Investment companies, Spice Factory (UK) Limited and Gummy Bear Films Limited placed into provisional liquidation
Spice Factory (UK) Limited and Gummy Bear Films Limited have been placed into provisional liquidation following an investigation by Company Investigations of the Insolvency Service.
Private individuals entered into investor agreements with Gummy Bear Films Limited after introductions by third party brokers. A large proportion of the investment funds were paid into a bank account operated by Spice Factory (UK) Limited. It was intended that these private investment funds would receive an equity profit in a film, the shooting of which has yet to commence.
The role of the provisional liquidator is to protect assets in the possession or under the control of the company pending the determination of the petition. The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect assets including any third party or trust monies or assets in the possession of or under the control of the company.
The case is now subject to High Court action and no further information will be made available until a petition to wind up the company is heard in the High Court on 31 August 2016.
Notes to editors
Spice Factory (UK) Limited was incorporated on 24 February 1997, under registration number 03322915. The registered office of the company is at Suite 9, Regency House, 91 Western Road, Brighton BN1 2NW.
The current recorded director of the company is Mr Michael Lionello Cowan.
Gummy Bear Films Limited was incorporated on 24 October 2013, under registration number 08745729. The registered office of the company is at Suite 9, Regency House, 91 Western Road, Brighton BN1 2NW.
The current recorded director of the company is Mr Jason Nicholas Piette.
The petitions were presented under s124A of the Insolvency Act 1986. The Official Receiver was appointed as provisional liquidator of the companies on 19 July 2017 by Mr Justice Barling, a Justice of the Chancery Division of the High Court.
Company Investigations, part of the Insolvency Service, uses powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK on behalf of the Secretary of State for Business, Innovation & Skills (BIS).
Further information about live company investigations is available here.
All public enquiries concerning the affairs of the company 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
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.