CASA DUBAI into LIQUIDATION

[zanis]

Dubai Speculators Quit as Lending Drought Bursts Desert Bubble

Its just going to get worst and worst - how could anyone think that the Dubai Disneyland Experience was going to last?

I really feel sorry for the people that are losing money on this - it happened to me in Melbourne - Australia when the apartment market burst and we lost $$. Too many apartments being planned, dodgy developers, banks begging to give anyone money and then no one to fill the apartments.

Click here for another article on the "new" Dubai Experience called "The parties over"

 

[Hson]

Hi, How did you manage to contact a Director? My only saving grace is that the completion date has been pushed back - no further payments until April. I have sent off my begging letter, well not so much begging, but asking when I will receive my monies back (well yhou have to try don't you) - not hold out much hope on a speedy reply or resolution; in the interim I'm going down to Mc D's for a part time job to make up the shortfall. So if you recieve any substandard burgers - you know who's serving Got to laugh or I'd cry

franco at casadubai dot com! but its not very helpful. Im trying to sort this stuff out on behalf of my mother but I think where just going to get a lawyer to sort this out. Getting a hold of these people is very hard. Our property also got delayed untill 2010. Think its going to take more than just a job at Mcd's to make back the money casa dubai are holding of ours ;-)

 

[britInDubai80]

Nictt,

I have got a studio apartment in Eden Gardens as well. Bought in Sept 2008. I am based in London. What are you doing about your investment? I am a bit concerned that with nothing to show for my investment to date, what protection do we have? Is there any market at all?

 

[nictt]

Nictt,

I have got a studio apartment in Eden Gardens as well. Bought in Sept 2008. I am based in London. What are you doing about your investment? I am a bit concerned that with nothing to show for my investment to date, what protection do we have? Is there any market at all?

Hey britindubai,
email me at nictt at fsmail dot net and we will have a chat about it

 

[HaveTheAnswers]

franco at casadubai dot com! but its not very helpful. Im trying to sort this stuff out on behalf of my mother but I think where just going to get a lawyer to sort this out. Getting a hold of these people is very hard. Our property also got delayed untill 2010. Think its going to take more than just a job at Mcd's to make back the money casa dubai are holding of ours ;-)[/quote]
Solicitors - with hindsight I would have enlisted a solicitor from the off. But of course we all try to minise costs; yes we were went in with our eyes wide open, but with the confusion of the sales banter and the Dubai guarantee - we readily signed up. I am loathed to give an "ambulance chaser" more of the little money I have left, to chase money that I may not get. If it was a case of "no win, no fee" thats different.

Now the bubble has bust, of course I what answers; but there is no one to talk to!

Saving Grace - I believe the market will pick up; and those who can stick with it will eventually realise a profit - may take a little longer than anticipated :-(

 

[dubaiinvestor80]

I have also just found out about the plight of Casa Dubai and having called the developers of the 2 properties I have purchased, I have found that they have not received the payments made in September and October. Surely the directors of Casa can be sued because they were not passing on the money they were collecting?

 

[nictt]

I have also just found out about the plight of Casa Dubai and having called the developers of the 2 properties I have purchased, I have found that they have not received the payments made in September and October. Surely the directors of Casa can be sued because they were not passing on the money they were collecting?

Which 2 developments did you buy into through Casadubai? Did you pay them at the beginning or end of September?, what did the developers say to you about the fact that they say they havent received the payments?, are they going to give you anytime to sort out what is going on...?
The thing that really concerns me about all of this and i guess it shows my non-trusting nature, is what proof do we have that the developers HAVENT received the payments??... For all we know the devleopers in question could see this as an opportunity to cash in from investors even further by claiming that CasaDubai havent forwarded the payments on, the only proof we have ithat we have made installment is a receipt from casa saying we have paid them, but now they have gone under the only way now i guess of finding out if they forwarded the payments on is writing to the official receiver demanding proof either way...
The reson im asking when you made your installment in September is i made a payment to them at the end of August and to my knowledge the developer got this.. They contacted my in November (2 months later) stating that they didnt, but after speaking to casa and asking them to forward my developer a copy of the bank transaction i didnt hear off them again, so i assume casa must have sent them the proof otherwise they would have been back in contact - surely??..

 

[HaveTheAnswers]

Which 2 developments did you buy into through Casadubai? Did you pay them at the beginning or end of September?, what did the developers say to you about the fact that they say they havent received the payments?, are they going to give you anytime to sort out what is going on...?
The thing that really concerns me about all of this and i guess it shows my non-trusting nature, is what proof do we have that the developers HAVENT received the payments??... For all we know the devleopers in question could see this as an opportunity to cash in from investors even further by claiming that CasaDubai havent forwarded the payments on, the only proof we have ithat we have made installment is a receipt from casa saying we have paid them, but now they have gone under the only way now i guess of finding out if they forwarded the payments on is writing to the official receiver demanding proof either way...
The reson im asking when you made your installment in September is i made a payment to them at the end of August and to my knowledge the developer got this.. They contacted my in November (2 months later) stating that they didnt, but after speaking to casa and asking them to forward my developer a copy of the bank transaction i didnt hear off them again, so i assume casa must have sent them the proof otherwise they would have been back in contact - surely??..

