors or enquire with ARPM’s Professional Indemnity insurance provider.

The number of agents affected by the collapse of ARPM was originally though to have totalled 70 but has now increased to some 160 companies and approximately 8,000 properties.

October 19, 2021

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