Last month I reviewed Concept Capital's unregulated investment scheme which promises investors 10% per year "guaranteed" for investing in static homes.
Last week Concept Capital got in touch and took issue with various parts of the review. The only part on which they provided any significant new information was the section where I'd discussed the risk that Concept Capital could be viewed by the FCA as an unauthorised investment scheme.
High Street Group has finally filed the December 2018 accounts for its holding company, High Street Grp Limited [sic].
Having achieved the rare feat of being overdue with not one but two sets of accounts for the same company, High Street Group remains overdue with the High Street Grp accounts for 2019, and 2018 and 2019 accounts for High Street Commercial Finance Limited.
The strike-off notice filed against Fluid Trust plc last month, after it failed to file annual accounts on time, has been suspended.
The most likely reason for the notice being suspended is an objection from a creditor or HMRC.
Fluid Trust plc remains overdue with its November 2019 accounts (a criminal offence) and Companies House may resume the striking off process if this continues.
Ajaz Shah, owner of the unregulated investment scheme Fortitude Capital, has been arrested in Italy and accused of a vicious campaign of violence and abuse against his ex girlfriend.
As reported by the Daily Mail:
A millionaire City trader has been placed under house arrest in Italy after a court heard he had allegedly beat up his ex-girlfriend and threatened to burn down her home by setting his Lamborghini sports car on fire.
Ajaz Shah Hussain was held by police in the Italian resort town of Rimini after also allegedly threatening to release a sex tape he had made with her, according to authorities.
The Buy2Letcars group of companies, consisting of Buy 2 Let Cars Limited (which borrows money from investors promising returns of up to 11% per year), Wheels 4 Sure (which uses the money to lease cars) and Raedex Consortium Limited (parent holding company) have all filed their accounts for the year ending December 2019.
The accounts have been filed using small company exemptions and did not include profit and loss accounts, and were unaudited. They therefore contain limited information.
What little we do know includes that the overall group has continued to lose money (as it did in 2018 and 2017). Raedex Limited shows net liabilities expanding from £9.5 million in 2018 to £10.9 million in 2019, while the "retained profits" line fell from minus £14.1 million to minus £18.1 million (suggesting losses of around £4 million over the year).
On the turn of the year, High Street Group, which had already been overdue with its 2018 accounts by 15 months, fell overdue with its 2019 accounts as well.
Private limited companies must by law file accounts with Companies House nine months after the end of the accounting year. This deadline was temporarily extended to twelve months due to lockdown. High Street Commercial Finance Limited and High Street Grp Limited fell overdue with their December 2018 accounts in September 2019 and are now also overdue with their December 2019 accounts.
The company has repeatedly blamed the pandemic for both failure to repay investors' money on time and for its failure to file accounts. Why the three month extension given by the Government to all businesses is not enough for High Street Group, and what this has to do with their December 2018 accounts which were overdue months before the pandemic started, has never been fully explained.
Shortly after the release of the Gloster report into the FCA's failings over London Capital & Finance, the Treasury announced that it would announce a scheme to compensate London Capital & Finance bondholders... maybe.
Taking into account the various channels through which people affected can seek compensation, the government will… set up a scheme to assess whether there is a justification for further one-off compensation payments in certain circumstances for some LCF bondholders.John Glen, Economic Secretary to the Treasury
"Various channels" is a reference to the essentially random basis on which the Government has paid out compensation to LCF investors so far.
The administrators of Signature Living Hotel (the parent company of Signature Capital) have released their latest update.
Much of the report is devoted to an update on the running of Signature Living's hotel properties and the sale of assets, but the expected outcome for retail investors and all other unsecured creditors of the company remains total losses.
Strike-off notices against LP Bonds plc (formerly London Property Bonds) and Bentley Global, reported here in mid-November, have been suspended by Companies House, due to objections being submitted.
On Thursday 17th, Dame Elizabeth's Gloster's long awaited report into the £237 million collapse of London Capital & Finance was published.
The report is damning and makes very clear that the FCA bears a large part of the blame for LCF accumulating, and losing, as much investor money as it did.