Birmingham based AMA Tradings Limited (AMA) was wound up in the public interest on Tuesday 13 January 2015 at Manchester High Court, for operating as a vehicle for fraud.
The petition to wind-up the company was presented by the Secretary of State for Business, Innovation & Skills and followed an investigation by the Insolvency Service Investigations showed that AMA was initially incorporated as AMA Electronics Limited in June 2012 and remained dormant until purchased by its current director in March 2014, and the name changed to AMA and a set of false accounts for the previous year were filed giving a vastly inflated picture of AMAs finances, including that it had combined profits of 1.6m.
The company then made a number of attempts to obtain goods on credit, including a BMW motor vehicle on finance.
In reality, AMAs bank account showed that there had only been 1,000 through the account.
Investigators also found that a major waste management company had received an email, purportedly from a supplier and advising of a change to their bank details. The new account details were those of AMAs bank account and resulted, on 15 October 2014, in the fraudulent diversion of 1.562m into the account. Before the fraud was uncovered, an amount of 594,398 was then electronically transferred out in a series of 119 transactions conducted on the same day.
The winding up petition was not defended by the company.
Commenting on the case, Scott Crighton, Group Leader with Companies Investigations North, part of the Insolvency Service, said:
This company operated with complete disregard for the rules of legitimate business.
During its life, the company provided no services to justify its existence and appears to have been used as nothing more than a means of perpetrating fraud. Those responsible for such companies should be aware that the Insolvency Service can and will come after them with all the resources at its disposal.