Ex-Inside Track customer takes directors to court

by Gary Whittaker

A former customer of Inside Track has won the first round of a legal battle against the collapsed property firm.

Tamsin Barks, of Haywards Heath, West Sussex, claims that the firm was guilty of fraudulent mis-selling.

She had bought seven properties through Inside Track’s sister firm, Instant Access Properties, after being told they were discounted.

The properties, in Spain, Florida and Manchester, are now worth £350,000 less than she paid for them.

She says she bought after a mailshot in 2003 which said investors would be debt-free within three to five years.

She is now subsidising her properties to the tune of nearly £2,000 a month, and believes that the ‘discounts’ never existed.

Last Thursday, the High Court rejected an application by Inside Track former directors Maria Gifford, Tony KcKay, Jim Moore and Brad Rosser to have the case thrown out.

Inside Track was notorious for its expensive ‘training’ seminars which were said to have been attended by more than 100,000 people, and for its promises to make people property millionaires.

It went into liquidation in 2008 owing more than £11m.

Moore and McKay bought the assets for £70,000 and set up IAP Global, which also ran property investment ‘seminars’ which introduced attendees to ‘discounted’ properties.

That went into liquidation earlier this year, owing £2m.

In an entirely separate development, an investor who bought plots from Commercial Land is also embarking on legal action after parting with £61,000.

He says that Commercial Land over-stated the development potential of the land after at least one council told Commercial Land boss Stephen Cleeve that it would not allow building.

Article courtesy of Estate Agent Today  Sign up for EAT newsletter

01-December-10General Lettings News