Cable seeks to wind up Brum company
Business secretary Vince Cable has presented a petition in the High Court to wind-up Birmingham-based Sovereign Clearing House.
The move against the company, which offers internet banking and securities dealing services, follows an investigation carried out by the Insolvency Service's investigations team.
On 11 November the Official Receiver was appointed provisional liquidator of Soveriegn Clearing House and Leeds-based Hollymead.
The Insolvency Service said the provisional liquidator would protect assets in the possession or under the control of the company pending the determination of the petition.
The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect the assets including any third party or trust monies or assets in the possession of or under the control of the company.
The case is now subject to High Court action with petitions due to be heard on 9 January 2012.
