Hull-based Acepoint Ltd had been reporting losses in their accounts for five years from 2008 to 2013. The company, which leases properties in Hull and Loughborough, finally went into administration on 16 January, according to the Companies House database.
However, the tenants were not contacted until 24 January, when they received a “suspicious” letter asking them to change their rent payments to another account, one student told the Lincolnshire Echo.
On behalf of insolvency firm PricewaterhouseCoopers, the administrators promised that “tenants will not be affected”. They stated that the tenants welfare is a “major priority”, with essentials such as electricity and internet connection operating as normal.
In a statement, they continued: “We intend to make the transition of control as smooth as possible for residents and will be contacting them all in due course.”
Acepoint were responsible for 171 tenants across 49 properties, most of which were students.