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Liquidation for firms involved in land banking scam

Four companies involved in the mis-selling of undeveloped land for investment to the public, raising £3.3m in the process, have been ordered into liquidation in the High Court on grounds of public interest following an Insolvency Service investigation.

Complete Building Systems Limited, Rawtenstall CBS Limited, Evesham CBS Limited and Hounslow West London Limited were all wound-up on 18 December 2014, after the High Court found them to have continued a thoroughly disreputable land banking scheme and to have misled the public into buying overpriced plots of land for investment.

Complete Building Systems Limited sold plots of land at Rawtenstall and Evesham. Plots were sold to investors for between £4,500 and £15,000 each.

At least £3.3m was raised from the public of which some £1.4m was paid out in commission to sales staff. Additionally payments were made to Mr Christopher Shipton, the registered director of the four companies, totalling some £627,000.

According to Mr Shipton land could be “sold for whatever price you wanted”.

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