High Court orders six land banking companies to close

The Secretary of State for Business, Innovation & Skills has presented petitions in the High Court to wind up in the public interest Stowford Place Investments Ltd, ASA Global Investments Limited, Prinston Estates Limited, Alpha Capital Investments Limited, Greenacre Global Partners Limited and Vinci Trading Ltd.

The petitions to wind up the companies were presented following confidential enquiries carried out by Company Investigations, part of the Insolvency Service, under section 447 of the Companies Act 1985, as amended.

On the application of the Secretary of State the Official Receiver has been appointed by the Court as provisional liquidator of the companies. The role of the Official Receiver is to protect the assets and financial records of the companies pending determination of the petitions.

The provisional liquidator also has the power to investigate the affairs of the companies insofar as it is necessary to protect the assets including any third party or trust monies or assets in the possession of or under the control of the companies.

As the matter is before the Court no further information will be made available until the petitions are determined. The petitions are listed for hearing on 29 June 2011.