Tailormade Independent Limited, a financial advice firm based in Cheshire has collapsed into liquidation after its most prominent client, Harlequin Property, fell to a similar fate.
Tailormade Independent Ltd gave advice on self-invested pensions involving Harlequin development until the Financial Conduct Authority made a public announcement raising concerns about the investments.
The company claims that advice on Harlequin related investments ceased after the FCA warned investors over investing with Harlequin related activities.
Mr Burns, a representative of Tailormade claims that Harlequin was no longer seen as an ‘appropriate investment’.
Back in July, Burns claimed that there were “genuine concerns and questions to be answered”, and TMAI was urgently seeking answers on behalf of its agents and their clients.
Now however, Paul Finnity of RSM Tenon Restructuring has been appointed to the account and in a statement released the following:
“We are working with the directors of Tailormade Independent Ltd towards bringing forward the liquidation of the company.
“With this in mind, a creditors’ meeting has been called for October 2013, at which time we will be able to release further information.”
Early indications appear to suggest that following the collapse of Harlequin Management Services, the firm suffered crippling losses both with its reputation and financially.
Separately, much speculation has followed Harlequin Property.
The property firm collapsed into administration however has been granted a vital lifeline that could save £400 million of investors money.
Thousands of people who invested in Harlequin’s Caribbean resort investment programme feared they would lose as much as £400 million, after Harlequin’s sales company collapsed into administration last year.
Fears were strengthened when the Serious Fraud Office announced it was looking into a number of complaints about the validity of the firm, after it was revealed that despite selling over 6,000 units on the island, only around 300 had been built.
The FCA then announced that anyone considering investment into any of the companies in the Harlequin Group, “to do so with caution”, following on from the torrent of bad press the company had already received.
However, Harlequin and its law firm, Regulatory Legal, have now announced a restructuring plan to make investors trustees, giving them more security over their assets and the prospect of retaining their money.
The beleaguered property group has struck a deal that will see the formation of an investor trust that will distribute vacant plots of land at the Buccament Bay Resort to its current investors.
Results are still ongoing with the restructuring plan, with news expected within the coming weeks.
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