FSA winds up unauthorised land bank

FSA winds up unauthorised land bank

A winding up order was issued by the High Court against Plott UK Limited and a liquidator, who will now identify and distribute the company's assets, has also been assigned.

In a further hearing, the High Court continued a global freezing and restraint order against European Property Investments (UK) Limited (EPI), which it is believed took over Plott's business when legal action was launched.

Tracey McDermott, the FSA's acting director of enforcement and financial crime, said: "This is an important outcome and sends a warning to other unauthorised land banks that the FSA can and will act decisively to shut them down.

"Consumers are much better off not putting their money into these schemes since, by the time we can catch up with the operators, most of the money has disappeared and investors are left with land thats value simply doesn't reflect the money paid for it."

This news comes as the government appears to be clamping down on numerous land banks across the UK.

It was announced recently (June 2nd ) that Vince Cable, the secretary of state for business had petitioned the High Court to approve the winding up of a further six suspected land banking firms.

The firms involved are Stowford Place Investments, ASA Global Investments, Prinston Estates, Alpha Capital Investments (London), Greenacre Global Partners and Vinci Trading.

Petitions to wind up the companies were first presented on May 19th 2011 and on May 26th a temporary liquidator was brought in following investigations by the Insolvency Service, with hearings scheduled for June 29th.

All six firms involved have been forced to close and will most likely be seeking bankruptcy advice.

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