Daily Archives: April 23, 2013

BREAKING: Harlequin Property applies to go into administration

 “The company is or is likely to become unable to pay its debts.”

Director Carol Ames of Harlequin Management Services (South East) Limited, Basildon at High Court, London on Monday April 22, 2013

URGENT BREAKING: David Ames said nothing during investor meeting although he knew!

“The Harlequin Investor Group met with David Ames yesterday afternoon. It is very disappointing that nothing was mentioned to the investor representatives.  The Harlequin Investor Group will now move to issue guidance to investors on how best to secure their investments in the Caribbean. “

Gareth Fatchett, Director – Solicitor & Notary Public – Regulatory Legal Solicitors special to Barbados Free Press

Notice of Appointment of Administrators   (PDF of Harlequin’s court papers)

Harlequin leaves Barbados with nothing but a huge mess

Harlequin leaves Barbados with nothing but a huge mess

House of Cards about to go?

Yesterday David Ames met with some investors and their lawyers from Regulatory Legal.

Did Ames inform the group that he had already moved to have his sales company apply for administration? NO he did not!

What does this do to ongoing negotiations with various shareholder groups?

What does this mean for those who have not filed complaints that invoke insurance coverage?

So many questions, but if you listen carefully you might hear the answer as the cards on the bottom start to bend and slide…

Harlequin Property applies to go into administration

(Echo-News.co.uk)

SOUTH Essex multi-million pound Caribbean investment firm Harlequin Property has applied for its sales arm to go into administration.

The business run by the Ames family from Wickford which is promoted by big name sports celebrities lodged an intention to appoint administrators for Harlequin Management Services (South East) Limited, of Honywood Road, Basildon, at the High Court in London yesterday.  Continue reading

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Regulatory Legal met with David Ames & Harlequin – What now?

Harlequin Resort

“The Harlequin Investor Group met with David Ames in the afternoon of the 22nd April 2013.

Date: Mon, 22 Apr 2013 22:06:21 +0000
From: mail@harlequininvestorgroup.co.uk
Subject: Harlequin Investor Group – Meeting with David Ames – 22nd April 2013

Network Email

All,

The Harlequin Investor Group met with David Ames in the afternoon of the 22nd April 2013.

•3 investors and 2 Directors from Regulatory Legal met with David Ames.

The meeting was conducted cordially and respectfully as building a rapport in these difficult times is clearly key.

1.There is no doubt in the minds of those attending on behalf of investors that Harlequin is cash starved and requires new investment.
2.The lack of cash in the business is a key issue as without liquidity the business will continue to struggle.
3.The business has a significant number of non-completed contracts, many of which have completion dates which are overdue. In simple terms, the various companies are obligated to repay investors their money back plus 10%. The “repayment overhang”.
4.The business needs to source new monies. This is going to come from either

(a) Investment into the equity of the business

(b) Completions on properties (eg the balancing 70%)

(c) New investor monies

We feel (a) & (b) are the best way forward. The HIG see (c) as unlikely in the present situation. Continue reading

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