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United Kingdom : 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.

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Publication:Mena Report
Geographic Code:4EUUK
Date:Aug 3, 2016
Words:201
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