Absolute Living Developments Limited was set up to sell apartments in England, predominantly the North, to Asian investors. At least £12m was invested in the company.
However, investors were soon complaining that the apartments were not finished and were therefore uninhabitable.
By 2016 the company was wound up by the Court due to a debt to Bradford Council for unpaid rates.
During their investigations the Insolvency Service found that it would be impossible for the company to honor the terms of the contracts it had with the investors. The company was found to have around £68m owing to creditors.
The directors were each banned from being a director of a limited company for a total of 54 years.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.