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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3497
Experience:  Solicitors 2 years plus PQE
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Dear Sir. I have been investing in fine wines and from June

Customer Question

Dear Sir.

I have been investing in fine wines and from June 2011 up to November 2011 I purchased 8 cases of various wines from a broker Fine Wine Solutions (FWS) who was to have the wines stored at London City Bond (LCB) under an account in my name.

FWS dissolved in July 2012 and are no longer contactable.

LCB have informed me that they only received my first purchase (3 cases) and have no record of the other 5 cases (value 30k+).

LCB have also informed me that they have wines in storage under the name of Peter Ta the ex owner / director of FWS but are unable to advise contents.

Can you advise if there is anything I can do to find out if my wine is in Peter Ta's account or if i can pursue my loss.?

Regards.

Phil McBride.
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome to Just Answer.

Fine Wine Solutions was this a limited company? If so do you know who the liquidators are?

Kind regards

AJ
Customer: replied 3 years ago.

Yes FWS was a Ltd Company. No I do not know who liquidators are.

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your response.

Do you have any form of bill of sale or bond with LCB? Have they agreed to release your wine? A starting point is you need to get your wine released from LCB. Also ask LCB if they are holding any other wine deposits or have received any other notices from FSW.

Do you know the address of the former director?

Also write to Companies House as a matter of urgency and say that you are a creditor of FSW and request that the company be restored to the register. This company was never in liquidation and it should not have been dissolved if it had creditors. You will not be able to attach the assets of the incumbent director until you have restored the company and put it into insolvent liquidation.

Turning to the terms and conditions of FSW - how did they say the wine was held for you was it on trust in bond etc? Do you know where their storage premises were?

Kind regards

AJ
Customer: replied 3 years ago.

Hi.


I do have a storage account with LCB (ref:-MCB003) and they have confirmed that I have 3 cases of wine under my name in that account. I can take this out at any time and am paying a fee for this facility.


 


LCB will only confirm that a deposit exists under Peter Ta's account ex owner / director of FWS.


 


I have no address for Peter Ta.


 


FSW said the wine would be delivered to LCB and stored in my account that they would set up. This was done and my first batch delivered without problem. (See above)


 


If Companies House agrees to restore FWS would I incur expense? Would I inform them of the full story?


 


 

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

You do not need to tell them the full story. Just tell them that you are a creditor and the director did not give you notice of the dissolution. Not giving notice in itself is a criminal offence and the director will be in trouble - up to a £5k fine and 7 years imprisonment

You will also be able to obtain the directors address from Companies House.

Until the company is restored no one will be able to access those deposits as they reside with the treasury solicitor.

You may have to pay a fee to restore the company but Companies House may agree to restore on the basis of your objection. Write to them first and find out what has happened.

The botXXXXX XXXXXne is you wont be able to do anything until the company is restored.

I would agree that there is clearly some element of fraud as the director has absconded without dealing with your deposit so I would notify the police as planned. You do not want Mr Ta turning up and removing the funds from LCB.

Can you tell me was FWS and company subject to FSA authorisation?

Kind regards

AJ
Customer: replied 3 years ago.

I have checked the FSA register and can find no reference to Peter Ta or FWS.


 


I would like to thank you for your assistance with this matter and I will follow your advice and e mail Companies House and see what they have to say.


 


Regards.


 


Phil.

Expert:  Alex J. replied 3 years ago.
Hi,

I suspect that he should have been FSA authorised if he was taking deposits from. Once you have spoken to Companies House then you should contact the FSA to discuss whether he should have been authorised or not.

If you have any follow up please do not hesitate to contact me.

Kind regards

AJ
Customer: replied 3 years ago.

Thanks I will let you know.


Phil

Expert:  Alex J. replied 3 years ago.
Hi,

Many thanks.

Any feedback is gratefully received.

Kind regards

AJ
Customer: replied 3 years ago.

Just to ley you know- Companies house has been back to me stating that they have no statutory or investigatory powers and can not help. I have reported this for fraud but also had no response.


 


Looks like another one gets away with it.


 


Regards.


 


Phil.

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

You need to tell Companies House to halt dissolution not investigate anything. If you are able to restore the company you can firstly enforce against its assets and then secondly put the company into liquidation. The up shot of this would be that a liquidator could pursue the director personally.

Kind regards

AJ
Customer: replied 3 years ago.

The wording I gave to Companies house was:-


 


''Not only am I asking for any advise that you may be able to give but also due to the fact that the directors failed to give notice of the dissolution and that the company may still have assets that it be restored and properly investigated''.


 


Regards.


Phil.

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

Write to them and lodge your objection to the dissolution.

If they wont restore it, then you will have to apply to have it restored.

This is either done with a court order or with an administrative restoration.

Until you have had the company restored, you are going to have a very hard time gaining any civil remedy.

Kind regards

AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3497
Experience: Solicitors 2 years plus PQE
Alex J. and 4 other Law Specialists are ready to help you
Customer: replied 3 years ago.

Just to give you an update and some feed back.


 


Companies house have now come back to me and advised that FWS Ltd was not dissolved by voluntary dissolution by the directors but due to the non filling of up to date accounts and annual reports.


 


They also advise that I look at the information contained on there web site in respect to restoration.


 


I can only conclude from this that they are not prepared to assist any further.


 


Unless you have any other ideas it looks as if I will have to suffer the loss and let what I can only consider a fraudulent act go unchallenged.


 


Do you know of any companies who may take this on, on a win no win fee basis for example?


 


Regards.


 


Phil.

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

It is highly unlikely a company will take this on a no win no fee basis.

Options for litigation funding may be insurance (check your home policy) or there are specialist litigation funders available.

I am afraid to take this matter further you will need to go ahead and restore the company yourself.

Do you have any idea where the old director is currently?

Kind regards

AJ

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