Motor traders taken off the road

16 July 2009 14:49

Insolvency Service (Wales)

Two motor trading companies have been wound up in the High Court

Two Chester-based companies which operated as motor traders have been wound up in the High Court following an investigation by a government agency.

The investigation by the Companies Investigation Branch (CIB) of the Insolvency Service, found that Car World Direct.Com Limited was insolvent, had failed to maintain and/or deliver up adequate accounting records and that there was a lack of transparency as to the person controlling the affairs of the company. Specifically it was alleged that a disqualified director acted in the management of the company in breach of a disqualification undertaking.

A related company, Penney Holdings Limited was found to have failed to maintain adequate accounting records and the same disqualified director had acted in its management.

The High Court found that it was expedient in the public interest that both companies be wound up.

Notes to editors

1. The registered office of Car World Direct.Com Limited and of Penney Holdings Limited is at 5 Chase House, Park Plaza, Hayes Way, Cannock, Staffordshire, WS12 2DD. Penney Holdings Limited was incorporated in June 2003 and Car World Direct.Com Ltd in May 2007.

2. The petitions to wind up the companies in the public interest were presented under s124A of the Insolvency Act 1986 on 24 April 2009. The companies were wound up on 24 June 2009.

3. The Insolvency Service carries out confidential enquiries on behalf of the Secretary of State for Business, Innovation and Skills through Companies Investigation Branch.

4. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice.

5. All public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit, 2^nd Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234 8531

Email: piu.north@insolvency.gsi.gov.uk

Further information about the work of The Insolvency Service is available from www.insolvency.gov.uk

6. Media Enquiries should be directed to: Lorna Dennis, Communications Manager, Insolvency Service, 21 Bloomsbury Street, London, WC1B 3QW Telephone: 020 7637 6279 or Ade Daramy, Press Officer on 020 7596 6187.

Ins/Coms/PIU/29