The Insolvency Service continues to press ahead with its investigations into companies set up to trade fraudulently in the carbon credit market. Following its investigations into 3 associated London-based companies, the Insolvency Service succeeded in its applications to the High Court on 18 December 2013 to wind up the companies in the public interest.
The companies are said to have been part of a £3.2 million swindle selling carbon credits at artificially high prices to unsuspecting investors.
Two out of the three companies had previously been placed into provisional liquidation in 2012 on the petition of the Secretary of State for Business Innovation & Skills and the Official Receiver was duly appointed provisional liquidator of both companies to protect assets.
All three companies were linked with another carbon trading company wound up in the public interest earlier in the year.
Insolvency Service spokesman Chris Mayhew cautions investors not to “respond to cold calling investment sharks”.
The Insolvency Service remains committed to investigating and shutting down companies that “rip off vulnerable and honest people”.
The Insolvency Service provides the framework for dealing with personal and corporate financial failure and investigates and prosecutes any wrongdoing in connection with such failures.