Micasa WW Ltd, together with Remultex Ltd, were liquidated by the High Court in the public interest, and the official receiver was appointed liquidator of the companies.
An Insolvency Service investigation found that Micasa saw around £1.3million flow through its accounts from February 2019, when it started operating, until December 2020.
The company had been identified as potentially involved in a cryptocurrency scam, although a lack of accounting records meant it was not possible to verify whether its activity was a legitimate business activity.
Investigators identified that she had been granted a £50,000 bounce-back loan (BBL), although there was also no evidence the company was eligible under the scheme’s rules.
Almost all of the BBL was transferred to Remultex Ltd, which appears to have started trading in December 2019. Remultex was also given its own BBL of £30,000, although that was also not possible for investigators to confirm that the company was entitled to the BBL. In addition to the Bounce Back Loan funds received from Micasa, Remultex received payments from three other companies, totaling almost £250,000 in December 2020. Almost all of this was withdrawn from the business in cash.
As with Micasa, there were no accounting records to explain Remultex’s transactions.
Given that the two companies were trading with a lack of commercial probity and had taken public funds to which they may not have been entitled, Judge Woodward sitting in the Manchester High Court agreed that closing the companies was within the public interest.
Within the framework of his attributions, the Officer-receiver-liquidator will endeavor to recover and realize the assets of the company in order to make restitutions to the creditors.
David Hope, Chief Investigator at the Insolvency Service, said:
These companies did not operate transparently and did not keep proper accounting records.
There is no evidence that they were entitled to taxpayer money through the Bounce Back Loan program, and it is likely that Micasa was funneling funds through a cryptocurrency scam.
Notes to Editors
Micasa WW Ltd, company number 11673352.
Remultex Ltd, company number 12284381.
All public inquiries regarding company business should be addressed to: The Official Receiver, Public Interest Unit, 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Phone: 0300 678 0015 Email: [email protected]
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