Hi, Prior to my October payment, when I made a payment to Casa Dubai I insisted that I received not only a receipt from them, but also one from the developers. My finger was off the pulse with the last payment (other issues to deal with),but I was confident that all was "well" in Dubai even with the world downturn. I did make an enquiry into the receipt from the developer in November, but was advised that Casa Dubai will chase! Did not here another thing until the letter and email advised on liquidation!

Is anyone able to advise on that what the liquidators/administrators (is there a difference here?) are legally obliged to to or provide to interested parties?

 

[tin2080]

Hi,

I am in exactly the same position as you my friend, we too have sent a payment to Casa in November 2008.
I have spoken with the developer today in Dubai and he has shown me my account balance which unfortunately does not show our November payment.

Yes it looks like Casa knew what was going to happen so they decided to keep everyones cash before signing off ..

I have sent a formal letter to receivers at Casa demanding a full refund of our cash I have also enclosed Casa reciept for their attention.

We are not going to hold our breath for a full refund but would expect something back but nowhere near £10,000.

I am totally fed up with this whole situation, what should have been an easy process has now turned very sour.

Regards

Steve

 

[HaveTheAnswers]

Hi,

I am in exactly the same position as you my friend, we too have sent a payment to Casa in November 2008.
I have spoken with the developer today in Dubai and he has shown me my account balance which unfortunately does not show our November payment.

Yes it looks like Casa knew what was going to happen so they decided to keep everyones cash before signing off ..

I have sent a formal letter to receivers at Casa demanding a full refund of our cash I have also enclosed Casa reciept for their attention.

We are not going to hold our breath for a full refund but would expect something back but nowhere near £10,000.

I am totally fed up with this whole situation, what should have been an easy process has now turned very sour.

Regards

Steve

:-( What a shambles. I'm speechless. Please let me know if you receive a reply from the liquidators, and I will do the same.

 

[zanis]

Tough times hit Dubai as investment firm cuts staff

Another one hits the dust - read here

 

[tin2080]

HI to all CASA DUBAI clients,

I am currently chasing the receivers at CASA DUBAI for a payment I made in November towards my apartment in Elite 1.
The developer has confirmed that they have not received it.

If there is anyone in the same situation as me ?
Has anyone managed to retrieve any cash from receivers?

What a mess this is turning out to be Dubai is the laughing stock...

regards

tin2080

 

[HaveTheAnswers]

I have today been advised by the developer (Khuyool) to make all future payments directly into a Escrow account. It looks set up with details relating to the appartment No., and account number.

Can someone please advise on the logistics of getting any monies back from this account (i.e guarantee account, which are known more commonly as trust or escrow accounts),if the developer goes bust?

 

[metlofts]

I too have written to the official receivers with no response as yet. I would imagine they're going to be very busy especially with letters from investors who have lost money like us.

If the actual developer goes bankrupt too then i think that'd be the biggest test of Escrow law Dubai would have seen because somehow i just get a niggling feeling that investors wouldn't be protected even if the law and account is there to protect.

 

[rano]

tin2080

I also have given them alot of money in oct to forward to developer which has not being sent my payment was £18,000. Also worried what will happen with 1st payment which is with developer.what happens if they go bust. what can I do anyone? regards rano

 

[rano]

triplanet how strong are they. Will they be still there for all there projects. I wish I"d never being involved with dubai
regards rano

 

[revell10]

Casa Dubai

Dear Casa Dubai Clients

I'm also a casa dubai client who has lost my payment installment with them.

They were supposed to send to the developer but did'nt and willingly took my payment installment sent to their dubai accounts in September when they said they were knew they were going to go bust.

I'm going to take legal action against the directors 1 in particular for deciet.

Anyone who wants to join me pm me immediately.

Revell

 

[HaveTheAnswers]

Dear Casa Dubai Clients

I'm also a casa dubai client who has lost my payment installment with them.

They were supposed to send to the developer but did'nt and willingly took my payment installment sent to their dubai accounts in September when they said they were knew they were going to go bust.

I'm going to take legal action against the directors 1 in particular for deciet.

Anyone who wants to join me pm me immediately.

Revell

I up for this - what do you require from me?

 

[revell10]

We need to firstly get everyone together and go from there.

Are we mostly based in the london??, we should get together face to face and appoint a lawyer to sue the directors, especially those that had sent there payments during the months Sep to Jan, we have a very strong case.

Can we get something together guys.

Revell

 

[revell10]

Casa Dubai clients

pm me your names and contact details so we can make a time to meet up this weekend in London and discuss what action to take.

Revell10