Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a498215
Cable in High Court bid to close six land banks
by Iain Martin on Jun 09, 2011 at 13:07
Secretary of state for business Vince Cable (pictured) has applied for the winding-up of six suspected land banking firms in the High Court.
The High Court has appointed a provisional liquidator for Stowford Place Investments, ASA Global Investments, Prinston Estates, Alpha Capital Investments (London), Greenacre Global Partners and Vinci Trading following confidential enquiries carried out by the investigative arm of the Insolvency Service.
The Department of Business presented the petition on 19 May with the Insolvency Service’s Official Receiver appointed as provisional liquidator on 26 May. The petitions are listed for hearing on 29 June. The six firms have been ordered to close as part of a wider government crackdown on land banks. The Financial Services Authority (FSA) secured a winding-up order against Plott UK and an extension to a world-wide freezing order against European Property Investments yesterday.
The FSA revealed in April that it had 20 ongoing investigations into unauthorised property-based collective investment schemes.
Markets
News sponsored by:
Today's top headlines
- Ofqual criticises CII level four diploma over gaps and easy questions
- FSA: Platforms can't reward IFAs for assets after RDR
- SimplyBiz's Ken Davy to launch restricted national
- FSA warns over advisers failing to consider cost of fund switches
- Concept hopes to fill client knowledge gap with ISA handbook
5 comments so far. Why not have your say?
alan hughes
Jun 09, 2011 at 13:27
Looks like window dressing to me, funds of £4,000,000 in unregulated Plott when CF Arch remains unresolved with £400,000,000 invested in an FSA authorised and regulated fund. Vince get your priorities right.
report thisJohn Borgars
Jun 09, 2011 at 13:47
Hey, Vince doesn't control the FSA so don't blame him for it.
I assume the action is being taken in his name by a junior member of his department but action against spivs who have conned investors out of money which has since conveniently disappeared to buy land without planning permission is praiseworthy and just possibly might discourage the next copycat.
As you may have gathered I'm not normally a fan of Vince but I DO believe in fair play.
report thisAnitaki
Jun 09, 2011 at 13:48
alan, I disagree. Vince is "on the case", whilst Hoban does nothing.
report thisalan hughes
Jun 09, 2011 at 14:22
The FSA and Vince seem intent on winding up some of these land banking schemes which I agree is good for all concerned. The issue is that the FSA and politicians seem to be able to resolve unregulated schemes very quickly yet they do little to resolve the regulated schemes which have operated like unregulated schemes. It appears that you can get your money out of a failed unregulated scheme faster than you can from a failed regulated scheme. I have to agree Anitaki - Hoban does nothing.
report thisCirrusPilot
Jun 09, 2011 at 19:12
These Land banking companies are just using the boiler room salesmen who cannot now sell worthless shares, they just sell equally worthless pieces of land.
I have had 3 diffrent firms approach me and the crap they tell you to sell you a plot of land is amazing, if I promised to my clients what they promised me I would be in Pentenville Prision now.
Any action to stop these cold calling liars is good
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.