UK high Court orders '£445 million' companies into provisional liquidation

A group of three London companies, Genz Holdings Ltd, Gafo Me UK Ltd and Greens LD Ltd, reportedly having assets of £445 million worldwide have been ordered into provisional liquidation following petitions presented by the Secretary of State for Business, Innovation & Skills to wind up the companies in the public interest.

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2015-08-02

The petitions were issued following confidential inquiries carried out by UK's Company Investigations, part of the Insolvency Service.

The Official Receiver has been appointed by UK Court as provisional liquidator of the companies on the application of the Secretary of State. 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 their assets including any third party or trust monies or assets in the possession of or under the control of the companies.

Chris Mayhew, UK Company Investigations Supervisor, said:

“As the matter is before the Court no further information will be made available about the case until the petitions - listed for hearing on 17 September 2015 - are determined.”

Source: UK Insolvency Service

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