ARPM LATEST: Insolvency practitioner confirms firm has ‘ceased trading’

Outsourced property management firm ARPM has ceased trading and is moving to a potential liquidation, an insolvency practitioner has revealed.

Umang Patel, founder of Neum Insolvency, has confirmed to The Negotiator that he is advising Ash Road Property Management Ltd – which trades as ARPM – and that he expects the struggling company to instruct him on putting the business into liquidation.

ARPM’s listing on Companies House shows that it’s registered address has been changed from an office in Barnet, Hertfordshire to a Neum’s address in Harrow, North London, a standard procedural move ahead of an insolvency.

Since late last week many agents have been contacted by landlords whose rental payments have not arrived as usual at the beginning of the month.

And many agents – and media organisations – have not been able to track down ARPM’s directors for comment about the status of the company or its finances.

As we reported this over the past few days, both the Guild of Property Professionals and Client Money Protect and mydeposits, have been concerned enough by ARPM’s problems to issue statements offering help and advice to agents on what to do next.