Insolvency Service (National): Wholesale food and drink company shut down

The Secretary of State for Business, Innovation & Skills has presented a petition in the High Court to wind up in the public interest 50 Cent UK Limited. The company describes its business as supplying and distributing wholesale food and drink.

The petition to wind up the company was presented following confidential enquiries carried out by Company Investigations, part of the Insolvency Service, under section 447 of the Companies Act 1985, as amended.

On the application of the Secretary of State the Official Receiver has been appointed by the Court as provisional liquidator of the company. The role of the Official Receiver is to protect the assets and financial records of the company pending determination of the petition. The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect the assets including any third party or trust monies 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 made available until the petition is determined. The petition is listed for hearing on 29 June 2011.

Notes to editors

1. 50 Cent UK Ltd was incorporated as a private company on 8 July 2008. The registered office of the company is at Unit 2, Merton Street, Off Merton Bank Road, St Helens, Merseyside, WA9 1HX. The previous registered office (and trading address) was at Brook House Mill, Old Mill Street, Blackburn, Lancashire, BB1 6DT.

2. There are presently no recorded officers of the company. The former directors have been MBB Formations Ltd, Mr Ahmed Adams, Mr Tirmizi Syed, Mr Philip Johnson and Mr Lee Andrew Beddow, all of whom have resigned. The former company secretary is shown to have been Easy Mortgages and Loans Ltd (now Exon UK Ltd).

3. The petition to wind up the company was presented on 16 March 2011 under the provisions of section 124A of the Insolvency Act 1986.

4. The Official Receiver was appointed as provisional liquidator of the company on 16 March 2011.

5. The Official Receiver was appointed as provisional liquidator of the company on 16 March 2011.

6. 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. Further information about the work of The Insolvency Service is available from http://www.insolvency.gov.uk

7. All public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit, 2^nd Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234 8531 Email: piu.north@insolvency.gsi.gov.uk

8. Media Enquiries should be directed to:

Denise Rawls, Press Office Manager, Telephone 020 7674 6910 or

Ade Daramy, Press Officer on 020 7596 6187

Contacts