Equity Income & Finance Ltd (04455893): administration
- Status
- Administration ended
- Administration began
- 2012-05-24
- Administrators
- John Malcolm Titley, Paul Reeves
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2002-06-06
- Location
- Bury
- Industry
- 6522
Why it went into administration
- Parent or group failure
From the administrators' statement
The principal trading activity of the Company was that of an unregulated investment company A number of individuals provided cash loans to the Company which the Company would then tn tum invest with the intention that the Company would pay an attractive rate of interest on the monies borrowed and generate capital growth
On the basis that | do not presently have access to all of the Company's records, my knowledge of the Company's affairs is limited and 1s based upon information which has been provided to me by investors Based on the information that | currently have available to me, it would appear to be the case that investors did not subscribe for shares in the Company but simply provided cash by way of loans Those loans were then applied by the Company in a number of schemes
| understand that intially the Company was involved in sub-prime mortgage lending, thereafter in provision of bridging finance and latterly in acquiring buy to let properties | understand that there are currently a number of properties that are mainly held in the name of the former director, John Johnson, which were funded by a combination of buy to let mortgages and cash provided by the Company | am currently investigating the extent of the Company's interest in those properties and whether the same can be realised in order to make a return to the Company's creditors which will include the investors
Administrators' statement of proposals (2012-07-19) · Companies House register