Re Tag World Serices Ltd, Court of Appeal - Chancery Division, July 30, 2008, [2008] EWHC 1866 (Ch)
Linked as:
Extract
Re Tag World Serices Ltd, Court of Appeal - Chancery Division, July 30, 2008, [2008] EWHC 1866 (Ch)
32Nos: 3592, 3593 of 2007Neutral Citation Number: [2008] EWHC 1866 (Ch)IN THE HIGH COURT OF JUSTICECHANCERY DIVISIONCOMPANIES COURT30 July 2008- - - - - - - - - - - - - -Before:ROBERT ENGLEHART QC(sitting as a Deputy Judge of the Chancery Division)IN THE MATTER OF TAG WORLD SERVICES LIMITEDAND IN THE MATTER OF CLUB LABOURSE TRAVEL LIMITEDAND IN THE MATTER OF THE INSOLVENCY ACT, 1986- - - - - - - - - - - - - -- - - - - - - - - - - - - -Jasbir Dhillon (instructed by the Treasury Solicitor) for the PetitionerThe Respondents appeared by Mr Brian Wates, a director- - - - - - - - - - - - - -JUDGMENTINTRODUCTIONThese are petitions presented by the Secretary of State for Business, Enterprise and Regulatory Reform under section 124A of the Insolvency Act 1986. The Secretary of State seeks the winding up in the public interest of two companies, TAG World Services Limited ("TAG World'') and Club LaBourse Travel Limited (``Club LaBourse Travel''). I shall refer to them together as the Companies. TAG World is an English company within what appears to be an international network of companies constituting the TAG group. Club LaBourse Travel is another such English company. In the case of each of the Companies its parent is a Panamanian company called Onda Investments Inc (``Onda''). I was told that the shares in Onda, which are bearer shares, are owned as to 40% by Mr Brian Wates and his wife with the other 60% being owned by outside investors whose identity was, apart from one, not disclosed. At the hearing before me Mr Wates, who is a director and company secretary of both of the Companies, gave evidence and addressed me on behalf of the Companies. It is right that I record that Mr Wates, although I had reservations about a number of aspects of his evidence, conducted the case for the Companies with courtesy and considerable charm. The Secretary of State was represented by Mr Dhillon.THE TAG GROUPThere are various companies within the TAG group. Evidently, Mr Wates is the individual in overall control of the group's operations. There are TAG companies based not only in England but also in Australia and the United States. In addition, there is the Panamanian holding company Onda and another Panamanian company called Tourism Advisory Group SA (``TAG SA''). I shall have to refer in rather more detail to this latter company when I come to consider one of the specific complaints made by the Secretary of State. But for the present I need only say that it is a company with, at least ostensibly, use of an office in Geneva but what the company actually does in practice, if anything at all, is obscure. Mr Wates, in opening the case for the Companies, claimed that the paucity of documentary evidence about TAG SA's activities was because the underlying share...See the full content of this document
Sponsored links
