Property in India - "Larionovo" - Goes into Receivership

[linw]

i was just on the overseas cafe website, and they have the same address as Larionovo in Dublin.... what's this all about ?
Does this site belong to the the directors of Larionovo?

I read that one of the Larionova directors is also a director of Overseas Cafe.

 

[lalique]

hi all, i bought 2 years ago from larionovo an i received my deposit back during the week, just to let ye all know that it maybe ok ,you should get your money back,i havnt been on this forum for about 5 months an was shocked to find out that this has happened !!as i had just checked my account today to find out that the deposit had been received following & email that i received on tuesday evening, an i really hope everyone gets there money back as i feel i have had a lucky escape.

Hi

could you share or even pm me as to who sent you the e-mail on tuesday.

regards


karen

 

[ajapale]

Larionovo

http://www.larionovo.com/

Please be advised that Paul McCann was appointed Provisional Liquidator of Larionovo Limited on Tuesday November 25th. We are currently trying to establish the position of the investors with regard to the Indian development project. Please email ian.barrett@grantthornton.ie the following details:

Your: 1) Name

2) Address
3) e-mail details
4) Amount of money invested​

Kindly note that we will contact you by email by 12 December 2008 with an update on the position.

 

[lalique]

Be very carefull giving your details
If the liquidator gets hold of the deposits, you may not get it back. It may get used to pay off Lariono's debts
We have spoken to Ian and he has been unable to confirm that this wont happen , he says its a grey area.
These deposits are nothing to do with Larionovo or the Liquidator its our money.
We are also in direct communication with Sigrun who is looking to pay us back direct.

 

[hawkmar]

Hi

could you share or even pm me as to who sent you the e-mail on tuesday.

regards


karen

hi karen, the email came from salya the builder in dubai asking both me an deborah mackay to confirm that i had recieved the money to my account, i had last spoke to deborah on the 22nov as to when i would get it & she told me in about a week.

 

[Guest106]

Lalique's warning about liquidators is bang on.
The appointment of a liquidator carries with it total control of the company and all it's assets. Neither the directors or anyone else holding a staff appointment regardless of position continues to have any say in the affairs of the company.

 

[lalique]

Hi

Michael please can you contact me again as I deleted you pm by mistake

 

[dubchopper]

I read that one of the Larionova directors is also a director of Overseas Cafe.

Erroneous.

Look there is so much in accurate info being bandied around by various people on this thread id wonder as to whether some of the mails are genuine at all.

Background to Larionovo vs Profile - firstly. Profile are a HUGE developer in the mid east. A number of months ago the shareholders of Larionovo purchased shares in Profile Europe Ltd in return for their shareholding in Larionovo Ltd. This deal went ahead and the merger was signed off. People may also know that Profile and Larionovo have had a relationship for nearly 4 years - Larionovo acting as a sales agent for many top quality profile developments.

This merger was dissolved / is currently being dissolved because of a row between the top men in Profile and the top men in Larionovo. Credit issues and a death in the sales market led to realisation that Profile were going to close the Irish operation (as they have done with Manchester and various UK sub offices). This wasn't the only issue ( I'm am trying to get more info ) but I understand that the Irish directors of Larionovo left Dubai in recent weeks in a bid to rescue Larionovo. Their survival hinged on repayment by the developer in relation to the India development and also payment by a number of Dubai and French sale & leaseback developers. My understanding is that none of these payments came through in time and the business was forced in to court liquidation last week. I think that Grant Thornton have already been appointed but I am not 100% sure of this.

My understanding is that ALL of the Larionovo staff have been let go and all are owed salaries for December and payments of commission stemming back to Mid 2008. My understanding is that the monies owed to them will be substantial.

In many ways this company has simply fallen foul of the global credit crunch as its cash flow lines seemed to simply dry up in the space of weeks.

In relation to India which so many of you are discussing - the issue lies with the Indian developer. Larionovo paid over deposits as part of a normal transaction and then on the advice of KPMG in India were told that clients would not be able to repatriate sales proceeds of the units in the future. The developer in India obviously didn't like this and has been slow to repay the funds (even though he is legally bound to do so) but as we have seen recently India is a law unto itself and it is expected that a major legal battle will have to take place to get this money. ( and that's assuming the builder can repay?)

If anyone wants to discuss this further please pm me.

