Public Notice - Attention Casa Dubai clients
Casa Dubai has been an extremely successful and profitable business. The World Economic Crisis has unfortunately had a serious effect on the Dubai Real Estate market and consequently a terminal effect on Casa Dubai. Casa Dubai has been forced by the current economic situation to commence proceedings for compulsory liquidation. All our offices are now closed and our staff have been laid off. Casa Dubai generated sales of £21m in the eight months to August and virtually nothing since. The specific reasons for closing the business are:
Developers delaying or being unable to pay commissions due on sales.
A major developer fleeing from the police with over £500,000's worth of Casa Dubai's clients' money.
The inability of Casa Dubai to sell properties in which it had invested money generated from its own profits and consequently losing all invested.
The lack of income in the months September to December to pay for overheads.
The collapse of sterling making foreign investment considerably more expensive than just a few weeks ago.
The liquidity problems of UK and World banks which no longer have a desire to lend money to buy property.
The majority of our clients will not be affected by these events, for those that are, I sincerely apologise for the distress caused. All our clients will be able to talk directly to the developers, please refer to your contract or sales agreement for the contact details. Most developers will face difficulties in completing their projects for a variety of reasons due to the current crisis. It is our belief however, that the majority will still deliver their developments, albeit with delays.
Once finished, our clients' investments will show exceptional returns. Dubai will recover and will become a highly desirable destination. We would like to thank our clients for using our services, we ask our clients to appreciate how the sudden world events could not be predicted or planned for. We have become another insignificant statistic, just like many thousands of other businesses will become in the coming months.
Any queries should be addressed to:
The Official Receiver
c/o Casa Dubai
Casa Dubai is the trading name of Casa Estates (UK) Ltd. Registered in England No: 5374432 at the address below.