Prime ISA delays filing accounts using Companies Act loophole

Prime ISA Limited has used a loophole in the Companies Act to delay filing its annual accounts.

Prime ISA offered IFISA bonds paying 7% per year (although its literature was contradictory on this point at the time of our review), the proceeds of which were to be used to refurb a data centre.

Prime ISA Limited was due to file its first accounts by the end of June 2019, but on 7 June it reduced its accounting period by a single day. It now has another three months from the day of that filing to file its accounts. Or use the loophole again.

The company issuing the IFISA bonds, Prime ISA Bond Co 1 Limited, was incorporated a couple of months after Prime ISA Limited and consequently still has until the end of August to file accounts. It remains to be seen whether it will.

Prime ISA is one of a large number of IFISA investments using the Northern Provident Investments umbrella.

At time of writing, Prime ISA’s website was down. Google’s cache indicates that the website has been replaced with a message which simply reads

The bond investment is closed for subscriptions.

Any enquiries from investors, please email info@primebond.co.uk

Why Prime is unable to file its accounts in a timely fashion is not known.

One thought on “Prime ISA delays filing accounts using Companies Act loophole

  1. It’s pretty obvious why a company “… is unable to file its accounts in a timely fashion…” They don’t want to publicise the true “state of the union”.

    What is revealing is it happens with frequent regularity and always from companies offering unrealistic returns and then, when they can postpone it no further, they go under and leave investors facing financial ruin while they go and start another company doing the same thing. The pattern is not difficult to see. The big question really is why is the FCA ” …. unable to spot this pattern and step in sooner…”

    The company will go under, you will blog it, loads of angry investors will vent their anger here, a facebook group will get set up for victims, blood sucking administrators and lawyers will pick over the bones ….. and so it goes, on and on and on …. an endless cycle, with impotent authorities standing by contemplating their navels and MP’s asking questions in the House from angry constituents and journalists penning the same articles just with different actors.

    The last thing you expect is JUSTICE! That word never occurs to the vultures scrapping over what’s left of people’s life savings!

    Like

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