Liverpool England is facing issues when it comes to the property development industry. So much, to the point, that even multi-national investors North Point Global, based in Hong Kong and China, fear they may not see any return on their Liverpool investments. The problem? Stalled developments such as the Baltic House and New Chinatown which are damaging the reputation Liverpool’s worldwide reputation as a place to invest money, specifically in property.
Many investors in the Baltic House scheme, located in the Baltic Triangle in Liverpool feel that they may lose their money in this investment due to the poor standing of Real Estate investments in the city. Many of the investors are considering or have already pulled out. Enter Louise Brittain, a liquidator who has overseen bankruptcy cases of English singer Kerry Katona and famous footballer Bruce Grobbelaar. Considered to be a leading figure in her profession, she’s handled bankruptcy proceedings of many high profile clients, yielding almost always positive results.
A bankruptcy specialist, she had decided to step in on the stalled Baltic House Property development, located in the Baltic Triangle in southwest Liverpool. The troublesome Baltic House development has been left a concrete shell of property after work stopped last year, 2017. The property, which was intriguing to investors at first, was set to be a large apartment complex with a street art gallery including the works of Banksy and other high profile European street artists.
Work halted abruptly, leaving the concrete and steel skeleton of an apartment complex, and within the year the property began to lose its investors. North Point Global pulled its investment shortly after construction was halted and many investors followed suit, leaving the few remaining investors worried about their money, fears which became increasingly realistic. The Baltic House is unfortunately just one of many stalled housing developments scattered across the greater Liverpool area that has been attracting global attention. The production halt has lead to the House’s website listing the developing property as in a state of liquidation.
The website states the property is now being handled by the Receiver of Liverpool and Ms. Brittain. Brittain has been brought in to investigate the company’s dealings on behalf of the investors who have lost a considerable amount of funds in investments. Aside from the very notable bankruptcy cases that she handled for Kerry Katona and Reds legend Bruce Grobbelaar, she’s also acted as a trustee for the Scotland Football start Colin Hendry, and the pop star Adam Faith, as well as a number of disgraced politicians. A true star in her field, Brittain also worked on other failing development companies such as the Absolute Living Developments, the mastermind behind the failed Runcorn flats project.
Many investors fear that the stalled and failed developments pose a potential threat to the reputation of Liverpool. Once thought of as a safe place in the UK, Liverpool now is looked down upon as a developmental and investment nightmare. Other investors laugh at the thought of investing in property in Liverpool, worrying that you will soon be seeking insolvency services in Liverpool or looking for insolvency practitioners Manchester options.
Recent reports say that the Baltic House has been sold through the liquidation of the property. Despite this small bit of good news, it still comes as a large financial loss to investors. Many companies and investors are declining any further comments at this moment.