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Two Companies run by undischarged bankrupt closed down
Concepts Finance Consultants Limited and IOL Premium Funding Limited
19 June 2009 13:30
Insolvency Service (National)
Two Lancashire-based companies which operated claims management and insurance premium funding businesses, and which were run by an undischarged bankrupt have been wound up following an investigation by Companies Investigation Branch (CIB) of the Insolvency Service.
Two Lancashire-based companies which operated claims management and insurance premium funding businesses have been wound up in the High Court following an investigation by Companies Investigation Branch of the Insolvency Service.
ConceptsFinance Consultants Limited offered a service whereby it handled claims for compensation by individuals in respect of overpaid or excessive bank charges. Claims management businesses of this type require Ministry of Justice authorisation and Concepts Finance Consultants Limited had no such licence to operate. As a separate limb of its business, the company offered premium funding facilities to individual insurance policy holders allowing them to spread the cost of an insurance policy over a period of time. In doing so it operated under a series of agreements with trading partners. IOL Premium Funding Limitedwas incorporated with a very similar name to one of these trading partners and was used to wrongfully divert monies due to that trading partner.
Further concerns highlighted by the investigation were that both companies had operated under the control of an undischarged bankrupt; and that neither company had maintained adequate accounting records, which meant that many of the transactions they had entered into were incapable of verification or confirmation as to their purpose.
The High Court found that it was expedient in the public interest that both companies be wound up.
Notes to editors
1. The registered office of Concepts Finance Consultants Limited and of IOL Premium Funding Limited is at Hulme Bridge House, North Moor Lane, Halsall, Ormskirk, Lancashire L39 8RF. Both companies were incorporated in March 2007.
2. The petitions to wind up the companies in the public interest were presented under s124A of the Insolvency Act 1986 on 14 April 2009. The companies were wound up on 16 June 2009.
3. The Insolvency Service carries out confidential enquiries on behalf of the Secretary of State for Business, Innovation and Skills through Companies Investigation Branch.
4. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice.
5. All public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit, 2nd Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234 8531
Email: piu.north@insolvency.gsi.gov.uk
Further information about the work of The Insolvency Service is available from www.insolvency.gov.uk
6. Media Enquiries should be directed to: Lorna Dennis, Communications Manager, Insolvency Service, 21 Bloomsbury Street, London, WC1B 3QW Telephone: 020 7637 6279 or Ade Daramy, Press Officer on 020 7596 6187.
Concepts Finance Consultants Limited and IOL Premium Funding Limited
19 June 2009 13:30
Insolvency Service (National)
Two Lancashire-based companies which operated claims management and insurance premium funding businesses, and which were run by an undischarged bankrupt have been wound up following an investigation by Companies Investigation Branch (CIB) of the Insolvency Service.
Two Lancashire-based companies which operated claims management and insurance premium funding businesses have been wound up in the High Court following an investigation by Companies Investigation Branch of the Insolvency Service.
ConceptsFinance Consultants Limited offered a service whereby it handled claims for compensation by individuals in respect of overpaid or excessive bank charges. Claims management businesses of this type require Ministry of Justice authorisation and Concepts Finance Consultants Limited had no such licence to operate. As a separate limb of its business, the company offered premium funding facilities to individual insurance policy holders allowing them to spread the cost of an insurance policy over a period of time. In doing so it operated under a series of agreements with trading partners. IOL Premium Funding Limitedwas incorporated with a very similar name to one of these trading partners and was used to wrongfully divert monies due to that trading partner.
Further concerns highlighted by the investigation were that both companies had operated under the control of an undischarged bankrupt; and that neither company had maintained adequate accounting records, which meant that many of the transactions they had entered into were incapable of verification or confirmation as to their purpose.
The High Court found that it was expedient in the public interest that both companies be wound up.
Notes to editors
1. The registered office of Concepts Finance Consultants Limited and of IOL Premium Funding Limited is at Hulme Bridge House, North Moor Lane, Halsall, Ormskirk, Lancashire L39 8RF. Both companies were incorporated in March 2007.
2. The petitions to wind up the companies in the public interest were presented under s124A of the Insolvency Act 1986 on 14 April 2009. The companies were wound up on 16 June 2009.
3. The Insolvency Service carries out confidential enquiries on behalf of the Secretary of State for Business, Innovation and Skills through Companies Investigation Branch.
4. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice.
5. All public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit, 2nd Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234 8531
Email: piu.north@insolvency.gsi.gov.uk
Further information about the work of The Insolvency Service is available from www.insolvency.gov.uk
6. Media Enquiries should be directed to: Lorna Dennis, Communications Manager, Insolvency Service, 21 Bloomsbury Street, London, WC1B 3QW Telephone: 020 7637 6279 or Ade Daramy, Press Officer on 020 7596 6187.
