A US real estate giant has appointed receivers to recoup money from caravan park tycoon Robert Bull.
Sun Communities, a $15bn US REIT, has hired PwC to recover £300m it says it is owed by Bull’s RoyaleLife.
Bull was plunged into a bankruptcy row over the summer following allegations of unpaid debts. A subsidiary of FTSE 250 investor Intermediate Capital Group appointed administrators to a number of firms owned by Bull.
PwC now joins fellow accountancy firms James Cowper Kreston and Alvarez & Marsal, which are working on insolvencies that have been disputed by Bull.
Bull had been in talks earlier this year with Oaktree Capital Management to refinance about £1.5bn of loans.
Christie & Co has begun marketing 29 of his residential caravan parks and properties on behalf of James Cowper Kreston, while a further 30 holiday and residential parks are already on the market on behalf of Alvarez & Marsal.
