By Tom Winnifrith | Monday 1 February 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
As you will remember, the failure of Worthington (WRN) to file its accounts for the year to September 30 2014 had brought it to the attention of the Prosecuting Solicitors Department at Companies House. The story continues.
Finally I have a reply from that department which states:
I have taken advice on this case and as you are not the director of this company or a solicitor acting on his behalf I am unable to discuss in detail any action that may or may not be taken.
We know that this company has fallen behind with its filing requirements , we are not currently taking action to have the company removed from the register as we have been made aware that it is trading and required. We are actively attempting to gain compliance.
Hmm. In what sense is Worthington trading? Does it actually have any cash left? What businesses does it actually own and are any of them generatong real sales? It would be interesting to see if there is any evidence of that beauase I am not sure that there is any.
Can it be right that merely because a director says that a business is trading Companies House allow it not to file accounts for an eternity? I ask that question as we know that TMC Southern - a key player in the Quindell (QPP) fraud - is now late with not one but three sets of annual accounts and again the Prosecuting Solicitor seems to be doing sweet FA about it.
Could it just be that in both cases Companies House is not pushing the matter because it knows that more serious agencies, the SFO for instance, are already actively involved?
Never miss a story.
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