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Property management company ceases trading

A Spanish-based property management company with offices in Cyprus has announced that it has ceased trading due to attacks on its business.

LAST week, Spanish-based property management company Overseas Keys announced that it had ceased to trade. The company managed a number of properties in Cyprus from its office in Pernera.

In a letter to its clients the company’s MD, Kenneth Richardson, explained that “As a result of the sustained and unsubstantiated slanderous attacks on our business that has resulted in significant losses, we have quite simply run out of resources that would allow us to continue to operate. I have had no choice but to make all staff redundant.”

We understand that a number of Overseas Keys’ clients are pursuing the company to recover advanced payments made for services that it will no longer be able to deliver.

Readers' comments

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  • privillage palms frenaros owner says:

    Mr Richardson knows what he has done – may be the liquidator will find out the truth re the monies he refused to account for back to owners. But probably not!

    & yes agree with all others, it is just another loss re Cyprus, alongside the others resulting from the dreadful practices allowed/ ethics existing in the country against property purchasers.

  • Robert Briggs says:

    Rats leaving a sinking ship?

  • Costa Costas says:

    @ Unbelievable. Spot on!

    I believe people are living in a fools paradise if they think this property mess will ever be sorted out!

    We can’t even see the ‘U-Bend’ & we are still going down!!

    Debt/Title deeds etc? People who set-up Limited Companies within this industry are more than prepared too weigh other people down with their own debts!!!

    It’s the little people, the innocent who will end-up suffering.

    Domesday will come, its just a question of time, we are just waiting for the final implode…………

  • Unbelievable says:

    Any excuse to fold a company and leave debt in it’s wake.

    “run out of resources that would allow us to continue to operate”

    So, you’ve run out of loyal customers. Could that be a direct result of your business practices?

    Watch this space.. When the pressure is really on for the Cypriot Developers, they too will do the same.

    Collapse – Fold – Run – Hide

    130,000 property owners think it’s bad now, OMG – wait till the end of this year!

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