London Property Bonds (now LP Bonds plc) given strike-off notice, accounts overdue

A year and three months after it fell overdue with filing its November 2018 accounts, LP Binds plc (formerly London Property Bonds) has been issued with a strike-off notice by Companies House.

If the company continues to fail to meet its legal obligations and there are no objections, the company will be struck off the register and all its assets will be forfeited to the Government.

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LCF investors unable to obtain evidence for their compensation claims, administrator reveals

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A brief interim update sent by the administrators of London Capital and Finance reveals that a number of investors have contacted Smith & Williamson in an attempt to secure recordings of phone conversations between the investors and LCF.

The purpose of requesting these conversations is virtually certain to be to support claims against the Financial Services Compensation Scheme, which has confirmed that it will compensate investors who received recommendations to invest from employees of LCF's marketing agent, Surge Financial, if they amounted to regulated advice.

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London Property Bonds (now LP Bonds) uses loophole to delay filing accounts

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.

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London Property Bonds fails to file accounts on time, strike-off notice issued

London Property Bonds (renamed LP Bonds plc), which issued bonds worth £489,000 to the public, has been issued with the second strike-off notice of its short life. It has been overdue with its accounts since May 2018 and is also overdue with its confirmation statement (details of its directors and owners).

If the company continues to fail to meet its legal duties and no objection is received to the strike-off, the company will be removed from the Companies House register in March 2019 and all its assets will be forfeited to the UK Government. The directors also risk prosecution under the Companies Act.

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