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January 29, 2008 |
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REAL ESTATE: High Court Orders Winding Up Proceedings The High Court wound up Real Estate (Midlands) Ltd. on Jan. 3, 2008, following an investigation by the Companies Investigation Branch of the Insolvency Services. Creditors of the company are owed in excess of GBP1.4 million. Over one hundred of the company's trade suppliers provided information to assist CIB's inquiries. CIB's investigation found the company continued trading while insolvent, and gave preferential treatment to connected creditors and debtors. The investigation also established that the company's management lacked transparency in so far as the persons controlling its affairs, including one person who was a disqualified director, were not formally appointed as directors. The company was placed into administration on Jan. 15, 2007. A petition to wind up the company was presented on Nov. 7, 2007. |
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