Show is over for ticket tout Terry
Two ticket tout companies run by Terry Shepherd have been wound up in the High Court following an investigation by Companies Investigation Branch ("CIB") of the Insolvency Service.
The Online Ticket Exchange Limited (“TOTE”) and Ticketmate Limited (“Ticketmate”) advertised for sale, tickets for pop and rock concerts, festivals and sporting events. TOTE used the trading styles of The Onlineticketshop (www.theonlineticketshop.com) and TheOnlineTicketExchange (www.theonlineticketexchange.com). Ticketmate was heavily inter-linked to TOTE.
In winding up the companies the Court commented that the companies:
1. Were effectively run by Terry Shepherd, a disqualified director, and were a repetitious operation of his previous companies (which had failed with a combined deficiency to their creditors of £7,395,547),
2. Had failed to supply (50%) of the tickets it had sold (between 1 April 2008 and 30 September 2009),
3. Had made gross misrepresentations as to their ability to supply tickets and to their trading history,
4. Had illegally sold tickets tickets to football matches (worth over £400,000) in breach of Section 166 of the Criminal Justice & Public Order Act 1994 (“CJPOA 1994”),
5. Had diverted substantial sums of money in cash from the companies,
6. Had caused members of the public suffering and would have continued to do so unless wound up.
Notes to editors
1. The registered office of The Online Ticket Exchange Limited is 85-87 Borough High Street, London Bridge, London SE1 1NH
2. The registered office of Ticketmate Limited is Cobwebs, Mesons Lane Grays Essex RM1 5HR.
3. Petitions to wind up the two companies were presented on 8 December 2009 under s124A of the Insolvency Act 1986. The Official Receiver was appointed as provisional liquidator of The Online Ticket Exchange Limited and Ticketmate on 9 December 2009. The companies went into compulsory liquidation on 28 January 2010.
4. The Insolvency Service carries out confidential enquiries on behalf of the Secretary of State for Business, Enterprise & Regulatory Reform through Companies Investigation Branch.
5. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice.
All public enquiries concerning the affairs of the companies should be made to: The Insolvency Service, Public Interest Unit, 21 Bloomsbury Street
London WC1B 3SS, Email: email@example.com
6. Further information about the work of The Insolvency Service is available from http://www.insolvency.gov.uk
7. Media Enquiries should be directed to: Lynne Nasti, Press Office Manager, Insolvency Service, 21 Bloomsbury Street, London, WC1B 3QW or Ade Daramy, Press Officer.
Phone: For enquiries please contact the above department