Timeshare Debts, Dipsticks and Defrauders

Started by TimeshareTalk, June 14, 2019, 09:03:36

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North Wales has reported that in February that HMRC lodged a winding-up petition in the High Court on Dyserth Falls Ltd, based at Dyserth Falls Timeshare Resort.

Earlier this month liquidators were called in by the owners of the park headed by Brendan Hogan of Anderson Brookes Insolvency Practitioners Ltd and Opus Restructuring. Now a Statement of Affairs has been released showing the scale of the financial issues that were facing the firm. It shows that HM Revenue & Customs were owed around £1.5m and £157,750 owed to trade and expense creditors and £90,000 to directors.

It adds up to a grand total of £1.75m. In terms of assets, the statement gives a book value of freehold land and property of £4m but it is only estimated to realize £650,000 in any sell-off.

This is expected to leave a shortfall of just over £1.1m. A man who rents a lodge at the park said that when liquidators were called in, they took over the complex, bar and swimming pool and that some lodges had been seized. At that time, it was believed around 60 people - including families - were on the site and many are permanent residents who owned lodges. It is unclear how many lodges are owned by the liquidated company.

Speaking in February, a company spokesman explained they expected the site would be sold to a new investor in the coming months with part of the proceeds used to fully repay the HMRC.
The holiday complex has previously been at the centre of a long-running fraud investigation and the complex closed in January 2015, but later reopened and was listed for sale in 2016.
The site was formerly known as 'Graig Park Village' was in 2005 directed by Arthur Goddard, a timeshare company, and sales manager called Alan Hill. Both were both jailed for two-and-a-half years after being found guilty of defrauding 50 people of nearly £500,000. Goddard was banned from being the director of a company for eight years and given six months to pay nearly £600,000. Hill, who was bankrupt, was banned from being a director for five years and had a nominal £1 order made against him.

Arthur Edward Goddard is now listed as a director of Dyserth Falls Limited although the spokesman in February said he was not now involved in the management of the site.

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