UK: High Court action to shut down five "Land Banking” companies

Dear Mr. Tan,


Watch out for these companies setiing up in Singapore soon !

http://www.whitehallpages.net/modules.php?op=modload&name=News&file=article&sid=274639
High Court action to shut down five "Land Banking” companies. 
Action taken in the public interest

The Secretary of State for Business, Innovation & Skills has presented petitions in the High Court to wind-up, in the public interest, five companies involved in marketing plots of land as investment opportunities.

The application to appoint a provisional liquidator was first heard on 8 October 2009, but at this hearing the companies, through their directors (see notes below), offered to give undertakings to the Court as to their future conduct and to cease trading pending the determination of the petitions. The Court accepted that these undertakings were sufficient to protect the public interest pending trial of the petitions. 


The undertakings however were not fully complied with and accordingly the Secretary of State returned to Court on 17 December 2009 with a further application to appoint a provisional liquidator. The companies did not oppose this further application. The Court accepted there had been a failure to comply with the undertakings and ordered the appointment of the Official Receiver as provisional liquidator of the companies.