Solihull company wound up by the High Court

THE latest incarnation of a Solihull engine reconditioning business has been shut down by the High Court following an investigation by the Insolvency Service.

Exchange Engines, registered at Widney Road, Bentley Heath was closed down after inquiries revealed its dubious history.

The closure followed confidential enquiries, an investigation and the issuing of a winding-up petition by Companies Investigations, part of the Insolvency Service.

The investigation by the Insolvency Service established that Exchange Engines Ltd was the latest version of a company that could be traced back to the 1990s and at one time or another had also been called three other names – 1st Choice Engines Ltd, Unique Engines Ltd and Reconditioned Engines Ltd.

Prior to Solihull, the company had been registered in Chelmsford. The director of the business has been named as Antony David Baylis.

Each version of the company has now been wound up.

The court found the company was taking money up front from members of the public for engine work which was either not being carried out or was hopelessly defective. Between March and August 2015, in excess of 100 complaints were received by Trading Standards about the company. The investigation further found the company failed to maintain adequate accounting records to explain large cash receipts.

Four people involved in the operation of both 1st Choice Engines Ltd and Exchange Engines Ltd have been arrested by Thames Valley Police and charged with fraud and money laundering offences relating to both companies. All four are due in court in January 2017.

Commenting on the winding up of the three companies, David Hill, a chief investigator with the Insolvency Service, said: “The company operated to draw in and then rip-off customers.
“Closing down this company should leave no doubt that the Insolvency Service will continue to take enforcement action whenever serious failings are discovered and in particular against companies that prey on customers.”

The Official Receiver has been appointed Liquidator of the company by the High Court.