The Secretary of State for Business, Innovation and Skills has presented petitions in the High Court to wind up two companies offering internet banking services and securities dealing services, following an investigation carried out by Company Investigations of the Insolvency Service, under section 447 of the Companies Act 1985.
Hollymead plc, formerly known as O3 Fincoop plc operating through service addresses in London and latterly Leeds offered internet banking services to potential clients through its website www.o3fincoop.com which has now been closed down by The Financial Services Authority.
Sovereign Clearing House Limited operating from an address in Birmingham purported to sell volumes of securities for which advance fees were paid by prospective purchasers including off shore customers from the USA ,Canada and Hong Kong.
On 11th November the Official Receiver was appointed provisional liquidator of both companies. The role of the provisional liquidator is to protect assets in the possession or under the control of the company pending the determination of the petition. The provisional liquidator also has the power to investigate the affairs of the company 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 company.
The case is now subject to High Court action and no further information will be made available until the petitions are heard in the High Court on 9th January 2012.