The Excel Overseas Lodging Participation Program (“ELPP”) appears to be in serious trouble. Take a moment to read attached letter and court document sent to investors on the 25th April 2019.
What is an ELPP?
In our experience, purchasers were typically already Silverpoint customers and told us they were promised 6.05% fixed return per year and, after a few years, full repayment of their capital. Investors were told they were investing in rental rights in resorts such as:
The Dream Hotel, Phuket Thailand
The Americano Hotel, Daytona Florida
The Lodge Hotel, “Twin Lakes Country Club”, Lancashire
“The Club Lodge” Forest lakes Country Club, Nova Scotia Canada
Appointment of insolvency practitioners
The high court of the British Virgin Islands has appointed independent insolvency practitioners as Provisional Liquidators to Excel Overseas Holdings Limited. This follows on from the recent liquidation of the company´s ultimate shareholder Landcastle Holdings Limited.
It is reported that “Excel does not, at this time, have sufficient funds to meet its payment obligations under the ELPP Scheme”. Soon it will be clear if “Excel” goes into full liquidation. It may take a longer time to know what amount of their investments, if any, investors will recover. The process will be administered by the court in the British Virgin Islands.
What can ELPP investors do?
The Nordic Consulting CI has appointed an experienced lawyer to investigate the actions that can be taken via the courts in Spain, where many of these investments were sold. If you are an ELPP investor that purchased the product in Spain, make sure you contact us directly for more information.