THOUSANDS of housing tenants across the region are facing an uncertain future after the Government yesterday took the first step in winding up the company that manages their homes.
The Department of Trade and Industry (DTI) yesterday presented a petition to wind up Practical Property Portfolios and applied for an official receiver to act as the provisional liquidator.
The company, in Carlton Court, Team Valley, Gateshead, offers to find and manage buy-to-let properties for private investors, who are led to expect returns of 15 per cent a year.
The company specialises in run-down properties, mainly across the North-East, and has thousands of homes on its books.
Hundreds of small private investors could also lose out if the company goes into liquidation.
The DTI took action without informing the company, which was not represented at the hearing.
The petition also included applying to wind up the related companies of Napeer Holdings and PPP Limited. There will be a court hearing to look at the petition on April 30.
All official inquiries about the three companies should be made in writing to The Insolvency Service, 21 Bloomsbury Street, London, WC1 3SS.
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