UK Wine Investment Club Wound Up For Defrauding Investors
Wine Traders International Ltd, a wine investment company, whose registered address was in Fetcham, Surrey , was wound up in the High Court in May 2010 following an investigation by Company Investigations of The Insolvency Service.
The company’s operations were characterised by exaggerated claims of the benefits for potential investors, a lack of clarity about their operations and a refusal to cooperate with The Insolvency Service’s investigation.
Wine Traders International Ltd claimed to be a wine trader; acting as an agent for wine collectors and buying wine on their behalf.
However, due to a lack of cooperation from the company and its officers, it was not possible, during the investigation, to establish what trading activities were undertaken by the company or if they were legitimate. The lack of cooperation also meant it was not possible to confirm that accounts had been accurately filed or if any wine was ever supplied to customers.
The annual accounts which were filed, were nine months overdue and the annual return seven months late.
Commenting on the case Peter Jones, investigator for The Insolvency Service said;
“The public should be reassured that The Insolvency Service works hard to remove dishonest, reckless and irresponsible people from the business environment. The action taken on this matter sends a clear and simple message to company directors; if you run a business that aims to cheat customers, you will be closed down.”
At the winding up hearing the Court heard Wine Traders International Ltd had abandoned its last known trading premises in June 2009. The company’s address is currently unknown.
The Insolvency Service investigation highlighted the unrealistic potential investment claims made by the company. In some cases investment opportunities of up to 90% above those offered by other sellers were available demonstrating that the company’s statements about their fine wines being a good investment were potentially misleading.
The Court agreed that members of the public who purchased wine from the company were highly likely to suffer loss or at the very least not achieve the return on their investment as Wine Traders International Ltd’s company literature led them to expect.
At the hearing investigators also confirmed they were unable to establish if funds paid out of the company’s bank account were used for legitimate business purposes.
Topics: 2010, Britain, business, dishonest, economic development, economic growth, economic recovery, Economy, Governance, government, Great Britain, High Court, Insolvency Service, investigation, investors, irresponsible, moniter, monitor, news, reckless, society, Surrey, Tetcham, U.K., UK, United Kingdom, wine, wine collectors, Wine Traders International, wound up
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