Carbon credit company Eco Global Markets has been ordered into provisional liquidation by Manchester Crown Court on public interest grounds.
The ruling follows confidential enquiries by Company Investigations, part of The Insolvency Service.
The company marketed carbon credits as an investment to the public. The petition was presented on behalf of the Secretary of State for Business, Innovation & Skills.
The Official Receiver has been appointed by Manchester Crown Court as provisional liquidator of the company on the application of the Secretary of State. The role of the provisional liquidator is to protect the assets and financial records of the company pending the outcome of the petition.
The provisional liquidator also has the power to investigate the company's financial affairs to safeguard its assets on behalf of its creditors. This includes any third party or trust money or assets in the possession of or under the control of the company.
As the matter is before the court no further information will be available to the public until the petition is determined. The petition is listed for hearing on 13 March 2013.
The petition to wind up the company was presented in Manchester Crown Court on 11 January 2013 under the provisions of section 124A of the Insolvency Act 1986.
His Honour Judge Pelling QC appointed the Official Receiver provisional liquidator of the company on 17 January 2013