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Investment firm 'is insolvent' says Registrar 23 January 2012

An overseas property company selling off-plan investments in South America has been given five weeks to pay £220,000 owed to HM Revenue & Customs in full.

Someplace Else London LLP – which trades as www.besomeplaceelse.com – was today called to the High Court to justify the reasons for the outstanding monies owed – most of which were the result of unpaid employee emoluments.

Benjamin Mason – a partner in the company – told the court that there had been a delay in completing contracts for clients looking to buy properties in Argentina.

He asked the court for 10 weeks in order to send out new contracts, but the request was cut in half by Mr Registrar Nicholls.

Mason said: “We sent a letter to the HMRC last week to explain the situation since the last hearing. The lawyers in Argentina had to make some final changes and the official translation was not received until just before Christmas.

“A third of contracts have been sent out in the past two weeks. Each of them (the clients) is to pay £2,300 on signing these contracts.”

Mr Registrar Nichols said he was willing to give just one final adjournment to the company, given that the petition for winding up was originally published on 19 October 2011.

He added: “It is quite clear the company is insolvent. I will adjourn until 27 February, marked Final. You obviously need some additional advice.”

At the end of December 2010, the company declared net liabilities of £754,002.

 

 

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