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Court puts unauthorised investment firm into provisional liquidation

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The High Court has put the unauthorised investment firm Asset Backed Management Limited into provisional liquidation following an application from the government.

An update from the Insolvency Service says this was done on 12 April 2019 following an application it issued on behalf of the secretary of state for business, energy and industrial strategy.

The company has been selling asset investment opportunities to members of the public, including corporate bonds and alternative bonds, and was given 13 days notice of the hearing in the High Court in London but failed to attend.

The update from the Insolvency Service says the company promoted its business through the website www.assetbackedmanagement.com and would contact prospective customers through cold calling.

It points out both activities were in breach of financial regulations put in place to protect the public.

The update adds Asset Backed Management Limited is not, and has never been, regulated by the FCA. Additionally, it hasn’t employed an FCA-authorised person or had its marketing materials approved by an FCA-authorised person.

It explains the Official Receiver has been appointed the provisional liquidator and has responsibilities 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 assets including any third party or trust money 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 is available until the petition to wind up the company is heard in the High Court in London on 7 May 2019.

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  1. So, the ringleader of this one, using another of his mates as front runner, and who learnt his trade from Carbon Neutral Investments (and there’s a few famous names in that festering swamp) has been at this before. They even were in court over it in October 2016 – conning very ill people out of huge sums of money. We can see the charges laid out in teh press but the trail then dies out. Ringleader Ricky got a directorial ban and that seems to have been about as successful at stopping him as we all know this pitiful legal system to be. (They guy was evenbanged up in Greece ten years ago when he was 18). Anyway, whatever the outcome of that trial, they were certainly back in action quickly, setting this one up in January 2017.

    We have a huge dossier of these criminal activities, and we use it as our due diligence for clients, because its the only reliable toll we have for them – our own work. I’d reckon we are one of the most tuned in firms around in this respect. Far better than the FCA who keep authorising a lot of them. The only reason we don’t publish it for the world to consult, is that we don’t have the statutory protection the FCA does. I’d reckon they should have special licences for crim outfit research firms, so we can do some public good.

    Anyway, the lessons we are learning? Well we already know the FCA won’t protect you, and by the way we see the same names reinventing themselves entirely unscathed, nor will the weedy British law.

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