Bordeaux Fine Wines Ltd: taxman also looking to close company + Mirror story

Andrew Penman's story: 9th January 2014

Along with the Insolvency Service HM Revenue and Customs are also petitioning to close down Bordeaux Fine Wines Ltd. Their petition was published in the London Gazette on Thursday 9th January 2014. Part of the HMRC petition:

Notice: 1971742 (Issue: 60748)

Date: 9 January 2014

Issue Number: 60748

Page number: 381

Publication Date: Thursday, 9 January 2014

Notice Code: 2450

Petitions to Wind Up (Companies)

In the High Court of Justice (Chancery Division)

Companies Court   No 8692 of 2013

In the Matter of BORDEAUX FINE WINES LIMITED

(Company Number 06701468) and in the Matter of the Insolvency Act 1986

A Petition to wind up the above-named Company, Registration Number 06701468, of Abbey Orchard Street, London, SW1P 2HT formerly of Imperial House, North Street, Bromley, Kent, BR1 1SD, presented on 9 December 2013 by the Commissioners for HM Revenue and Customs, of Bush House, Strand, London, WC2B 4RD, claiming to be Creditors of the Company, will be heard at the Royal Courts of Justice, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL, on 3 February 2014*, at 1030 hours (or as soon thereafter as the Petition can be heard). 

The Insolvency Service's petition to close Bordeaux Fine Wines Ltd in the public interest is due to be heard on 26th February 2013. 

The full announcement in the London Gazette can be read here. 

It remains to be seen whether Ken Gundlach, the company's sole director, will contest these petitions. It would, however, not be a surprise if they are not contested as Gundlach is in the process of closing down a number of his companies.   

* Update: The petition by HMRC to wind up Bordeaux Fine Wines Ltd has been put back to 3rd March 2014. If the Insolvency Service's petition to wind up the company in the public interest succeeds on 26th February then HMRC's petition will not need to be heard.  

•••

Andrew Penman 'race-stopped' Ken Gundlach at Lingfield Racecourse to ask him about a Mirror reader's expensive wine bought from Bordeaux Fine Wines Ltd. The reader had sunk his life savings in these wines supposedly stored at London City Bond. Unfortunately there is no sign of them at LCB. 

Nor, apparently, is there any sign of 10 cases bought by a middle aged woman who also sunk a substantial part of her life savings in wine from Bordeaux Fine Wines Ltd. She bought 28 cases in all but there are only 18 of them at London City Bond with 10 missing. 

Another client of BFW's is concerned about his en primeur purchases. 

It is not known whether these are isolated examples or whether Ken Gundlach's Bordeaux Fine Wines Ltd failed to buy a significant proportion of its clients' wine. If it transpires that there are many wines missing, then given that BFW's turnover was very close to £20 million (£4.9m dividend to sole shareholder – K. Gundlach) there ought to be a police investigation. Furthermore given the company's turnover BFW comes under the remit of the Serious Fraud Office.    

     

Two trials to come in the autumn – previous successes for the SFO

As there are two wine investment trials due to start in October following police investigations, I thought it was timely to list previous prosecutions for conspiracy to defraud brought in these instances by the Serious Fraud Office – see press releases section. Details of some of these trials are on my www.investdrinks.org site.

Cavendish Wine Merchants/Hamilton Spirit Management
This was the first prosecution brought by the SFO in respect to drinks investment fraud and involved 'investments' in barrels of malt whisky. The case involved Lewis Daulby, who pleaded guilty before the start of the trial, Lee Rosser and Julian Blee. Rosser and Blee were found guilty.

Details:
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2001/whisky-and-champagne-investments-four-convicted-for-defrauding-clients.aspx

House of Delacroix 
This was an associated trial (early 2001) to Cavendish/Hamilton as this was a company dealing in Champagne for the Millennium set up by Blee and Rosser with Craig Dean. Blee and Rosser pleaded guilty before the start of the trial. Craig Dean was found guilty.

Details: http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2001/craig-dean-sentenced-in-millennium-champagne-fraud.aspx


Marshall Wineries 
Marshall was another malt whisky investment company, which also offered Champagne for the Millennium. The trial was held in the first part of 2004. The appropriately named Stephen Jupe was found guilty.

Details
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2004/owner-of-whisky-investment-business-guilty-of-fraud.aspx

Vintage Wines of St Albans
The company offered wines and spirits as investments to Americans, targeting doctors in particular. Four of the five defendants were found guilty in August 2008 – one was acquitted. Two of the four couldn't be named at the time. Shameen Suleman was found guilty, while Stephanie Callebaut pleaded guilty before the trial started. Haroon Khatab also also found guilty but his name had to be concealed until he was later pleaded guilty to an Asian meals fraud. This food fraud also involved a couple of victims of the Vintage Wines fraud.  

Details
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2008/vintage-wines-of-st-albans-–-four-sentenced.aspx

Asian food fraud:
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2009/jail-for-bedfordshire-frozen-foods-businessmen.aspx