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Scam investment: active proposal to strike off the register, worth chasing?
forum_user66
Posts: 4 Newbie
Hi all,
Two years ago I had a lot of money coming my way and with my infinite wisdom I decided to "invest it". I bought £10k worth of corporate bonds through an agent which doesn't exist any more, all dissolved. I knew at the time that this was unregulated, so can't go after them anyway. Now, company which is still to pay back my bond and interest (next year), is about to be struck off the register due to accounts being overdue.
This is the company:
reg no 10633746, Moregreen Limited, dealing in real estate, you can look them up on Companies House as I can't post links.
I wrote an e-mail to Companies House to delay strike-off. They agreed to delay strike off until June 2021. Now I am turning to you guys (to bash me over my stupidity first, I know), but really I wanted to know is it worth it to go after them? What the procedure might be? They owe me money, can I go to Small claims court? I never did court before hence my questions. Can I sue company, directors, or who? Can I make trouble for directors so they are banned from directing future companies? If I file claim to court myself, how expensive that might be? I await any suggestions you may have. Thank you!
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Comments
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Moregreen Capital Ltd
https://find-and-update.company-information.service.gov.uk/company/10633746
Company registered in 2017, presumably you invested in 2018? Balance sheet of -£5000 as of 2019 so I'm not quite sure what you're expecting to get if you claim against them?Remember the saying: if it looks too good to be true it almost certainly is.0 -
Yes I invested in 2018. I said what I expect in the post, if I can as least make a pain for directors so they are banned from directing companies that would be satisfying.
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Just don't know what the procedure would be, is any of this worth it?
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Who is Blue Water Capital Limited? This company has a legal charge over the assets of Moregreen Limited. It looks like the FCA has already taken enforcement action against BWCL: https://register.fca.org.uk/s/firm?id=001b000003z52SNAAY#what-can-this-firm-do-restrictionsWould I be correct in surmising that BWCL acted as security trustee for the bonds in which you have invested?My inclination is to tell you your money is gone and any action you take is likely to be fruitless, so spending money chasing your investment is not advisable. If you were to fight it, the first thing you must do is stop the company being dissolved so that you can start insolvency proceedings to put the company into administration. This would be done in the High Court. The cost of following this through is likely to exceed any single investor's loss to date.
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Thanks for your replies. So I need to write it off completely and just leave it? There is nothing I can achieve with small claims etc?
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The most likely outcome of going to small claims would be to throw good money after bad on court fees and delay closure.If your "agent" was FCA-registered you should apply to the FSCS for compensation (as you say they're not around anymore).Can I make trouble for directors so they are banned from directing future companies?That would probably cause you far more stress than it caused them. The best case is that the next scam they set up will use different directors to front the company. The worst case is that they use your own money to sue you for libel.
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