Hi Folks!
Apologies for our lack of posting of late, however albeit a little slow, we bring the news that our old chums MRI Overseas Property Limited in the UK would have appeared to call it a day!
Yup, closed the doors. (Oh no, hold on a minute, the offices they were using are now mysteriously being used by DCC International Property, another property company that happens to have some former MRI directors involved)
Announced it would seem by the infamous Dominic Pickering on the 12/10/2009, a copy of the announcement can be seen on this link here from the London Gazette quoting Pickering as the Chairman of the voluntary wind up of MRI Overseas Property Limited.
Other related company statuses are rumoured to be as followed,
MRI TV Limited – in liquidation
MRI Media Limited – in liquidation - wind up date 19/03/2009
MRI TV Limited – in liquidation - wind up date 19/03/2009
Overseas Property Channel Limited -Dissolved
Overseas Property Media Limited 05892062 - Dissolved
Overseas Property Radio Limited 05892065 – Dissolved 19/05/2009
Overseas Property TV Limited 05891996 – Dissolved 19/05/09
Overseas Property TV Magazine Limited 05892016 - Dissolved
To many this news will likely come as no real surprise however, where does this leave all those clients? As in those that got pulled in by the Great Bait and Switch? Those that bought furniture in Bulgaria amongst other places? Who actually did the switching? MRI Construction, or MRI Overseas? Who sold the furniture? There was a time when there still was an MRI website when it stated they didn't actually sell furniture any more and kindly suggested that you contact an "independant company" Solutions Overseas
It would seem it is a little early to tell yet. To even find the notice declaring the winding up statement took a little while, no-one else appears to be publishing the fact clearly on the web. Our tip off came from one of the many help forums for clients of MRI, all of which have their content hidden from the search engines with secure forums these days, most likely for fear of threats of legal action.
No doubt more information will arise very soon, as we have it and can verify it, rest assured, we will bring it to you. If you would like any Investment Property Rumours as they are published, just sign up free using the e-mail subscription tool on the right hand side of the page. (Don't forget to confirm your subscrition!)
If you feel you have affected by any the business antics performed by MRI Overseas Property, feel free to comment in the comments section, although please keep it clean, and don't leave any personal details, we cannot publish posts that contain either.
Friday, October 30, 2009
MRI Overseas Property Wound Up
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7 comments:
I am a real estate agent who used to compete with MRI in Brazil and they were ruthless in the way they treated their clients.
Because MRI would want at least 10 or 15% commission they would be forced to put the price up of the developments they sold. So a poor client would see a development with MRI, do some research on the Internet and find they could buy the same a lot cheaper with us.
Of course the client would be forced to go through MRI as the developer could contractually not accept the client through us, so no sale would occur (unless the client was really stupid, and some were).
So I for one am glad to see the back of MRI and Darragh M, but I do feel sorry for the clients of MRI left in the lurch.
A minor consolation is that Darragh needs to travel with bodyguards everywhere he goes and is meant to have some nasty Bulgarians chasing him for money. Here's hoping that what goes around comes around.
It was inevitable. Now they have left their bad debts and old clients to deal with the liquidators, just to start up another phoenix company.
Anyone dealing with any of the operators at MRI, Darragh M or DCC International Property in the future need their heads tested.
These people where serious rip off merchants. I know hundreds of people left without properties, furniture packs and paid for memberships through MRI.
Is MACAnthony Realty Spain part of the group and has it gone into liquidation too? If anyone has info I would appreciate it at andrewsjohn442@aol.com thanks as this company has taken around euro1m from furniture sales in Cape Verde and supplied no furniture!
I and my colleagues have been one of the many who have and are being taken for a ride with MRI - any help out there would be appreciated. Does anyone know if MRI construction still exists??? - we have heard they are about to be taken over by Balkanstroy!!!. We are being hassled for outstanding balances but have lost all faith.
Also has anybody had dealings with Vista Capital, we are trying to find if the 2 companies are linked.
Vista Capital is a scam from either ex-MRI'ers in Spain or MRI itself as an off-shoot.
They have contacted hundreds of MRI clients in the last two months with promises of 'fractional buyers' or 'fractional investors' willing to buy your apartment for far more than it is worth yet more than you paid for it.
That is the 'hook' in this scam. Then you are asked to put up a fat upfront fee in the thousands to 'secure' the sale.
For example we have a Aspen Golf studio for sale for 17,500 euros fully furnished and yet Vista Capital is contacting unfurnished Ag owners and informing them they have fractional buyers willing to buy their unfurnished studio apartment for 62,000 euros.
Why wouldn't VC just buy our resale furnished studio for 17,500 euros and make a huge profit selling back to their alleged fractional investors?
BUYER BEWARE regarding Vista Capital. Just another fractional ownership scam. ie Timeshare with a bit of new paint on it.
Also be on the look out for posts supporting Vista Capital from an ID such as ;
Pat Neil
Neil Long
Thomas Neil
These are false posts from someone with Vista Capital who is not bright enough even to change his ID's completely.
Patrick Shaw
resellmyapartment.com
Political Instability - It is important to carefully research the current level of political stability in the country where you are looking to purchase real estate. Many countries around the world have unstable political environments that can adversely affect a real estate investment. In extreme cases, governments have been known to seize the property owned by foreigners without offering fair or any recompense.
Economic Instability - In many parts of the world economic instability can lead to demonstrations and crime. The added cost of having a full time security guard to patrol your property can seriously affect your bottom line. In addition, you may not feel safe in a country with a high level of crime.
http://propertyinvestment.blogebay.com/2009/11/20/some-pitfalls-of-overseas-property-investment/
Are you considering investing in overseas property? If so, there are several ways to go about it. You could look for listings, either on the internet or in publications. You could visit the place where you are thinking of buying and look for properties for sale.
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