Buyers warned they may not get their full deposits in £99m Salford Quays landmark flats scheme back
Buyers who put down deposits to secure flats in a planned landmark £99m Salford Quays scheme have been told they might not get all of their money back after the company behind the development went into administration.
Kroll said it is currently taking steps to obtain sufficient information about the deposits to undertake a review and take legal advice on the correct position and treatment of the money and investors. It also said it is unable to confirm any dividend prospects to unsecured creditors. It added that any payment will be "dependent upon the outcome of the asset realisation strategy identified, the level of claims admitted and the costs of the administration".
"These challenges, and the global economic position at the time, made securing additional funding to commence the development difficult to achieve.
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