Liquidators have been appointed to investigate the circumstances of the collapse of the Mission Germany Capital Cities Fund and the Mission Tuscany Fund in 2013.
The funds were managed by Guernsey-based vehicle Mission Real Estate Investment Fund PCC Limited, which held two overseas property funds promoted by the failed London-based PropertyBourse Limited.
Both funds had seen numerous investments by UK individuals for pensions, but when the company collapsed it was found the funds had been completely depleted, leaving no returns for investors.
PropertyBourse also promoted the recently failed Birmingham-focused Campbell Property Student Accommodation Investment Fund, where again there will be no return to investors. In 2012, the Luxembourg-based PropertyBourse Performance Fund was put into liquidation by the local Court.
Malcolm Fillmore of BM Advisory and Tim LeCornu of KrysGlobal were appointed as joint liquidators to the company on 5 August by Sir Richard Collas, the Bailiff of Guernsey.
Fillmore, who was joint administrator of PropertyBourse in October 2013, said: “Our appointment as joint liquidators will assist our investigations into losses thought to be in the range of £20 to £25 million in respect of a number of companies and funds created and promoted by PropertyBourse, a London-based business controlled by Robin Christie.
“The group structure remains somewhat complex and opaque, with various connected companies drawing fees and commissions from the underlying investment funds.
“Our efforts are being supported by a steering group drawn from investors and IFAs who believe they were badly misled by PropertyBourse.”