02 July 2014
Development Accounts In Defecit
It is believed that several Peverel managed development service charge accounts are running a defecit of around £880,000, which Peverel have been required to issue guarantees to RBS/Nat West.
It should be noted that this does not mean residents owe £880,000, it means that individual service charge accounts are overdrawn and that the total overdraw amounts to £880,000. This serves to indicate how many residents must be delaying payments due to various disputes. If a 50 apartment development pays £2000 per annum you can see £100,000 should be credited to the account every year. For such a development to fall into arrears is truly shocking
This may explain as to why Peverel are seeking to employ a County Court Administrator.
