The company sold shares in itself to the general public, with the intention of raising funds to invest in property in cities with upcoming European Capital of Culture status, thereby benefitting from a surge in property values associated with the award.
The petition to wind up the company was presented following an investigation carried out by Companies Investigation Branch under section 447 of the Companies Act 1985 (as amended).
The Official Receiver has been appointed provisional liquidator of European Property Management Ltd.
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 petition is heard in the High Court on May 11 2010.