Greg Ballard, Andy Shaw, Passive Investments Final Straw

The latest regarding Passive Investments will affect you whether you have a portfolio product or have loaned money to Ballard Shaw (also known as Surranan Limited).

 

As I said in my last post, the latest is that Greg & Andy are being sued for bankruptcy and have hearing dates set for November and December in Brighton.  They are not contesting the petitions.  This may be because they have no or few assets in their names.  I understand Greg may have sold his cars, at least on paper, although they were still on his driveway recently. 

 

The house in which Greg Ballard now lives (having remortgaged his home in Worthing and rented it out) was purchased for £1.1m last year with a mortgage in his wife's name (Helen), who states she is a housewife. 

 

Property "Expert" DVDs

 

Greg and Andy have been plugging DVDs of their workshops by e-mail over the last few weeks and as recently as last Thursday sent an offer to acquire one of ‘only 200 copies’ at a knock-down price  so they can teach people how to invest in property since they are such experts.   By the way, I am told (not verified) that Andy has had several properties repossessed - do you want to learn from someone like this? 

Money Loaned Unsecured  

If you are amongst those who loaned them money with no security, you need to check your letter to see to whom you loaned it as you may have a claim against Andy/Greg directly, (in which case the bankruptcy will be of particular interest to you), or to Ballard Shaw / Surranan Limited, in which case, read on...

 

Th notice of liquidation of Ballard/Shaw, under what is apparently its new name of ‘Surranan’ was posted in the London Gazette on October 26^th with the hearing being held on 13 November in Fareham:

 

 

SURRANAN LIMITED

(formerly Ballard Shaw Limited)

Notice is hereby given, pursuant to section 98 of the Insolvency Act

1986, that a Meeting of Creditors of the above-named Company will

be held at the offices of Portland Business & Financial Solutions Ltd.,

1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire

PO15 7AH, on 13 November 2009, at 11.30 am, for the purpose

mentioned in sections 99, 100 and 101 of the said Act. In accordance

with the provisions of section 98(2)(a) of the Insolvency Act 1986, Carl

Derek Faulds, of Portland Business & Financial Solutions Ltd., 1640

Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15

7AH, being a qualified Insolvency Practitioner, will furnish Creditors

with such information concerning the Company’s affairs as they may

reasonably require.

G J Ballard, Director

26 October 2009. (962768)

 

 

You should immediately contact Derek Faulds of Portland Business & Financial Solutions Ltd to register your claim.  Phone number is:  Tel: 01489 550 440.  If you are a known creditor and you did not receive notice of this meeting, you should have.  Do point out to Faulds that this did not happen.

 

 

Portfolio Build

 

If you have a portfolio build contract, read on...

 

 

Here is a link to a site where you can find brief details on Tudor Equity and Alexander Philips, showing their registered office (the same) and date of registration.  Just search for their name.  https://secure.creditgate.com/ .  You will find that Tudor Equity has just been registered earlier this month.  Both companies are registered at the same address as Passive Investments:

 

Company Name: ALEXANDER PHILIPS LIMITED
Company No: 06970810	Registered Office:
Incorporated: 23/07/2009	A2 YEOMAN GATE YEOMAN WAY WORTHING WEST SUSSEX BN13 3QZ

 

Company Name: TUDOR EQUITY LIMITED
Company No: 07069736	Registered Office:
Incorporated: 08/11/2009	A2 YEOMAN GATE YEOMAN WAY WORTHING WEST SUSSEX BN13 3QZ

 

It would appear that what Mr Palmer said they would do has probably happened.  The assets of Passive (the restrictions/charges on the properties) have been passed to the new company, probably for a nominal purchase fee.  Interestingly, there is information on Portland Financial Solutions' website about this:

 

http://www.portland-solutions.co.uk/forthcomingEvents/viewNewsRelease.cfm?iNewsReleaseID=60

 

Tudor Equity is now kindly writing to some portfolio investors with the kind offer of reducing this charge to £10K and continue to provide their wonderful management and build services IF they pay another £2,500.  The letter from Passive (Greg Ballard) does state "all the Portfolio Builder Contracts will die with the Company."  So where does this leave people who have restrictions and charges on any property, which are the only assets that Passive could possibly pass on?

 

Not all investors have received this offer but then not all properties have charges and restrictions.  I would suggest that if you have one or more properties, you first obtain details of your property from the Land Registry to see whether there are any aside from that of your mortgage company.  If not, the only hold they ever have on requiring you to pay this would be via the contract so do you want to sign a new contract with their new company (even if you planned to) until you have investigated the current status of any charge.

 

I also know that some people paid £37,500 already and have not received ANY properties so may be thinking that for another £2,500 it would at least buy you something, but you should be aware that Passive already have many unhappy clients who say their service is terrible and many properties they have purchased have often turned out to be problematic.  Mr Palmer claimed that around 40% of their properties remain unlet.  You would also have to find the additional funds for deposit (£30K). Are they really doing anything for you that you cannot do yourself?  Since they have admitted to many clients that they were unable to continue due to the "credit crunch", at a time when there have been bargains to be had, I very much doubt it. 

 

Rather than pay any more money to them, I would personally feel the money would be better spent taking any necessary steps to have the restriction/charge removed.

 

The question that remains unanswered is "what have they done with all the money?".  This was money that was paid to them to provide a 6 year service. The fact that it's been used up in just a few months in some cases and many people do not even have one property yet, tells you a great deal about their business abilities and ethics, in my opinion. 

 

Do also remember that they have closed down several companies before this one and that it appears they have every intention of continuing in a business dealing in property equity and are obviously hoping that the new companies (still being run by Steve Howson and Greg's relative, Neil Ballard, and "advised" by Greg Ballard) will take over the restrictions on the properties they have bought for people.  Therefore, if they are allowed to get away with this, they still have a nice future to look forward to since they will have dumped all the debts of Passive. 

 

Comments

[Tonny Gallagher]

I paid my £35,000 to Passive Investments about three years ago. I currently have one property from them ( unfortunately with no one in it at present ).
Tudor Equity sent me a letter some weeks ago requesting a £2500 loan to help provide capital for the new company. I spoke to Steve Howson on the phone earlier this week ( Tuesday 1st December ) and asked him directly, and unequivocally, would the 'capital acquisition charge' on my property die with Passive Investment and he said it would. Make of that what you will.