Five connected companies that marketed land for investment have been ordered into provisional liquidation following confidential enquiries carried out by Company Investigations, part of the Insolvency Service.
The order to place the companies - all overseas land investment companies: Pantheon Realty Consultants Limited, Pantheon Realty Consultancy Limited, Pantheon Realty Limited, Pantheon Limited and PR Group Limited (the companies) - into provisional liquidation follows a petition presented by the Secretary of State for Business, Innovation & Skills to wind up the companies in the public interest.
The Official Receiver has been appointed by the High Court as provisional liquidator (the provisional liquidator) of the companies on the application of the Secretary of State. The role of the provisional liquidator is to protect the assets and financial records of the companies pending determination of the petitions.
The provisional liquidator also has the power to investigate the affairs of the companies insofar as it is necessary to protect their assets including any third party or trust money or assets in the possession of or under the control of the companies.
As the matter is before the court no further information will be made available until the petition is determined. The petition is listed for hearing on 9 October 2013.