A tangled web of problems and corporate entities: Silverpoint, Limora and Excel

A tangled web of problems and corporate entities: Silverpoint, Limora and Excel

The Nordic Consulting is pleased to be able to publish a schematic that shows the complicated web of companies that surrounded Silverpoint Vacations SL (¨Silverpoint”) – the popular resort holiday and timeshare giant based in Tenerife that is now in liquidation. The corporate structure is incredibly complicated, with most entities linked via subsidiaries located in tax havens such as the British Virgin Islands, Panama and Dubai.

We have already published articles linking Silverpoint to the Trotter family and the parent company Limora Investments Limited. This chart also highlights how Silverpoint was linked to the resort management company Excel Hotels & Resorts SA (“Excel”).

It is interesting how these companies are now blaming each other for millions of missing euros. Excel and Silverpoint have a court case between themselves in the order of 7 million euros. In a meeting with investors in late 2020 Excel blamed a “bad debt” to “Signallia” for a hole in the accounts to the tune of 3 million euros. The money has gone – and it is the apartment owners who are not being paid out.

Who controls the resorts now?

Excel, one of the crown jewels of the corporate structure, is still trading. Excel benefits from the chaos left behind by Silverpoint – many apartments, which were supposed to have title deeds by now, have been left in legal limbo. Investors own companies that in turn own 52 weeks of timeshare. Who controls may of these companies and therefore the apartments? The sole director of these companies – Excel.

Now, with many investors at their wit´s end, it appears that Excel via third party companies, is trying to buy up many of the timeshare weeks and properties at a steal.

The pandemic has certainly made a tricky operation even more difficult, as the rental income has not been flowing in as in previous years. We wouldn´t be surprised if, eventually, Excel goes into liquidation, avoiding paying out in full on various court cases currently lodged against it. In the meantime, there are a lot of angry investors to be appeased.

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