Thousands of people who invested in Harlequin’s Caribbean resort investment programme feared they would lose as much as £400 million, after Harlequin’s sales company collapsed into administration last year.

Fears were strengthened when the Serious Fraud Office announced it was looking into a number of complaints about the validity of the firm, after it was revealed that despite selling over 6,000 units on the island, only around 300 had been built.

The FCA then announced that anyone considering investment into any of the companies in the Harlequin Group, “to do so with caution”, following on from the torrent of bad press the company had already received.

However, Harlequin and its law firm, Regulatory Legal, have now announced a restructuring plan to make investors trustees, giving them more security over their assets and the prospect of retaining their money.

The beleaguered property group has struck a deal that will see the formation of an investor trust that will distribute vacant plots of land at the Buccament Bay Resort to its current investors.

According to an official release from the firm, the trust will  "...give investors security over the parts of the resort not yet allotted to investors’ properties”.

Harlequin Management Services Limited entered administration in April 2013, causing panic amongst its investors nationwide - though it claimed administration would not threaten the security of its investments.

According to Harlequin’s new plan, investors who are members of the trust will hold a charge over the remaining registered land at Buccament Bay Resort including all of its facilities.

The scheme is Initially open only to investors in that particular resort, though the trust may eventually open up to outside investment.

Speaking on the news, Harlequin Chairman, David Ames said: “This is a positive step forward that will benefit investors all-round as the confidence it brings will also assist with acquiring external finance, which will accelerate the continued development of the resort.

“The prime minister of St Vincent and the Grenadines has assured me that the new international airport will open next year, so I am keen that construction recommences at the resort as soon as possible.”

A statement from Harlequin added that in the coming weeks, investors will be asked to consider legal advice on the proposed trust.

A spokesman for restructuring partners, Regulatory Legal, said: "We have agreed, in principle, to a process that will lead to investors as members of a trust, holding security against the land title.

Harlequin hit the headlines again back in July, when it emerged that the company had failed to honour its mortgage guarantee scheme which would result in investors losing deposits equalling hundreds of millions of pounds.

"In order for investors to secure their investment, Harlequin & Regulatory Legal Solicitors would urge all Buccament Bay investors to entertain this plan and become involved as a member of the trust.

"The security arrangement will only apply to Buccament Bay but Harlequin has agreed to consider using similar arrangements for its other Caribbean projects."