Although it has not been financially viable to pursue the developers or NWIC now that they are insolvent, here at the NWIC Action Group we have supported our Members to make very successful professional negligence claims against their Solicitors and Insurance Brokers to recoup investors’ deposits and we continue to do so. We are also actively engaged in identifying all other routes to recovery on behalf of our Members.
As part of this process we have represented our Members’ interests on the Liquidation Committee of the Northern and Western Insurance Company and continue to liaise with the Committee on their behalf. We have had extremely successful outcomes in securing substantive and even full levels of recovery, including additional reimbursement of interest on some development investments.
We continue to represent our Members who have lost their deposits on off-plan property investments, for investors with NWIC bonded developments, but also other property investment schemes which fail to deliver on contractual obligations to those who have invested in them. Sadly this has been the case even where developments have been completed in some cases, so we are also vigilant in monitoring the progress of developments and making risk assessments on our Members’ behalf as and when necessary.