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Collapsed buy-to-let property club Inside Track and its associated company Instant Access Properties hit the big time selling off-plan apartments in UK cities like Leeds and Manchester, eventually targeting more exotic locations in Spain and Florida.
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With a huge publicity budget, free taster sessions were advertised in newspapers and on TV, promising that investors could make a fortune by playing the property market. By 2007, an estimated 20,000 people had signed up, paying large membership fees to gain access to hefty discounts Inside Track claimed to have negotiated with property developers for off-plan purchasers who bought schemes under construction.
However, many purchasers found these "discounts" were not reflected in the true market value of properties upon completion, and that estimates of rental values were over-optimistic and did not cover mortgage payments.
Battered by the property crash, Inside Track collapsed into administration in May 2008, with Instant Access Properties following in September 2008. The latter company is now in liquidation, with creditors claiming over £11m. Chantrey Vellacott is currently investigating millions of pounds worth of dividend payments made to former directors of the business, and the sale of its customer database, both of which occurred before its collapse.
In 2008, Jim Moore bought part of IAP out of administration through his vehicle, Engle Properties, and set up IAP Global, which controls the database of 25,000 property investors.
On Mr Moore's website, he says: "IAP Global is a new organisation formed to assist customers on the exchange and completion process of existing property investments. It is the aim of IAP Global to continue to offer, as closely as we are able, the services and opportunities that were previously offered with minimal interruption and disruption. Our aim is to continue to support customers with future inspirational events which will provide people with unique investment opportunities and advice."
The return of Inside Track
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-IC-2.1.3g-prod - 17/03/2010 18:13:09 - ben.wheeler
