Insolvency Service
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Provisional Liquidator Appointed To Property Investment Company
Failed Scheme to Profit from European Capital of Culture Status
European Property Management Limited
The Secretary of State for Business, Innovation & Skills
has presented a petition in the High Court to wind up European
Property Management Ltd in the public interest.
The company sold shares in itself to the general public, with
the intention of raising funds to invest in property in cities
with upcoming European Capital of Culture status, thereby
benefitting from a surge in property values associated with the
award.
The petition to wind up the company was presented following an investigation carried out by Companies Investigation Branch under section 447 of the Companies Act 1985 (as amended).
The Official Receiver has been appointed provisional liquidator of European Property Management Ltd. The role of the provisional liquidator is to protect assets in the possession or under the control of the company pending the determination of the petition. The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect the assets including any third party or trust monies or assets in the possession of or under the control of the company.
The case is now subject to High Court action and no further information will be made available until the petition is heard in the High Court on 11 th May 2010.
Notes to Editors
1. European Property Management Ltd was incorporated on 1 March 2006 and latterly had its Registered Office at 48 – 52 Penny Lane, Liverpool.
2. The petition was presented on 5 th February 2010 under s124A of the Insolvency Act 1986. The Official Receiver was appointed as provisional liquidator of European Property Management Ltd on 11 th February 2010.
3. The Insolvency Service carries out confidential enquiries on behalf of the Secretary of State for Business, Innovation & Skills through Companies Investigation Branch.
4. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice.
5. All public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Tele: 0161 234 8531. Email: piu.north@insolvency.gsi.gov.uk
6. Further information about the work of The Insolvency Service is available from www.insolvency.gov.uk
7. Media enquiries should be directed to: Ade Daramy, Press Officer, Lynne Nasti, Press Office Manager, Insolvency Service, 21 Bloomsbury Street, London, WC1B 3QW. Telephone: 020 7596 6187 and 020 7674 6910 respectively.
Ins/Coms/CI/79
Contacts:
Ade Daramy
Phone: 020 7596 6187
ade.daramy@insolvency.gsi.gov.uk
Lynne Nasti
Phone: 020 7674 6910
lynne.nasti@insolvency.gsi.gov.uk
