Two brothers who helped run a collapsed real estate investment program involving chalet houses joined their father as disqualified directors after the company collapsed two years ago.
The implosion of Walsham Chalet Park Ltd, which traded as Dream Lodge Group and operated eight holiday parks in Suffolk, Essex, Norfolk, Cambridgeshire, Devon, Cornwall, East Sussex and Berkshire, left 161 investors out of pocket with £ 14.2 million.
Dream Lodge Group once claimed to be one of the UK’s leading luxury park operators and had a booth at the Ideal Home Exhibition in 2018.
A real estate investment program was run where people could invest in part or all of a vacation chalet and get a return of up to 8% based on rental income. But for many, the chalet was never built and income was not imminent.
The huge sums of money didn’t come to the fore until Walsham Chalet Park went bust, including the fact that fake accounts had been sent to the company’s bank.
James and William Moir, both in their twenties, have been banned from serving as directors for six years each, which means they cannot be directly or indirectly involved in the promotion, formation, or management of a company without the permission of the court.
Her 58-year-old father had been disqualified for 14 years since September last year.
millions
“Millions of pounds were taken from investors for vacation chalets from James and William Moir’s company, even though Walsham Chalet Park did not have a single site and the chalets were never built,” said Sue MacLeod, chief investigator at the Bankruptcy service.
“As a result of this financial mismanagement, investors have lost significant amounts of money, and it is only right that these brothers no longer serve as directors of the company for this significant period of time.”
Two years ago, the family had to return assets, including real estate investment houses and luxury cars, which the proceeds from investors’ cash to a process.