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Round-up
Sep 2002-
Sep 2005: Breakaway Homes makes a loss
Sep 2006-
Sep 2007: Breakaway Homes makes a profit. No accounts are prepared beyond
September 2007.
Sep 2007: Breakaway Homes lends nearly £1.5 million to Breakaway Spain Ltd, a
separate company in which John Jayne is also sole director. The money was
to buy land on which Mr Jayne hoped to get planning permission for a mobile
home park. Breakaway Spain bought the land for 1.9 million Euros and it
remains Breakaway Spain's main asset. However Breakaway Spain never
managed to secure planning permission on the land.
Mid 2008: Breakaway Homes say they started to see a decline in sales due to the
economic downturn and began experiencing problems with cash flow. This
meant they could not fulfil orders and, when the homes did not appear, some
customers who had already paid deposits or in-full started legal action.
18 Nov 2008: Still unable to fulfil orders, Mr Jayne decides to cease trading and makes
Breakaway Homes staff redundant
25 Nov 2008: Mr Jayne puts Breakaway Homes Ltd into administration and
Colin Ian Vickers and Ian Paul Sykes from Vantis Business Recovery
Services' Worthing office (contact details) are appointed as administrators.
12 Feb 2009: The administrators hold a meeting to talk to creditors. The creditors agree
with the administrators' proposal to try to get as much as possible from
Breakaway Spain Ltd and then to put Breakaway Homes into voluntary
liquidation. As part of the liquidation process, if there is money available,
unsecured creditors, including customers, would be paid a dividend i.e. a
proportion of what they are owed.
12 Feb 2009: Five of the creditors volunteered to join a creditors committee to represent
the views of creditors (AdviceCentre note: From this point, the creditors
committee represents the rest of the creditors – i.e. the administrators will
ask them to agree to things, including their costs, on behalf of the rest of the
creditors and do not have to seek agreement from the rest of the creditors to
do things. If you want to contact someone on the committee, their names
and addresses are available from Companies House or alternatively simply
email advice@plebble.com – we would post them here but we don't want to
publish their personal addresses openly on the internet.).
Outlook
It all hinges on whether the sale of the land in Spain is successful. If it sells and for how
much will directly affect whether there is any money available to pay customers and if
there is, how much of what they are owed they can expect.
Given the slow pace of the current property market in Spain, it could be a long haul for
those waiting for some money.
Disclaimer: Plebble's AdviceCentre™ provides useful resources to help solve problems you may
be having with businesses/organisations. It should not be used in any way as a substitute for you
obtaining your own advice from a third party. Plebble cannot be held liable for any losses that you
may incur as a result of using the AdviceCentre™.