Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | High Court Orders Five Land Banking Companies Into LiquidationFive companies involved in the mis-selling of undeveloped land for investment to the public have been ordered into liquidation in the High Court following a Insolvency Service investigation on behalf of the Government.
By: straightalkdebt Commenting on the case Ian Lucas, Minister for Business said: “This action sends a clear message to those businesses who set out to cheat members of the public and investors, you will be thoroughly investigated and when necessary closed down. This case also highlights the need to remind potential investors to be wary of any land banking, or other scheme, that promises huge profits for little outlay.” The investment plots were marketed for sale across five sites in Thorndon, Suffolk; Halifax, West Yorkshire; Worplesdon, Surrey; and Folkestone and Bromley in Kent. More than 500 plots of land were sold to investors generating nearly £1.8million for the companies before they were forced to close down. None of the sites were found to have any prospect of planning permission for residential development. The grounds for winding up the companies were that they made misleading and unfounded statements in marketing the plots of land to the public; sold land on two sites (Worplesdon and Thorndon) that they had no right to sell and that over a third of company receipts were found to have gone to those involved in the running the business, namely; £372,226 to Mr Eshpari £152,042 to Mr Mitchell £184,786 to Mr Straker £34,795 to Mr Gongora In ordering the companies into liquidation Registrar Derrett said: “This is a very serious case where considerable amounts of money have been obtained from members of the public. I am satisfied that the evidence, based on a very full report, substantiates all of the allegations. The evidence shows diversion of funds and the intermingling of funds by the companies that can’t be unravelled. I am satisfied that Mr White and Mr Eshpari have demonstrated complete lack of co-operation and that this is very obviously a case where winding up orders should be made.” The investigation also found that the companies had failed to keep proper accounting records; had failed to comply with Companies Act requirements; Pemberton International Limited was incorporated on 14 August 2003. The registered office of the company is at 50 Ellison Road, London, SW16 5BY. The sole recorded director of the company is Mr De’Rial White who is shown to have been appointed on 15 January 2009. The previous directors of the company are shown to have been Mr Omar Eshpari (from 7 April 2008 until 3 November 2008) and Mr Steven David Lawrence Tagg (from 3 November 2008 until 6 January 2009). No company secretary is shown to have been appointed in succession to Mr Carl John Pearson who is recorded as secretary from 7 April 2008 until 17 December 2008. Eldon International Limited was incorporated on 14 August 2003. The registered office of the company is at 50 Ellison Road, London, SW16 5BY. The sole recorded director of the company is Mr De’Rial White who is shown to have been appointed on 15 January 2009. The previous director of the company is shown to have been Mr Stevan David Lawrence Tagg (from 23 July 2008 until 6 January 2009). No company secretary is shown to have been appointed in succession to Mr Oliver Wilson who is recorded as secretary from 23 July 2008 until 19 January 2009. Willow International Limited was incorporated on 21 August 2008. The registered office of the company is at 50 Ellison Road, London, SW16 5BY. The sole recorded director of the company is Mr De’Rial White who is shown to have been appointed on 15 January 2009. The previous director of the company is shown to have been Mr Jose Emilio Gongora (from 21 August 2008 until 15 January 2009). No company secretary is shown to have been appointed in succession to Mr Carl John Pearson who is recorded as secretary from 21 August 2008 until 15 January 2009. Allied Investment Management Limited was incorporated on 8 October 2008. The registered office of the company is at 50 Ellison Road, London, SW16 5BY. The sole recorded director of the company is Mr De’Rial White who is shown to have been appointed on 10 October 2008. The previous directors of the company are shown to have been Mr Stefan Mitchell (from 8 October 2008 until 10 October 2008), Mr Majgan Rassoli (from 8 October 2008 until 17 November 2008) and Mr Dean Benjamin Straker (from 8 October 2008 until 17 November 2008). The company secretary of the company is Mr Stefan Mitchell who is shown to have been appointed on 8 October 2008. Abacus Investment Management (London) Limited was incorporated on 6 November 2008. The registered office of the company is at Rutland House, 90-92 Baxter Avenue, Southend-on- All public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit , Tel No 0207 637 1110: Email: piu.or@insolvency.gsi.gov.uk http://www.straightalkdebt.com # # # Straightalkdebt, based in Birmingham, West Midlands, offer free, professional, confidential debt advice and insolvency advice to anyone with debt worries and financial problems. As Licensed Insolvency Practitioners we specialise in Individual Voluntary Arrangements which can help relieve the burden of high repayments and the stress of being in debt. End
Account Email Address Disclaimer Report Abuse
|
|