Four firms go into liquidation following investigation

Insolvency

Four Warrington companies have been placed in provisional liquidation following an investigation by the Insolvency Service.

Six companies, involved in the operation of occupational pension schemes, were placed into provisional liquidation by the High Court.

The orders placing the companies into provisional liquidation followed a hearing at the High Court on March 29th of an application issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy.

The Official Receiver has been appointed the provisional liquidator and has responsibilities to protect assets in the possession or under the control of the companies pending the determination of the petitions.

The six companies in provisional liquidation are:
• Fast Pensions was incorporated on 28 June 2012. The company’s registered office is at Crown House, 27 Old Gloucester Street, London WC1N 3AX
• FP Scheme Trustees was incorporated on 11 July 2014. The company’s registered office is at 20-22 Wenlock Road, London N1 7GU
• Blu Debt Management Ltd was incorporated on 16 September 2008. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
• Blu Financial Services was incorporated on 22 August 2006. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
• Blu Personal Finance Ltd was incorporated on 31 August 2011. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
• Umbrella Loans Ltd was incorporated on 30 July 2010. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ

The provisional liquidator has the power to investigate the affairs of the companies as necessary to protect assets including any third party, or trust monies, or assets in the possession of, or under the control of the companies.

The case is now subject to High Court action and no further information will be made available until petitions to wind up the companies are heard in the High Court on May 30th.
The 15 pension schemes involved are:

• Broughton Retirement Plan
• DM1 Retirement Plan
• Elphinstone Retirement Plan
• EP1 Retirement Plan
• Fleming Retirement Plan
• FP1 Retirement Plan
• FP2 Retirement Plan
• FP3 Retirement Plan
• Galileo Retirement Plan
• Golden Arrow Retirement Plan
• Leafield Retirement Plan
• Springdale Retirement Plan
• Talisman Retirement Plan
• Templar Retirement Plan
• VRSEB Retirement Plan

The petitions were presented under s124A of the Insolvency Act 1986. The Official Receiver was appointed as provisional liquidator of the companies on March 29th by HHJ Pelling, a Judge of the High Court.

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