The Company was incorporated on 27 October 2004 and commenced trading in February 2005. The Company acted as a sales agent, selling plots of land and buy-to-let investment opportunities.
On 23 May 2007 Companies Investigation Branch of the Department of Business, Enterprise and Regulatory Reform commenced an investigation into the Company's affairs under Sections 447(3) and 453A of the Companies Act 1985. Thereafter the Secretary of State for Business, Enterprise and Regulatory Reform presented a petition to wind up the Company on public interest grounds. The allegations in the petition were: -
1. The Company traded contrary to the public interest: The Company received deposits from investors but failed both to provide land / property or return the deposits.
2. Whilst monies were received from investors who thereafter recevied no consideration for or refund of these deposits, the director and associated third parties received personal benefits.
3. Improper handling of client monies: Until October 2006 all monies received from customers was paid into the Company's Barclays current account and no separate client account was maintained. The Bank suspended this account in November 2006 and thereafter all monies received were paid into the director's personal account. Consequently customer monies were not easily identifiable in the accounts.
4. The Company failed to maintain or produce adequate accounting records.
5. The Company had no registered director since 18 May 2007.
6. The Company is insolvent.
The Company was wound up on 31 October 2007 and the Official Receiver's Report to Creditors was issued on 13 December 2007.
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