Merlin Property - What happened?

[theripsaw 10]

Anybody know whether these went into official administration and if so who are the administrators?

[bigboy7 10]

Merlin have definately gone into administration. They were wound up by PAS scaffolding co. If your a creditor owed money you'll be getting a letter anyday re creditor meeting.

[patkinson 10]

Merlin Estates are still operating under many other names

Edited November 15, 2009 by patkinson
correction

[mossdog 10]

The directors are / were involved with 70 different companies I heard.

H'mmmmmmm......................wonder how many got paid then!

[Draggletail 51]

have deleted an amount of 'hearsay' and personal remarks about the directors.

We need to stick to the known facts that are 'out there' in the public domain.

Thanks!

[bigboy7 10]

noones been paid yet. creditor's meeting is being held 20th jan 09.

[cgksheff 44]

http://www.thestar.co.uk/news/Dozens-of-companies-at-risk.4896156.jp

 

Dozens of companies at risk as £15m debts rock firms

Published Date: 21 January 2009

By Polly Rippon

LIQUIDATORS have been called in to Sheffield property business Merlin Estates - which has gone bust leaving debts of up to £15 million and putting dozens of small city companies at risk.

The receivers were called after creditors applied to have Merlin put into compulsory liquidation. Spiralling debts have been left unpaid for months.

 

The company had a portfolio of 500 properties and has let flats and developed several high-profile buildings in the city including student flats on Victoria Street.

 

But it has left up to 300 angry creditors - including surveyors, architects, steelworkers, scaffolders and other suppliers - out of pocket.

 

A meeting of Merlin Estates' creditors yesterday heard the company had estimated unsecured debts of up to £15 million - but the real figure could be as high as £21 million.

 

One plumber who is owed £5,000 by the Crookes-based company said: "It nearly sent us under. The money we were owed we were saving for our tax bill, and now we've got to find it.

 

"We nearly went bust ourselves but managed to turn it around through our own hard work."

 

Another contractor told The Star the firm he worked for was owed £130,000. Lack of payment has resulted in 20 staff being laid off and forced the business into liquidation.

 

The man, who didn't want to be named, said his was not the only firm to be affected.

 

He said: "Everyone is going bust. Small Sheffield businesses are being forced to close because of it."

 

Another company said the £160,000 it was owed had "wiped out" 25 years' work.

 

Merlin Estates, run by Mike and Deirdre Boulding, claims it has no assets apart from a £4,000 Seat car and some furniture.

 

But creditors have questioned this.

 

Insolvency examiner Philip Bankcroft said: "We will carry out an investigation of the conduct of the company. There is a question about the disposal of assets."

 

Mr Boulding, aged 65, is listed as a director of 38 companies including Merlin Estates Management Ltd, while Deirdre Boulding, 59, is a director of one.

 

Creditors yesterday appointed liquidators Chantry Vellacott to try to trace and divide the company's assets.

 

It is hoped they will find and take control of any undeclared assets so they can be sold to cover at least some of the debts.

 

Mr Bankcroft said the meeting was a chance for creditors to share lines of enquiry about where the company's assets could have gone. He added five creditors had been appointed to form a liquidation committee.

 

The Bouldings could not be contacted when The Star tried to get in touch yesterday, and did not return messages asking them to call.

 

But Mr Bankcroft scotched rumours the pair had "gone to ground" adding: "They have been answering my calls."

 

Before a winding-up order was imposed on Merlin last November, its developments included a major project beside Endcliffe Park and the £15 million office and apartment development next to Sheffield University's nanotechnology research and innovation hub on Broad Lane.

[carbooter10 11]

Absolutely Disgusting !!!

[aidtheblade 10]

it isnt great, these larger companies hold on to money that the smaller businesses need to run in the hope that the smaller business will go bankrupt before they have to pay. I think if this is the case, which in general is a practice that many large companies try to undertake they should no longer be allowed to be a director or run such a company that is so obviously trading on the back of seeing its small sub-contractors fail and reaping the rewards of such a failure!

[aidtheblade 10]

The company i work for is currently owed several hundreds of thousands of pounds by a main contractor who are trying to delay payments again and again. This forces our company to owe out to others again which forces it down the line to our suppliers/sub-contractors, who in turn seek their own legal advice.

 

I think that there should be a law set in place that guarentees smaller sub-contracting companies that are genuinelly owed money to go to tribunal or something similar in a much quicker fashion that would stop these delays in payments. May i add that we are not owed anything from Merlin thank god!

[lobster 54]

.

 

Insolvency examiner Philip Bankcroft said: "We will carry out an investigation of the conduct of the company. There is a question about the disposal of assets."

 

.

 

Creditors yesterday appointed liquidators Chantry Vellacott to try to trace and divide the company's assets.

 

It is hoped they will find and take control of any undeclared assets so they can be sold to cover at least some of the debts.

 

Mr Bankcroft said the meeting was a chance for creditors to share lines of enquiry about where the company's assets could have gone. He added five creditors had been appointed to form a liquidation committee.

 

its not rocket science .all they have to do is go to 501 glossop road and see inview properties ltd (reg office 194-196 crookes ring any bells ) former director/secretary deidre boulding .they are currently marketing most of the exmerlin proerties

[TLM1 10]

It will be interesting to see what the liquidators trawl back through Merlins assets exposes if inview properties are marketing ex Merlin houses!!