HOLIDAYS FIRM FOLDS
By Investigations on Sep 28, 01 12:00 AM in Investigations archive
CHEATING holiday firm Somerville Leisure PLC has bitten the dust, we're delighted to report. The company flogged its shares to holidaymakers, who were then entitled to join something called the Dream Leisure Club. But: Buyers were misled into believing they could sell their shares on the open market. In fact, the market for the shares was next to non- existent. Sales reps took excessive commission.
Somerville Leisure was insolvent. There were no decent company accounts. Those fine people at the Companies Investigation Branch of the Department of Trade and Industry have now had Somerville Leisure put into compulsory liquidation by the High Court. Before the DTI obtained the court order, the directors had slyly tried to have the company put into voluntary liquidation, which would have left them in control.
In making the compulsory order, Mr Justice Rimer said the directors had displayed "a somewhat secretive enthusiasm to appoint voluntary liquidators and with it, at least initially, an enthusiasm to maintain themselves in the saddle as managers". If you've lost out you should contact the Official Receiver at 21Bloomsbury Street, London WC1B 3SS. The directors, who refused to co- operate with the DTI, were John Patterson, 34, of Stanley, County Durham; Paul Harris, 41, of Stafford; and Jonathan O'Brien, 37, of Stoke on Trent.
O'Brien was previously a director of Aroma Health International Ltd, which was liquidated by Customs and Excise in August last year. For the record, he is currently a director of another company called Premier Law Line Ltd. Harris is a director of European Legal Services, Asset Guardians, R&V Tower and Premier Law Line. Just thought you should know.
By Investigations on Sep 28, 01 12:00 AM in Investigations archive
CHEATING holiday firm Somerville Leisure PLC has bitten the dust, we're delighted to report. The company flogged its shares to holidaymakers, who were then entitled to join something called the Dream Leisure Club. But: Buyers were misled into believing they could sell their shares on the open market. In fact, the market for the shares was next to non- existent. Sales reps took excessive commission.
Somerville Leisure was insolvent. There were no decent company accounts. Those fine people at the Companies Investigation Branch of the Department of Trade and Industry have now had Somerville Leisure put into compulsory liquidation by the High Court. Before the DTI obtained the court order, the directors had slyly tried to have the company put into voluntary liquidation, which would have left them in control.
In making the compulsory order, Mr Justice Rimer said the directors had displayed "a somewhat secretive enthusiasm to appoint voluntary liquidators and with it, at least initially, an enthusiasm to maintain themselves in the saddle as managers". If you've lost out you should contact the Official Receiver at 21Bloomsbury Street, London WC1B 3SS. The directors, who refused to co- operate with the DTI, were John Patterson, 34, of Stanley, County Durham; Paul Harris, 41, of Stafford; and Jonathan O'Brien, 37, of Stoke on Trent.
O'Brien was previously a director of Aroma Health International Ltd, which was liquidated by Customs and Excise in August last year. For the record, he is currently a director of another company called Premier Law Line Ltd. Harris is a director of European Legal Services, Asset Guardians, R&V Tower and Premier Law Line. Just thought you should know.
