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Nicola-mod
Nicola-mod, Moderator
Category: Law
Satisfied Customers: 21
Experience:  Moderator
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I RECENTLY INVESTED OVER £15000 IN A COMPANY CALLED COHEN STONES

Customer Question

I RECENTLY INVESTED OVER £15000 IN A COMPANY CALLED COHEN STONES FOR THE PURCHASE OF COLOURED DIAMONDS. I TRIED TO CONTACT THEM TODAY BUT THERE NUMBER IS XXXXX LONGER IN SERVICE. CHECKING THE INTERNET , IT APPEARS THAT THEY WERE SUBJECT TO A WINDING UP ORDER ON 3 NOVEMBER. wHAT IS MY POSITION?
Submitted: 3 years ago.
Category: Law
Expert:  Ben Jones replied 3 years ago.

Ben Jones :

Hello, my name is Ben and it is my pleasure to assist you with your question today. How much have you invested?

JACUSTOMER-ek3b28o6- :

£15127

Ben Jones :

How did you pay the money

JACUSTOMER-ek3b28o6- :

By cheque

Ben Jones :

I must say it is not necessarily going to be good news. If the Court has granted a winding up order then the Official Receiver (OR) will be appointed to act as the liquidator of the company. You can contact them to register yourself as a creditor and see if there is anything left of the company's assets to pay you back, but this happens extremely rarely because the reason a company is liquidated and wound up is because it can no longer meet its debts and they have no money to satisfy their creditors. So the chances of there being any money left to pay you in full is extremely remote. If anything, you are only likely to get a small proportion of what you are owed, something like a few pence to every pound you have invested. So in the first instance you need to contact the OR to notify them you are a creditor and ask them to consider you in the event any assets are available for distribution to creditors.

As you pad by cheque there is no other protection available to you, for example had you paid by credit card you could have pursued the credit card company but not in this case.

Also suing the company is not possible - they have been wound up and no longer exist, even if they did it would be pointless suing a nearly insolvent company.

JACUSTOMER-ek3b28o6- :

I HAVE A CERTIFICATE TO SAY THAT THE FIRST DIAMOND PURCHASED IS IN A VAULT IN SWITZERLAND. DOES THIS MEAN ANYTHING?

Ben Jones :

I very much doubt this to be the case, but it would still be considered an asset of the company and now under the control of the OR

Ben Jones :

Please let me know if this has answered your query or if you need me to clarify anything else for you in relation to this?

Expert:  Nicola-mod replied 3 years ago.
Hello,

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Thank you,
Nicola