Three Birmingham based companies providing top of the range security systems for homes and offices have been wound up in the High Court following an investigation by the Insolvency Service Companies Investigation Branch (CIB).
Sureshield Security Systems Limited, Sureshield Monitoring & Maintenance Limited and Green Capital Limited took payment in advance for the installation of the alarms alongside a five year monitoring and maintenance deal.
The High Court heard the directors abandoned the companies and not only made no attempt to notify customers, but also failed to secure the assets including confidential information about the clients.
The Chief Registrar noted that abandonment “put customers in danger” and rendered any security measure “ineffective because security details were left around”.
He added that the “real mischief” was the process by which elderly and vulnerable people were targeted with the promise of a backup service for five years, “but no funding was ever set aside”.
“The company continued to receive funds even after the directors abandoned ship when services could not be provided”.
There was an additional allegation of the companies’ assets being sold below value, and the “dishonest removal of company funds.”
The investigation also found that the companies were insolvent, the directors had failed to maintain proper accounting records, and a person was appointed as a director and the registered office changed without consent.
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