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Time running out for people in ‘buy back’ schemes

Time running out for people in ‘buy back’ schemes

Government ministers today issued a fresh plea for people affected by housing buy-back schemes to come forward with information.

When the government stepped in on 20 June 2003 to place eight companies into statutory management, the move prevented the immediate sale of properties that had been transferred into the name of one of the companies.

“This has meant that no mortgagee sale can occur until the Statutory Managers are satisfied that the mortgage is valid and enforceable,” Commerce Minister Lianne Dalziel said.

However, in the process of the investigation, the statutory managers have identified other properties that are not covered by the Statutory Management Order. In these cases, the properties were transferred to third parties (mainly individuals). The mortgagees for these properties have agreed not to proceed with the sale of properties subject to those buy back agreements before 31 July 2003.

“This gives people a very short time to get legal advice about their position and to review their options including whether they can repurchase the property.

“A buy-back scheme is where a person transfers the title to their home to another company or individual and enters into an agreement to stay in it, usually by paying rent. They may also have a right to buy back the property at a later date,” Lianne Dalziel said.

Consumer Affairs Minister Judith Tizard said officials have written to all the people they believe may have been involved in one of these schemes, but are unsure whether they have all the details.

“If people have sold a property as part of a buy-back scheme, then they must obtain immediate independent advice about the options open to them, including legal or budget advice. If anyone has had any dealings with one of the named companies, they should also seek advice,” Judith Tizard said.

“People who are unsure if this information applies to them, should contact the Ministry of Consumer Affairs on 0508 468 732 (0508 HOUSEBUYBACK).”

Companies placed into statutory management on 20 June 2003 are:

CH Finance Limited ICMG Leasing Limited The Independent Creative Management Group Ltd Toi Te Atatu Ltd Sleinad Finance Company Ltd Opol Ltd, ICMG Holding Ltd ICMG Property Company Ltd

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