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Unauthorised investment firm liquidated over missed hearing

Unauthorised investment firm liquidated over missed hearing

An unauthorised cold-calling investment firm has been liquidated after managers failed to show up to a High Court hearing.

After a government application, Asset Backed Management was given 13 days notice of the hearing on 12 April but failed to attend, the Financial Conduct Authority (FCA) said.

The company marketed itself as specialising in 'sourcing profitable opportunities in a wide variety of asset classes including corporate bonds, commercial and residential property, alternative bonds and asset backed bonds', according to its website.

The Official Receiver has been appointed the provisional liquidator to protect company assets and investigate affairs.  

According to Companies House, the firm was incorporated in 2017.

Only two people appear to be associated with it: Amir Damoussi, who is registered as a director, and Ricky Burgess, who was a person with significant control until 2018.

'Asset Backed Management Limited is not, and has never been, regulated by the FCA. Additionally, it hasn’t employed an FCA-authorised person or had its marketing materials approved by an FCA-authorised person,' a government announcement read.

'The case is now subject to High Court action and no further information is available until the petition to wind up the company is heard in the High Court in London on 7 May 2019.'

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