Two companies liquidated after investigation into fraudulent investor scheme

On 7 October 2019 Dionysus Design Services Ltd and Gem Tobin Ltd were wound up in the public interest. The High Court heard that the two companies had been investigated by the Insolvency Service as a result of its earlier inquiries into associated companies Halifax Mannin Ltd and Hey Design Services Ltd. Both of the associated companies had been wound up in the public interest earlier in the year.

It was established by the Insolvency Service that Dionysus Design Services Ltd and Gem Tobin Ltd had obtained payment from proposed investors who thought they were investing in works of art by renowned painters. It appeared to the investigators to be a continuation of the work of the associated companies.

The Insolvency Service also found that the £1m art investment scheme was run by a separate company in Spain or Morocco named Asset Consulting Services or Asset Consulting Group which has received previous public warnings from financial regulators.

 

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