Sky Land Consultants Plc, Re

Sky Land Consultants Plc, Re

The company’s arrangements, both before and after FSA intervention, constituted a collective investment scheme as defined by s.235 FSMA 2000, as investors had no day-to-day control and the company managed the property as a whole. The company’s business was unlawful, and it continued its activities despite opportunities to regularise them. It is just and equitable to wind up the company under s.124A Insolvency Act 1986.

Parties
Petitioner: Secretary of State for Business Innovation and Skills; Respondent: Sky Land Consultants PLC
Jurisdiction
England and Wales
Judgment Date
03 March 2010
Procedural Posture
Winding Up Petition / Trial Judgment
Outcome
winding-up order granted
Legal Topics
Collective Investment Schemes, Winding Up on Just and Equitable Grounds, Breach of Financial Services and Markets Act, Unlawful Business Operations
Insolvency Law Financial Services Law Company Law Collective Investment Schemes Winding Up on Just and Equitable Grounds Breach of Financial Services and Markets Act Unlawful Business Operations

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Parties

Secretary of State for Business Innovation and Skills

Petitioner

Sky Land Consultants PLC

Respondent

Procedural Posture

Winding Up Petition / Trial Judgment

Legal Issues

  1. 1 Whether the company operated a collective investment scheme within the meaning of s.235 FSMA 2000
  2. 2 Whether the company’s activities post-FSA intervention continued to constitute a collective investment scheme
  3. 3 Whether it is just and equitable to wind up the company under s.124A Insolvency Act 1986

Ratio Decidendi

The company’s arrangements, both before and after FSA intervention, constituted a collective investment scheme as defined by s.235 FSMA 2000, as investors had no day-to-day control and the company managed the property as a whole. The company’s business was unlawful, and it continued its activities despite opportunities to regularise them. It is just and equitable to wind up the company under s.124A Insolvency Act 1986.

Court Disposition

winding-up order granted

Orders

  • The company, Sky Land Consultants PLC, is to be wound up.