Property Industry Eye has learned that following a very recent meeting of creditors of ARPM, the defunct outsourced lettings management company headed by Simon Duce, the insolvency firm that had been handling the liquidation of the business, is being replaced.

Neum Insolvency, which had been advising ARPM and was appointed last September, has confirmed that it is to no longer act in the liquidation process.

It is known that a number of letting agency firms, who are creditors of ARPM, were extremely unhappy at the appointment of Neum and it is believed that it is this group of agents that has forced the change.

It is yet to be revealed which insolvency practice has been appointed to replace Neum but it is certain that the new firm will begin a process of in-depth analysis and enquiry into what took place at ARPM in the months leading up to its collapse and will be seeking a full account of the internal financial transactions that took place over an extended period of time.

The appointment will be confirmed at Companies House in the very near future.

Jay Rathod, insolvency administrator at Neum Insolvency, told EYE this afternoon: “We are still the insolvency company handling the liquidation but that is due to change soon – we are just waiting for details as to when that will be. It will be soon.”

When asked about who will be replacing Neum Insolvency, Rathod said he still does not know at this stage and that he is waiting to “receive the information from our director”, who he confirmed is Umang Patel, founder of Neum Insolvency.

EYE NEWSFLASH – ARPM ‘has ceased trading’ and is taking advice about liquidation