Two carbon credit companies have been ordered into liquidation in the public interest by the High Court.
Carbon Green Capital LLP and Agora Capital Ltd were ordered into liquidation in the public interest by the High Court on 22 October following petitions presented by the Secretary of State for Business, Innovation & Skills.
The Official Receiver was earlier appointed by the Court on 30 July 2014 as provisional liquidator of both companies on the application of the Secretary of State pending determination of the winding up petitions.
Welcoming the Courts winding up decisions Chris Mayhew, Company Investigations Supervisor, said:
This formally brings to an end the activities of two heartless companies that claimed to pride themselves on the investment returns for clients but who in truth were peddling near worthless carbon credits, which in some instances they even failed to supply, raising approaching 1 million from the public.
Far from the claimed world class investment services dedicated to helping clients, these companies were dedicated only to helping themselves.
I would once more urge investors not to respond to cold calling investment sharks as you stand to gain nothing and risk losing everything. Simply end the call, not your savings.
The Insolvency Service will not allow rogue companies to rip-off vulnerable and honest people and will investigate abuses and close down companies if they are found to be operating or about to operate, against the public interest.
The petitions were issued following confidential enquiries carried out by Company Investigations, part of the Insolvency Service, under section 447 of the Companies Act 1985, as amended.
The investigation found that Carbon Green Capital LLP had traded from rented offices at 34 Lime Street, London, EC3M 7AT selling sold carbon credits to members of the public as investments by making false and misleading claims as to the likely investment returns. The company received in excess 274,000 from members of the public.
Agora Capital Ltd then continued Carbon Green Capital LLPs business operating from the same offices and using some of the same forms and materials of the limited liability partnership raising a further 580,000 from members of the public from the sale of carbon credits as investments.
The Court heard how the limited liability partnership was set up by Mr Steven Sulley and Mr Christopher Chapman and that it claimed to be dedicated to helping its clients and to take pride in its professional, transparent and ethical service to allow investors to invest with confidence, asserting that carbon credit prices were set to triple by 2015. Agora Capital Ltd seamlessly continued the same unscrupulous business.
The former websites of the companies were www.carbongreencapital.com and www.agoracapital.co.uk .
Each company targeted vulnerable and unsuspecting individuals using high pressure sales tactics.
Investors have also been targeted by organisations claiming to be able to recover investors losses.