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Carbon companies closed in public interest 24 April 2013

Three connected companies have been wound up in the public interest by the High Court in London, following petitions by the Secretary of State for Business, Innovations and Skills, and an investigation by the Insolvency Service.

The London Carbon Credit Company Limited (LCCCL), The London Carbon Company Limited and Carbon Acquisitions Limited were purported to sell carbon credits and Voluntary Emission Reductions (VERs) to the public as investments.

David Hill, investigations officer at the Insolvency Service, said: “It was clear that these companies could not provide a shred of evidence to support their exaggerated claims and that anyone who fell for their slick patter was likely to end up losing out.”

The investigation found that LCCCL had collected over £1.7 million from investors since its June 2011 incorporation, and VERs had been sold at an inflated price with an excessive mark up.

It also found that The London Carbon Company Limited and Carbon Acquisitions Limited had not traded but were under common control and had been incorporated to sell carbon credits to the general public.

The announcement follows another three companies that were wound up on 15 April 2013 up by the High Court in the public interest following an investigation by the Insolvency Service.

Wyldecrest Properties Ltd, Berg Investments Ltd (formerly Wyldecrest Parks Ltd) and EDFM (UK) Ltd provided utilities and maintenance services to the mobile homes run by country-wide operator Shelfside (Holdings) Ltd based in Essex.

Investigators were unable to establish who was or had been in control of each company or establish where the companies had traded from.

They also found that Wyldecrest Properties Ltd and Berg Investments Ltd had 12 and 14 County Court judgements against them respectively but no bank accounts or other obvious means to pay the liabilities which they incurred.

Scott Crighton, case supervisor for the Insolvency Service, said: “The three companies operated in such a way as to avoid their obligations to creditors and disguise who was in control of them.”

 

 

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