NO MORE SECRETS FOR PROPERTY INVESTORS
August 21, 2009
Visium Group, which built up a database of over 55,000 investor subscribers through PropertySecrets.net, last month released a statement saying the firm had closed its doors to further business as of 11 August. “In the end the recession has been too deep and too long to survive,” it said.
A creditors’ meeting will be held on 8 September when the insolvency practitioner Walletts is expected to be appointed as liquidator. OPP understands that more than 30 expressions of interest have already been made.
“An agent has been instructed to carry out the sale of the assets so anyone who is interested should make their interest known,” said Johanne Riley of Walletts. “Ultimately, we need to get the best price for the creditors.”
Most Visium Group staff have been made redundant, although the PropertySecrets.net editor, Ben Greenwood, has agreed to maintain the website and forums until 8 September. According to Visium’s statement, “ a core team will remain to continue to provide a live website and collect outstanding payments such that amounts owing to staff and creditors can be met as best as possible.” By continuing the website, the company hopes to maintain its value and encourage a buyer to come forward.
Property Secrets, founded by property investor and analyst Neil Lewis in 1999, provided online investment news and research to around 25,000 unique visitors a month and built up a substantial community through its online forums. Visium Group also owns Visium Consultancy and the property management company i-propertyassets.com.
Source - OPP