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This page is provided for Members of LBG Companies holding TRG Property Interests in the Llana, Dunas and Tortuga Resorts - commonly known as Fractional Owners
Guidance for Members of Fractional Companies
In mid January 2024, TRG, Fractional Property Solutions Limited, FPS Corporate Services, David Hannah, Nick Hannah entered into discussions to resolve matters between them. To support a negotiated solution, TRG Founder Memberships Holdings Limited agreed to pause legal action against the group lead by Nick Hannah, allowing the parties to come to a resolution. We receive regular questions and this page has been set up to make this information available to Members. You can find more information on the legal actions and the status of TRG Founder Memberships Holdings on the other pages of this small website.
Who is running the LBG Companies?
Since the 19th January 2024 all day-to-day administrative functions for the LBG Companies related to Llana and Dunas are performed by the Admin Team at TRG Founder Memberships Holdings Limited.
Administrative functions for 8 Tortuga Fractional Companies continue to be provided by FPSL
FPSL's services to Dunas and Llana LBG Companies were suspended by the Board of the LBG Companies on the 19th January. Nick Hannah has claimed that this suspension is challenged, but actually no formal challenge has been lodged to the Chairman of the Companies at this time.
Do I pay fees to FPSL?
No.
We are aware that FPSL continue to demand dees from Members directly, even as recently as 26th February 2024. It has NEVER been the case that Members have any legal or contractual obligation to pay any fees to FPSL. David Hannah has formally acknowledged this in writing to some Members.
You should ignore demands from FPSL
We understand that TRG and FPSL are discussing a way in which historical FPSL fees can be settled but until that is finalised there is a risk any amount paid to FPSL could be wrong.
What about the threats of insolvency
In letters FPSL frequently threaten that failure to pay them could result in insolvency and a loss of the investment for Members. This is NOT accurate.
The property interest held by the Company of which you are a Member is held in Trust and therefore cannot be seized or used to pay any costs of the Company. We have taken detailed legal and specialist insolvency advice on this matter.
If FPSL were to claim fees and seek to wind up and LBG Company while the current legal case is in play, the claim by FPSL would be set aside until the Court Case is concluded. Therefore no insolvency event could occur. The legal team representing the Claimants will use these false claims as evidence in the Court Case should the legal matters advance.
How do I actually get paid any income?
There are 24 Companies whose Members are already getting paid rental income as a result of having voted to restructure their Company at General Meetings.
There are a further 20 Companies who are part way through this process.
The current contractual arrangements require any income from TRG to be paid to the LBG Company who will need to determine how much should be paid for running costs of the Company and how much should be sent on to Members. While FPSL are still contesting their right to receive these funds the money cannot therefore be sent on to Members. It is hoped that the discussions between FPSL and TRG come to a swift conclusion to allow the release of payments to Members.
In the meantime, those Members who wish to restructure their Company are invited to contact us to arrange this.