Hope For Ripped-Off Investors

Monday 14 June 2004

New Zealanders ripped off in Queensland property deals are taking heart from a Brisbane law firm, galvanising them into action.

By The Landlord

In his first day in Auckland, lawyer Michael Quinn says he heard from two dozen affected kiwis who believe they have been sold over-priced investment units, though he suspects hundreds may have been affected.

He says that from what he has seen so far, they have good cases.

Mr Quinn says investors have typically lost around $100,000 in the deals.

He says one man lost $100,000 on one property, and $150,000 on another.

Mr Quinn says many duped Australians have won their cases against the shysters.

He says his firm's strategy is to go after neglectful lawyers whose insurance covers the settlements, rather than the marketers of the schemes, who are usually broke.

Michael Quinn says the deep-pocketed banks are so far untouched.

However, he believes it is only a matter of time before one of them is on the end of a losing judgement.

Mr Quinn says his firm operates on a no win, no fee basis.

Read More - Opens in a new window
Commenting is closed

Property News

Key reform will only protect bad tenants

Getting rid of “no cause” termination notices only serves to protect bad tenants and will have a negative impact on the broader community, not just landlords, according to landlord advocates.


Demand challenges for commercial sector

Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.


LVR loosening likely - ANZ

LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.

Site by PHP Developer