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CIB releases figures on 21 companies wound-up on single day

Published on 17 Feb 2010 under category: legal

The Companies Investigation Branch (CIB) of the Insolvency Service has released figures on firms wound-up following petitions.

According to the CIB, on a single day (January 28th) twenty-one companies were liquidated after investigations into their financial management.

Numbers for different business types were as follows:

-six of the companies were involved in the fraudulent certification of consumer products

-nine companies were part of a land-banking scheme

-two presented themselves as online ticket agents but failed to provide paid-for goods to customers

-three firms defrauded suppliers

-one business was part of a fraudulent wine investment scheme.

The investigations branch hopes the figures demonstrate their 'robust approach' to cracking down on fraudulent activities.

Last year, the number of liquidated firms rose to 19,077 – the highest figure in 16 years. However, liquidations in general fell by four per cent between the third and fourth quarter of 2009.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.