Press release

High Court orders carbon credit brokers Carbon Green Capital LLP and Agora Capital Ltd into provisional liquidation

Carbon credit companies Carbon Green Capital LLP and Agora Capital Ltd have been ordered into provisional liquidation following petitions presented by the Secretary of State for Business, Innovation & Skills to wind up the companies in the public interest.

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The petitions were issued following confidential enquiries carried out by Company Investigations, part of the Insolvency Service, under section 447 of the Companies Act 1985, as amended.

The Official Receiver has been appointed by the Court as provisional liquidator of both companies on the application of the Secretary of State. The role of the Official Receiver 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 monies or assets in the possession of or under the control of the companies.

Company Investigations Supervisor Chris Mayhew said:

As the matter is before the Court no further information will be made available about the case until the petitions are determined. The petitions are listed for hearing on 22 October 2014”.

If you have invested with either company or are approached by firms purporting to have been appointed to deal with your investment, such as Fredric & Formby or Fredericks, The Official Receiver who has today been appointed by the Court as provisional liquidator of Carbon Green Capital LLP and Agora Capital Ltd, will be pleased to receive the details”.

Notes to Editors

Carbon Green Capital LLP (OC375360) was incorporated on 18 May 2012. The registered office from incorporation to 20 February 2013 was c/o Brebners, 6th Floor, Tubs Hill House, London Road, Sevenoaks, Kent, TN13 1BL and from 20 February 2013 to present date 510 Centennial Park, Centennial Avenue, Elstree, Hertfordshire, WD6 3FG. The recorded designated members are shown to have been Mr Steven Joseph Sulley from incorporation to 21 December 2012; Mr Christopher Chapman from 18 May 2012 to present date and Mr Marcus James Allen from 21 December 2012 to present date. No accounts have been filed.

Agora Capital Ltd (08305470) was incorporated on 23 November 2012. The registered office from incorporation to 04 November 2013 was 34 Lime Street, London, EC3M 7AT and from 04 November 2013 to present date 2nd Floor, Berkeley Square House, Berkeley Square, London, W1J 6BD. The sole recorded director of the company throughout has been Mr Christopher Chapman. No secretary is shown to have been appointed. The company’s share capital is shown to be one ordinary share of £1 held by Mr Chapman. No accounts have been filed.

The petitions to wind up the companies were presented in the High Court on 25 July 2014 under the provisions of section 124A of the Insolvency Act 1986 following confidential enquiries carried out by Company Investigations under section 447 of the Companies Act 1985, as amended.

The former websites of the companies were: www.carbongreencapital.com and www.agoracapital.co.uk

A carbon credit is a certificate or permit which represents the right to emit one tonne of carbon dioxide (CO2) and can be traded for money. The Financial Conduct Authority’s consumer information on carbon credit trading and what to consider before investing can be found at: https://www.fca.org.uk/consumers/carbon-credit-trading

The Financial Conduct Authority has published the conclusions of a survey to find out whether anyone has profited by buying carbon credits as investments: https://www.fca.org.uk/consumers/carbon-credit-trading

The concerns of the FCA regarding the lack of a secondary market are also reflected in guidance issued by HM Revenue and Customs in relation to carbon credits: http://www.hmrc.gov.uk/briefs/vat/brief2810.htm

In November 2013 the Insolvency Service highlighted action taken by the Secretary of State against 19 companies involved in the marketing of carbon credits to the public for investment: http://insolvency.presscentre.com/Press-Releases/Carbon-credit-scams-targeted-as-19-companies-shut-down-69586.aspx

Company Investigations, part of the Insolvency Service, carries out confidential enquiries on behalf of the Secretary of State for Business, Innovation & Skills (“BIS”).

The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. It may also use powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK. In addition, the agency authorises and regulates the insolvency profession, deals with disqualification of directors in corporate failures, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available from: https://www.gov.uk/government/organisations/insolvency-service

All public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit , 4 Abbey Orchard Street, London, SW1P 2HT. Telephone: 0207 637 1110 Email: piu.or@insolvency.gsi.gov.uk

Media Enquiries only should be directed to: Kathryn Montague, Media Campaigns Manager on 020 7674 6910 or Ade Daramy, Media Manager on 020 7596 6187.

You can now subscribe to get e-mail alerts from The Insolvency Service. To subscribe, go to our website http://www.bis.gov.uk/insolvency/news and you will see a button to “sign up for email alerts and newsletters”, or click on the link below and follow the instructions: https://public.govdelivery.com/accounts/UKBIS/subscriber/new

You can now follow the Insolvency Service on Twitter at:@insolvencygovuk

Published 30 July 2014