Gov't in High Court bid to close land bank as clampdown continues

The Department of Business, Innovation and Skills has applied for a court order to force the closure of suspected land bank Century Property Group.

The London-based land bank faces closure following a ‘confidential’ enquiry by the Insolvency Service's company investigations team. Century, run by Jan Maarten Bogaerts and Stephen John Wheeler, sold small plots of land for investment to consumers, according to the High Court petition.

The petition for closure was filed with the High Court on 9 August and a provisional liquidator was appointed on 18 August. The petition has been listed for hearing on 19 October. The Financial Service Authority and Insolvency Service have taken action against a number of land banking schemes, which promise investors returns when parcels of land secure planning permission for development, over the last year.

In June, the Department of Business, Innovation and Skills applied for the winding-up of six suspected land banks.