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Julie Meyer’s black hole laid bare – Ariadne set to enter liquidation

By Tom Winnifrith | Tuesday 13 November 2018


 


 Bad news for the folks owed millions of quid by Julie “Lingerie on Expenses” Meyer’s flagship company Ariadne Capital Limited. The administrator having failed to realise a cent from its purported assets has sent a letter to creditors, as you can see below, saying that he is to liquidate the company, to wind it up. But hang on? What about those millions of pounds of net assets that Julie boasted of?

You will remember that as 31 December 2016, the last accounts prior to administration, Ariadne claimed to have net assets of £3.859 million and even in the weeks leading up to administration in December  2017 it claimed NAV of a broadly similar amount. Yet administrator Andrew Duncan now reckons the deficiency was at least £2.715 million – net assets were negative to that tune. How come?

The biggest black hole is the fact that Ariadne sold its 85% stake in Entrepreneur Country (ECG) to Julie’s ACE Fund in late 2016 booking a £3 million profit. But ACE never paid a cent.  Worse still ACE has now sold ECG onto Julie’s new Swiss business partner but has still not paid Ariadne – surely that is  handling stolen goods as I explained HERE.  Hence the net assets of Ariadne were illusory.

Andrew Duncan has passed on a report about the behaviour of Ms Meyer to The Insolvency Service which could see her banned from acting as a director for up to fifteen years. But, as she still refuses to go back to Malta to face criminal charges, will any of the various regulators looking at this farce step up to the plate?

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