Companies Investigation Branch of the Department of Business, Enterprise and Regulatory Reform was authorised under Section 447(3) Companies Act 1985 on 11 November 2008 to investigate the affairs of the company. At the conclusion of this investigation the Secretary of State for Business, Enterprise and Regulatory Reform presented a petition to the Court seeking the winding up of the Company in the public interest. The grounds for seeking a winding up order were:-
The Company breached the general restriction on communicating an invitation to engage in investment activity under Section 21(1) of the Financial Services and Market Act 2000.
The Company provided false and/or misleading information to potential investors.
There was a lack of transparency, a lack of stewardship, abandonment and/or a failure to co-operate on the part of the registered company officers.
There was a failure to maintain and/or deliver up adequate company or accounting records.
There was a lack of commercial benefit to investors.
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