 

[dubchopper]

Be very carefull giving your details
If the liquidator gets hold of the deposits, you may not get it back. It may get used to pay off Lariono's debts
We have spoken to Ian and he has been unable to confirm that this wont happen , he says its a grey area.
These deposits are nothing to do with Larionovo or the Liquidator its our money.
We are also in direct communication with Sigrun who is looking to pay us back direct.

Correct. Deposits are held by sigrun. Sigrun is the creditor and it is they who should have a judgement registered against them in prob the indian courts. But the Irish courts may have some interest in this given the numbers of people involved.

 

[dubchopper]

I read that one of the Larionova directors is also a director of Overseas Cafe.

In response to the original post about Larionovo having the same address as Overseas cafe - im sure its just details of the sales manager girl in Larionovo. They are not connected in any way whatsoever.

 

[dubchopper]

OverseasCafé Ltd.,
125 Lower Baggot Street.,
Dublin 2

Not quite the same address but right next door!

its a complete coincidence. BTW the overseas cafe article is pretty much bang on except for the info that ray norton is still a director of profile. Hes not.

Also -I had to laugh when i saw the ad for Kuerva - the "other" indian developer on the overseas cafe site. They are brave contiuing with marketing that developement!! Dont touch with a barge poll would be my advice.

 

[lalique]

In response to the original post about Larionovo having the same address as Overseas cafe - im sure its just details of the sales manager girl in Larionovo. They are not connected in any way whatsoever.

Whilst you seem well informed on certain issues, on this particular item I can tell you that you are wrong.

 

[OverseasCafe]

If you look through our previous posts you'll see this explained quite some time ago.

One of the directors of Larionovo was also a founding member of the website. He moved to Dubai some time ago and we heard no more from him. Our office was originally set up next door, but was never in fact used.

We dealt with this issue in the last page of this thread.

 

[Marbella]

So, have the directors moved on to Profile Europe or Profile Group?

As Profile Europe is also going through some difficulties and will end up like Larionovo soon.

Check out their website: www.profile-eu.com

Why is Larionovo Developments still active then? Is it not the same company and Directors?

 

[Marbella]

Dubchopper: Last I heard was that Ray Norton IS still a director of Profile.

 

[dubchopper]

I read that one of the Larionova directors is also a director of Overseas Cafe.

My posts yesterday were wrong. My understanding is that larionovo is connected to OSC by way of a common director and shareholder. Apologies.

 

[dubchopper]

Dubchopper: Last I heard was that Ray Norton IS still a director of Profile.

He and his wife are shareholders. My understanding is that their is legal proceeeding ongoing in this regard. Not sure what jurisdiction thought.

 

[dubchopper]

So, have the directors moved on to Profile Europe or Profile Group?

As Profile Europe is also going through some difficulties and will end up like Larionovo soon.

Check out their website: [broken link removed]

Why is Larionovo Developments still active then? Is it not the same company and Directors?

Profile Europe was the company that the Larionovo shareholders bought/merged into. I would think profile europe will be ok as it is part of much bigger oganisation who can prob afford to subsidise it etc in the medium term however i would assume it will thrimmed down massively.

Larionovo developments owns land throughout the world and I understand that this is the vehicle used by Ray norton to buy, sell and develop land. I beleive this company is at present attempting to sell valuable land banks in dubai.........

 

[dubchopper]

Whilst you seem well informed on certain issues, on this particular item I can tell you that you are wrong.

Hold my hands up here.I was told last night that Ray Norton owns a part of the overseas cafe website. Have to say that I find it unacceptable that someone with such a vested interest has links to what is supposedly a standalone site/ portal.

I note OSC states further back in this thread that Norton is in dubai - He is not. He is back living in Ireland.

 

[OverseasCafe]

Very difficult to run an overseas property portal if the people involved don't have some knowledge of the industry, wouldn't make for much of a portal I'd imagine.

We've never denied the connection with Ray. He has no input into the everyday running of the site, in fact he has never had any nor has he ever looked for any. That wasn't his remit when we took him on board, he was exclusively involved in the marketing side (as discussed previously, which all of this has been, ad-infinitum).

I've asked Dubchopper publicly and in a PM to disclose his/her involvement with Larionovo, but he/she's refused point blank. Just responds with questions. At least our connection is out in the open.