Surety Guarantee Consultants Limited
| Date of insolvency | 23 May 2007 |
| Type of insolvency: | Compulsory Liquidation |
| Date of appointment of Liquidators: | 23 August 2007 |
| Joint Liquidators: | Ian Oakley-Smith Dan Schwarzmann |
| Financial information: | Last accounts filed for period ended 28 February 2005 |
| Current payment percentage: | Undeclared |
| Key contacts: | Mira Bhadresha PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT Tel: + 44 (0) 20 7212 3138 |
| Company background | Surety Guarantee Consultants Limited ("SGC" or "the Company") was incorporated on 6 February 2007 and commenced trading on 21 June 2007. The principal activity of SGC was that of arranging security bonds. It carried on business as specialist underwriters operating pursuant to delegated and binding authorities from, in the main part, two large insurers. SGC allegedly failed to properly account for premiums due to various insurers and allegations were made that the Company had been writing outside the terms of the binding authorities entered into with two insurance companies. As a result a civil action was commenced against SGC and various other parties to recover monies due to insurers. On 9 March 2007 one of the insurers petitioned for the winding up of SGC as a result of being advised by the Company that it was unable to generate revenues to pay its liabilities and a winding up order was made on 23 May 2007. At a meeting of creditors held by the Official Receiver on 21 August 2007, Ian Oakley-Smith and Dan Schwarzmann were appointed Joint Liquidators with effect from 23 August 2007. |
| Next steps: | The Joint Liquidators are currently in the process of ascertaining whether there are any assets which will be available for the general body of creditors as there are a number of competing 'trust' claims being made against the Company's assets which in the main part comprise cash at bank. |
Information correct as at: August 2010
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