London Wine Investment Companies Wound Up
It has been reported today by CityWire (an online news outlet in Vauxhall, London) that the High court has wound up two wine investment companies following investigations done by the Insolvency Service.
It is understood that these firms Capital Bordeaux Investment Corporate and Capital Bordeaux Investments targeted victims of wine investment scammed and claimed to help them recover their monies however in reality, all they did was persuade them to invest more money.
Insolvency Service Discoveries
It was discovered by the Insolvency Service that none of the funds received from the investors was used to buy wine and instead the monies received were used for the benefit of those in control of the Companies. Therefore, on the 14th May 2014 the high court ruled that the Companies should be wound up.
The Official Receiver, or an independent Insolvency Practitioner selected by the creditors or the secretary of state will now continue these investigations and if necessary take action against its directors.
Let’s hope that those responsible are brought to justice as rogue directors give other directors of insolvent companies a bad name when often their situation is through no fault of their own.
Whilst these insolvencies are not voluntary, this business services Company continues the trend of the increasing number of Liquidations for the business services sector (as shown in our latest Liquidation statistics by industry).
If yourself or anyone you know is in need of an insolvency practitioner please get in touch, read more about insolvency here.