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I would imagine that legally we can huff and puff as much as we want.  IF (and it is suspected, but not proven) Harlequin have misused the funds then the Ames will have thought out what they are going to do next.  Moneys will have been transferred, assets protected, friends used to cover tracks, etc.  You only have to look at the likes of 'Inside Track', rumoured to be millions of £s of investors money down the swanny and the directors will probably start again just using relatives and friends as a front.

When I paid my deposit on Merricks, I specifically asked in writing that it be held by Harlequin UK until I had seen the finance agreement, but it appears Harlequin UK transferred it offshore without my permission and never sent me a copy of the agreement.  I have written to them to confirm that my deposit is still in the UK but they have failed to reply,

This really needs a structured approach if we are to get anywhere and try and discover the true picture at reasonable individual cost.  It will be too expensive to take legal action on an individual basis, we need to get as many disgruntled/concerned investors together as possible and appoint a decent aggressive lawyer with expertise in insolvency, offshore legal actions, shadow directors, etc to get to the bottom of what is really going on and to force Harlequin's hand.  There may be nothing wrong, but as Harlequin are unwilling to answer to anyone, the suspicion has to be that there is something amiss.    Maybe if anyone has web experience they can set up a website/link to get as many investors in contact with each other as possible, hold a meeting, put in a bit of money to advertise and contact other investors and then appoint a solicitor as quickly as possible and commence a group action.  Anyone interested can send me  a private message.

What we know about Harlequin?:

- no developments finished yet.

- no planning permission in my case (Merricks) and I was not told this up front.

- my contract treated as agreed, even though my letter accompanying the contract specifically stated that it was subject to me seeing and signing the finance documentation for the 'developer pays finance option'

- my deposit moved offshore at the same time, even though the finance documentation had not been agreed with me.

- failure to answer correspondence regarding the above.

- failure to provide any evidence to support their claim that the Merricks development is being sold at a 'significant discount' to market value.

- the last UK accounts filed at Companies House show minimal value, so no investor protection if anything goes wrong.

- client deposits are not protected in any way, they are shifted offshore away from UK jurisdiction, even though, in my case (Merricks) the development doesn't even have full planning permission.

So why take the risk of going with Harlequin if you have the slightest doubt, especially in the current economic climate? There are many other more established developers out there which have more asset backing in the UK, protect their client's money in the UK, who have actually FINISHED projects and have a track record.