London Property Bonds raised just under £500,000 from the public in 2016 in bonds paying 8% per year.
In mid-2018 they filed their first accounts up to November 2016, which revealed that the company had raised £495,000 and incurred costs of £479,000, and had £466,000 in net liabilities. Chairman Robert Holmes gave the company $500,000 worth of shares in an Anjouani bank to enable it to continue to trade, along with an “undertaking of unconditional support” lasting until May 2019 – which has just expired.
In January 2019 London Property Bonds was subject to a compulsory strike-off due to its failure to file accounts for November 2017. In March 2019 they finally filed accounts which stated that the company had been dormant from Nov16-Nov17, and its financial position was virtually unchanged. The strike-off was suspended.
Under Companies Act rules, LPB was due to file their November 2018 accounts by the end of May 2019.
However, at the last minute, on 28 May 2019, the company shortened its accounting period by one day. A loophole in the Companies Act means that it now has until August 2019 to either file its accounts, or use the loophole again. LPB previously used this trick in April 2017 to delay filing its first accounts.
Why London Property Bonds is unable to file its November 2018 accounts in a timely fashion is unknown.
The bonds are due for repayment in 2021.