Menu
24/11/2011
Insolvency Service Winds Down 'Unscrupulous' Companies
The UK's Insolvency Service has announced a number of companies are to be ordered into liquidity following investigations into "unscrupulous" practices.
On Thursday, the Insolvency Service announced a compay that mis-sold undeveloped land for investment to the public had been ordered into liquidation in the High Court on grounds of "public interest" after an investigation.
The investigation found that Crestmore International Limited acted as an agent on behalf of Montrose Partners Ltd and The Montrose Partnership Ltd, two companies which had previously been wound up in public interest after similar misleading and unfounded statements in relation to the land.
The company traded for just over a year and sold at least 48 plots of land which had also already been sold to other investors by the two Montrose companies, raising around £535,796. The company used the slogan: “Land, it’s the only commodity you can really bank on”.
Commenting on the case Company Investigations Supervisor Chris Mayhew said: “The public should not fall for a slick sales pitch, glossy marketing brochure, fancy websites and promises of easy money."
Also on Thursday, two car repair companies, Bray Engineering Limited and MPH Engineering Limited, were wound up in the High Court in London after an investigation by the Insolvency Service.
The companies, which were jointly owned, operated nationally using a number of trading styles and websites.
The investigation showed the companies vastly inflated the costs of the work they undertook. They also misled and intimidated their customers.
Both companies were originally based in Southall, Middlesex and more recently operated from Robinsons Farnell Warehouse, Isleworth, Middlesex.
The court heard that the companies effectively operated one business; that of engine reconditioning and repairs, and generated business via a number of websites.
The Insolvency Service’s investigation discovered 429 customer complaints made against the companies within a three-year period, where customers had paid around £1.2m for parts and services which had either not been provided or were subject to dispute.
Finally, the service also announced petitions to wind up two companies offering internet banking and securities dealing services.
Hollymead plc, formerly known as O3 Fincoop plc operating through service addresses in London and more recently in Leeds, offered internet banking services to potential clients through its website www.o3fincoop.com which has now been closed down by The Financial Services Authority.
Sovereign Clearing House Limited, operating from an address in Birmingham, claimed to sell volumes of securities for which advance fees were paid by prospective buyers including off shore customers from the USA, Canada and Hong Kong.
The case is now subject to High Court action and no further information will be made available until the petitions are heard in the High Court on 9 January 2012.
(DW)
On Thursday, the Insolvency Service announced a compay that mis-sold undeveloped land for investment to the public had been ordered into liquidation in the High Court on grounds of "public interest" after an investigation.
The investigation found that Crestmore International Limited acted as an agent on behalf of Montrose Partners Ltd and The Montrose Partnership Ltd, two companies which had previously been wound up in public interest after similar misleading and unfounded statements in relation to the land.
The company traded for just over a year and sold at least 48 plots of land which had also already been sold to other investors by the two Montrose companies, raising around £535,796. The company used the slogan: “Land, it’s the only commodity you can really bank on”.
Commenting on the case Company Investigations Supervisor Chris Mayhew said: “The public should not fall for a slick sales pitch, glossy marketing brochure, fancy websites and promises of easy money."
Also on Thursday, two car repair companies, Bray Engineering Limited and MPH Engineering Limited, were wound up in the High Court in London after an investigation by the Insolvency Service.
The companies, which were jointly owned, operated nationally using a number of trading styles and websites.
The investigation showed the companies vastly inflated the costs of the work they undertook. They also misled and intimidated their customers.
Both companies were originally based in Southall, Middlesex and more recently operated from Robinsons Farnell Warehouse, Isleworth, Middlesex.
The court heard that the companies effectively operated one business; that of engine reconditioning and repairs, and generated business via a number of websites.
The Insolvency Service’s investigation discovered 429 customer complaints made against the companies within a three-year period, where customers had paid around £1.2m for parts and services which had either not been provided or were subject to dispute.
Finally, the service also announced petitions to wind up two companies offering internet banking and securities dealing services.
Hollymead plc, formerly known as O3 Fincoop plc operating through service addresses in London and more recently in Leeds, offered internet banking services to potential clients through its website www.o3fincoop.com which has now been closed down by The Financial Services Authority.
Sovereign Clearing House Limited, operating from an address in Birmingham, claimed to sell volumes of securities for which advance fees were paid by prospective buyers including off shore customers from the USA, Canada and Hong Kong.
The case is now subject to High Court action and no further information will be made available until the petitions are heard in the High Court on 9 January 2012.
(DW)
Related UK National News Stories
Click here for the latest headlines.
05 April 2012
Talks Over Fuel Tank Driver Strike Resume
Talks, which will aim to try and stop a possible strike by fuel tank drivers, have resumed. Officials from the Unite union and seven distribution companies met under the chairmanship of the conciliation service yesterday. During the talks they were trying to reach a deal over drivers' terms and conditions and other issues such as health and safety.
Talks Over Fuel Tank Driver Strike Resume
Talks, which will aim to try and stop a possible strike by fuel tank drivers, have resumed. Officials from the Unite union and seven distribution companies met under the chairmanship of the conciliation service yesterday. During the talks they were trying to reach a deal over drivers' terms and conditions and other issues such as health and safety.
11 October 2012
BBC To Put Freelancers On Payroll
In an effort to end controversy over it’s tax arrangements, some BBC freelancers could be offer staff contracts. The BBC pays 1,500 on-air presenters through personal service companies, which allows the individuals to pay corporation tax at 21% rather than income tax at up to 50%.
BBC To Put Freelancers On Payroll
In an effort to end controversy over it’s tax arrangements, some BBC freelancers could be offer staff contracts. The BBC pays 1,500 on-air presenters through personal service companies, which allows the individuals to pay corporation tax at 21% rather than income tax at up to 50%.
01 June 2012
'Support Publishing' Companies Close Down After Insolvency Service Investigation
Three connected companies claiming to sell business-to-business advertising in safety and emergency services booklets and in an online directory have been wound-up by the High Court in Manchester following investigations by Company Investigations of the Insolvency Service.
'Support Publishing' Companies Close Down After Insolvency Service Investigation
Three connected companies claiming to sell business-to-business advertising in safety and emergency services booklets and in an online directory have been wound-up by the High Court in Manchester following investigations by Company Investigations of the Insolvency Service.
29 August 2013
Two More Mobile Phone Companies Roll Out 4G Service
4G data services have been launched in London, Bradford and Leeds as O2 and Vodafone join EE in offering the new, faster, mobile service. EE launched their 4G service in October last year, resulting in claims by other mobile phone companies that EE had been given an unfair advantage.
Two More Mobile Phone Companies Roll Out 4G Service
4G data services have been launched in London, Bradford and Leeds as O2 and Vodafone join EE in offering the new, faster, mobile service. EE launched their 4G service in October last year, resulting in claims by other mobile phone companies that EE had been given an unfair advantage.
03 March 2014
Sony To Create 26 Jobs In Wales
Sony is to create 26 new jobs at its manufacturing base in Bridgend, Wales. In a statement, the firm said the roles would be on the production line and at its UK Technology Centre (UKTEC) in Pencoed.
Sony To Create 26 Jobs In Wales
Sony is to create 26 new jobs at its manufacturing base in Bridgend, Wales. In a statement, the firm said the roles would be on the production line and at its UK Technology Centre (UKTEC) in Pencoed.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
