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Superior Worldwide

Discussion in 'Morocco Property' started by flyer, Jan 22, 2008.

  1. flyer

    flyer New Member

    Has anyone bought from Superior who, I understand, have gone into Administration?
  2. DC

    DC Member


    Who told you that?
  3. flyer

    flyer New Member

    Someone at AIPP! I have been trying to get hold of Superior for about 3 weeks now but the lines are now dead.
  4. DC

    DC Member

    They were quite a big company, did you email etc? I know the owners, they are nice people. Maybe they were carrying to much cost. And it was time to pack up shop.

    They were one of the first in international property.
  5. flyer

    flyer New Member

    I've e mailed and phoned. Everyone's gone.
  6. just-alex

    just-alex New Member


    can someone explain where this information has come from............Superior are an enormous operation with operations in many countries including Florida , Cyprus, Bulgaria etc...............Is it just the Moroccan arm that has gone bust and if so why???
  7. distant dreamer

    distant dreamer New Member

    Yes we heard the same today. We've known they were having problems for a while now - they owe the company I work for a fortune in unpaid commissions!:mad:
  8. flyer

    flyer New Member


    I have received this statement

    On Friday 18th January, the AIPP received the following message from the Chief Operating Officer of The Superior Real Estate Group Ltd.


    ‘I am directed to advise you:
    - the directors of Superior Real Estate have presented a Petition for an Administration Order to the Court on 16 January 2008, this sad situation is the result of non and delayed payment of substantial funds from international developers.

    - it is expected that the Administration Order will be made on or before Thursday 24 January 2008, following which Paul Harding and Derek Howell of PricewaterhouseCoopers LLP will be appointed as joint Administrators of the Company.
    - meanwhile, the Company has ceased trading and all employees have been made redundant.’
  9. DC

    DC Member

    That is a bit sad, Superior were on of the companies, that had a level of ethics. I hope the staff find jobs quickly. good luck to them.
  10. traceyw8727

    traceyw8727 New Member

    Superior administration

    Not so sure I and all the other investors will agree with the above, when we stand to lose thousands of pounds!!!!!
  11. DC

    DC Member

    No I dont think you will.

    The money goes to the developers, the developers pay superior. You money would of gone to the developer not Superior. That is the way they worked, or did before, it does not go to Superiors pockets, they are paid from the developer.

    It is inconvienent remember superior were an agent not a developer. You have a lawyer, speak to them and the developer direct.
  12. Investy

    Investy Senior Member

    I understood Superior were the developers for the Oasis properties. I realise Superior were an agent also.

    Im wondering if Superior clients shouldnt all club together and petition the Moroccan King. Saidia is the showcase for his vision 2010, surely he wouldnt want anything to taint the resort?

    Im not sure, but I thought Fadesa were actualy contracted to do the build, so I wonder if they will take over the Oasis development.

    I was under the impression Superior have built many properties themselves in the US / Caribean, so there must be a lot of disgruntled buyers out there.
  13. NZDonkey

    NZDonkey New Member

    I've had the same email from the AIPP. I took Superior to a Disciplinary Hearing through the AIPP which was adjourned until 29 January 08 for Superior to make further representation about their mis-representation of prices. Something else they've got away with - I have no time for them what-so-ever!
  14. Mr Goodliving

    Mr Goodliving New Member

    Easy now!

    I have spoken to the developer Oasis and they are a totally seperate entity, which only had affiliation with Superior as a marketing arm.

    Oasis is still going strong and all buyers including myself will get the property they have reserved in time, according to the Oasis team.
  15. Investy

    Investy Senior Member

    Thats good news. I heard the developer, by which I assumed they meant Superior, had gone into temporary administration pending a new funding line which was to hopefully be agreed next week?

    Now your saying Oasis is untouched by all this. I wish someone from the developer (whoever it is) would issue a post on here!
  16. NZDonkey

    NZDonkey New Member

    When I was looking to invest, I had to pay my cash over to Superior and I assume everyone else who purchased through Superior has done the same?? If so, with Superior going into administration today it would certainly be adviseable for investors to seek legal advice extremely quickly as it is Superior who has taken stage payments from everyone - not the builder or Oasis or anyone else. With no staff left at Superior who will be issuing further stage payment invoices? I assume nobody unless PWC take over. Just some thoughts for everyone to ponder on.
  17. Mr Goodliving

    Mr Goodliving New Member

    I did enquire on this, and apparently all monies have been accounted for by Oasis and the developer will be contacting one and all with the next stage payments.
    Legalex have been helping me with this and have assured me of this too.
    Oh, Oasis also have set up a UK company who will be contacting us soon, as a costumer centre.
  18. NZDonkey

    NZDonkey New Member

    Have you been making stage payments to The Superior Real Estate Group Limited? When you're asked for another stage payment and it's not from Superior (as I assume your contract is with them) I certainly wouldn't be paying over any more cash until you've spoken to your solicitor about what's going on. If Oasis (and I think Oasis is a part of Superior anyway) asks for the next stage payment, check your contract as I don't believe the money is due to them and any claim for more money should now come from the appointed Administrators as they are now legally running the company.

    It may be worth contacting the appointed Administrators at PricewaterhouseCoopers to get their thoughts on all this. Don't trust anyone! This is your money!
  19. Mr Goodliving

    Mr Goodliving New Member

    My lawyer has done all the due diligence and has assured me that Oasis is independent of any company and that the contracts are with them and not Superior.

    Therefore the administrators have nothing to do with Oasis or their clients.
  20. NZDonkey

    NZDonkey New Member

    That's good news. However, the £2,000 reservation deposit was paid directly to Superior? which forms part of the payment structure for the entire contract? It might be worth checking with someone as this may or may not have been accounted for somewhere along the line?
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