The winding up follows an investigation by the Insolvency Service.
The investigation found that the companies, which traded under the style ‘Repossession Management Bureau’, had targeted and taken advantage of vulnerable members of the public desperate for a resolution of their housing concerns.
In particular, the companies made misleading and unfounded statements to clients and there was a lack of transparency regarding the excessive fees charged by the companies.
The companies generated the majority of their income by obtaining secured charges on clients’ properties. Clients were told the charge was to ‘protect the client’s equity’ should the property be repossessed by the mortgagee. In reality, the charge secured the excessive fees levied by the companies, who benefited when properties were repossessed and sold by third party mortgagees in possession.
Prior to the presentation of the petitions, the companies together held charges worth over £3 million.
It was also found that there was a lack of transparency regarding those involved in the companies’ management and operations. For the majority of the companies’ trading the sole director of each company was Daljit Kaur Dhillon, who used the alias of ‘Kareena Kapoor’ when dealing with clients. Also involved in the operations of the Companies were Gurpreet Singh Chadda (who used the alias ‘Raaj Singh’) and John Paul Dowdeswell (who used the alias ‘Paul Dowd’).
In addition it was found that Repossession Management Bureau Limited maintained inadequate accounting records and failed to properly account for VAT.
Commenting on the case, Alex Deane, an Investigation Supervisor with the Insolvency Service, said:
These companies and the individuals behind them preyed on people in desperate financial straits. The Insolvency Service will continue to put a stop to companies which operate in this reprehensible manner.
Notes to Editors
Repossession Management Bureau Limited (CRO 08710372) was incorporated on 30 September 2013. The registered office of the company is at Fort Dunlop, Fort Parkway, Birmingham, B24 9FE. The directors are Daljit Kaur Dhillon and Michael Walter Cheslin.
RMB Assets Limited (CRO 09185563) was incorporated on 21 August 2014. The registered office of the company is at Fort Dunlop, Fort Parkway, Birmingham, B24 9FE. The directors are Daljit Kaur Dhillon and Michael Walter Cheslin
OMP Payments Limited (CRO 08190869) was incorporated on 24 August 2012. The registered office of the company is at 91 Soho Hill, Birmingham, B19 1AY. The directors are Daljit Kaur Dhillon and Michael Walter Cheslin.
The companies traded from premises at Fort Dunlop, Fort Parkway, Birmingham, B24 9FE; 338 Euston Road, London, NW1 3BT; and 14A Crown Lane, Sutton Coldfield, B74 4SU.
The petitions to wind-up all three companies were presented under s124A of the Insolvency Act 1986 on 11 June 205. The companies were wound-up on 01 September 2015.
On 19 June 2013, the Financial Conduct Authority issued a Final Notice to Gurpreet Singh Chadda following an investigation into his involvement with ‘sale and rent back’ agreements entered into between June 2009 and January 2010. The financial penalty levied against Gurpreet Chadda by the FCA was £945,277.
On 17 May 2013 the Solicitors Disciplinary Tribunal found that John Paul Dowdeswell (a solicitor’s clerk) had failed to report material facts to clients and ordered that, except with Law Society permission, no solicitor or other recognised body shall employ or remunerate Mr Dowdeswell.
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.
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.
By virtue of the winding up order all public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit, 2nd Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234 8531 Email: firstname.lastname@example.org.
Media enquiries for this press release – 020 7674 6910 or 020 7596 6187
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