Home > News > Skyscraper News > London > United Kingdom > Dylan Harvey Collapses

Dylan Harvey Collapses

In a move that's surprised almost no-one, the property developer Dylan Harvey Residential Ltd has collapsed with total liabilities estimated at 100 million.

The firm has been the target of a number of disgruntled investors who put money into it with promises of apartments being built in schemes that have so far failed to begin construction such as Clippers Quay and Zararchie (formerly Gravity) Tower.

Some investors claim that Dylan Harvey then attempted to sell the investors in the un-started proposals apartments in other proposals instead and refused to refund money to those who wanted their deposits back.

People purchasing apartments in August 2007 in Manchester's Zararchie Tower for example were promised that the scheme would begin construction in January 2008 with a completion date of late 2010/early 2011. Customers complaining were then offered alternative property in Liverpool at Mann Island despite being part of a separate venture, but no refund.

Not everyone has failed to get their money - one enterprising soul went as far as to spend hours just sitting in the office waiting for him to receive a refund. Having paid a deposit for the Zararchie Tower those at Dylan Harvey first tried to get him to transfer his interest to a development in Warrington that the customer refused.

Dylan Harvey didn't however call the police to try and remove him from the office, and by 10pm at night they'd finally written a cheque to pay him off. It's unknown how many customers took this approach.

500 small investors and would-be home-owners are understood to be owed 6.5 million with three different legal firms pursuing cases on their behalf although the moves by Dylan Harvey that have seen the adminstrators called in has put the class actions on hold.

Thanks to the joy of limited liability, the parent company of Dylan Harvey Residential Ltd, Dylan Harvey Group Limited is continuing to trade, whilst the administrators may ask for the investors to transfer their money to other projects that will help no one who lives in Manchester if they are offered an apartment in Liverpool.

Article Related buildings:

Zararchie Tower

Zararchie Tower
Clippers Quay Tower

Clippers Quay Tower
Zararchie Tower, Manchester
Zararchie Tower, Manchester