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Companies wound up 'in the public interest'

Two connected London based companies, 10 Little Pigs and Magic Berries have been wound up in the public interest for the misleading promotion of franchise opportunities. The petition to wind up the companies was presented to the High Court following an investigation by Company Investigations, part of the insolvency service.

Both companies offered guaranteed returns on their franchise opportunities for investors 'based on past experience', despite both companies only having been in existence since 2010. Further to this, the companies accepted payments in return for shares, although shares were never issued or allotted.

Both companies were owned by the same person, Edward Biggs who, it was found, had misrepresented the actual and likely returns to investors, failed to reimburse aggrieved shareholders and had not complied with the investigation.

Commenting on the case, David Hill, an Investigation Supervisor with The Insolvency Service said:

“Winding up these companies protects the public from being fleeced by such unscrupulous people and ensures that businesses thrive in a level playing field. This should serve as a warning that The Insolvency Service is determined to take action to remove rogue companies from the business environment.”

To read the full article, click here

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