- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Cyprus estate agent declared bankrupt

IN AN exclusive deal with British property developer Ian Beaumont – Andrew Nolan, of estate agents Peter Stephenson Properties, sold properties in Cyprus to British buyers looking for a place in the sun.

The properties were offered for sale at half price and the deal was that developer Ian Beaumont would rent them for 10 years.

Around 60 Brits paid Nolan up to £100,000 each for their properties, and an estimated £3 million of their money went through Nolan’s bank account in the UK.

Although work began on preparing the building sites, Beaumont and Nolan subsequently fled the Island leaving their victims with nothing. Their plight was reported on UK national TV in a programme ‘Holiday Homes from Hell’.

Earlier this year, victims managed to track down former Peter Stephenson Properties manager Nolan to a farmhouse near Stratford-upon- Avon and took him to the small claims court. Although he lost the case, Nolan failed to pay up and he was then served with bankruptcy papers (see video below).

Source: Daily Mirror

The case against Nolan was heard in the Birmingham court on Thursday, where the judge formally declared him bankrupt in the presence of victim David Goodman and a barrister. Nolan did not show up for the hearing.

Andrew David Nolan is a twice banned company director. He is still serving a maximum 15-year ban over the £2.3m collapse of his insurance company 0700 2 Insure Ltd after accountants found a £722,000 black hole in the firm’s books.

Bank in court next week

The case against the British bank into which Nolan paid the victim’s money will be heard next month.

Although the bank was notified in writing about the scam, it failed to take any action. In the opinion of a barrister working on behalf of the victims, the bank is negligent as it failed to report the scam as required by the Proceeds of Crime Act.

Ian Dyson Beaumont

The search continues for Nolan’s ‘partner in crime’, property developer Ian Beaumont.

He has been seen in the Czech Republic and was last known to be living in Dubai using the names Richard Katz and Ian Morgan as well as Ian Beaumont, and is apparently using a forged passport.

Anyone knowing Beaumont’s whereabouts should contact Cyprus Property News and we will forward the information to his victims.