Superior Worldwide

[NZDonkey]

I have just carried out a search for other forums in connection with the above. One message states:-
"Just had this email from Legalex, anybody else heard anything.
"As you are probable aware Superior UK has gone into Administration.
The purchase contract that you signed for the acquisition of your property in Saidia, Morocco has been signed with OASIS AT SAIDIA SARL, being the seller. This is an independent company from Superior UK and Superior USA. However, the problem is not just over because of that reason. We are aware that Oasis at Saidia is expecting any day now the approval of a substantial finance package that will enable them to proceed with the construction and to overcome all short-term financial issues.
If this package is approved, we are confident hat the project can go ahead. If not, we will be the first to know and we will then contact you again with an analysis of the existing options and our advice.
You will be hearing from us again with an update very shortly."

Reading between the lines, it seams that Oasis at Saidia S.A.R.L. may be experiencing cashflow problems also.

[Isadora]

I was able to contact Oasis through the new address and telephone number which we were notified about in the December letter.
I have been assured that Superior were the selling agents only and that there are no problems with Oasis Beach and Golf Resort Ltd.
For those who don't have the new number it's
0844 4721100
The customer relations person is Adele Woodruff.

[NZDonkey]

I trust you're happy in accepting their word that there are no problems with Oasis Beach and Golf Resort Ltd. Superior said the same about themselves a short while ago and look what's happened to them. Your contract is with Oasis at Saidia S.A.R.L. though isn't it and not Oasis Beach and Golf Resort Ltd?

[Isadora]

I'm not entirely happy with the situation but feel a bit better knowing that I can still contact the people I was dealing with at Oasis.
You are right. My contract is with Oasis SARL which is, so far as I can make out, a subsidary of Oasis Beach and Golf Ltd.
I have also spoken to my solicitors and they also think that I need not be concerned.
I will feel a lot better when I see the buildings started.

[NZDonkey]

Indeed - good luck and I hope everything works out for you

[Isadora]

Thanks NZ Donkey,
By the way, my solicitor also confirmed that the addtional tax is not due on contracts signed before 1st January.

[Goldberg Global]

I would try Price Waterhouse Coopers to get to the bottom of things.

Most of the time, the Agent (Superior) is an intermediary, they can rebrand, like they did in USA but effectively, they had a sub contractor to build, even though it was shown to be there products.

Over time they had a tight relationship with Fadesa, (spain big builder), and brought and rebranded the products. In this case it seems Superior was acting like an Agent.

The developer does not inspire confidence if they are telling clients were are experiencing a short term funding problem. What is any client protection do you have in place from the Moroccan government, or developer. ie. Protection of funds, like in Spain. So if a developer goes belly up, you get your money back and interest.

In Spain this is actually law. That is why you have to check the developer out, and makes sure they are credible before ploughing your money in. And the lawyer checks out everything prior to paying money.

[Goldberg Global]

I spoke to PWC

Ok the US part of the business took them down, and the US developers, and they had to close because of this. They were strong in US. Credit Crunch.

There apparantely will be no commercial creditor not paid, clients should speak to Superior and the directors the North Brothers are still available. Also go to lawyers and developers where they have invested.

They in a shark infested pond of agents, are good guys, yes the markets screwed them, but if your investment was done correctly you should be safe. Phone the Superior number apparantely according to Steve Smith at PWC it is working. Good luck all.

[Whitesaidfred]

Can somone please clarify which bits of Superior havegone into Administraition please

[Olly]

Originally Posted by Whitesaidfred

Can somone please clarify which bits of Superior havegone into Administraition please

To the best of 'current' knowldge Superior in Egypt only. However, yesterday, Superior USA already embroilled in a 2 year delay covering Oakmont Resort & Spa, also discovered the Developer - Engle Homes (part of TOUSA one of the USA's largest buidler / developers) has been placed in Chapter 11.

Apparently Oakmont will now be completed but many buyers are seeking to withdraw owing to other difficulties. A number of outstanding law suits are currently in review as I understand it.

Hope this helps...?

Olly