Money News
Three companies involved in selling plots of agricultural land to the public have been wound up in the High Court, following an investigation by the Companies Investigation Branch (CIB) of the Insolvency Service.
Townfield Land Investments Limited acquired agricultural land near Southwold in Suffolk under an option agreement with a local farmer. It was then marketed to the public by Libertas Land Limited, by sub-dividing the land into plots of 2,000 square feet at a price of around £9,000 per plot.
CIB's investigation revealed that the plots had been sold using the internet to at least 250 members of the public across the UK at some 50 times their agricultural value and furthermore, the site was inherently unsuitable for residential development. In particular, the site was within an area of outstanding natural beauty and a part of the Heritage Coast, where planning authority policy is not to permit development.
The southern part was within a flood risk area and a part of the land also fell within a site of Special Scientific Interest. Additionally, the site had shrinking and swelling clay ground stability hazards.
Registrar Rawson in the High Court said that this was a clear case where all three companies needed to be wound up in the public interest.
The registered office of Townfield Land Investments Limited and Southwold Site Management Limited was at Tradefind Secretarial Services, Hullbridge Road, Rayleigh, Essex SS6 9QG and that for Libertas Land Limited was at 401 Centre, 302 Regent Street, London W1B 3HH.
02 July 2007 © Moneyextra.com
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