A year and three months after it fell overdue with filing its November 2018 accounts, LP Binds plc (formerly London Property Bonds) has been issued with a strike-off notice by Companies House.
If the company continues to fail to meet its legal obligations and there are no objections, the company will be struck off the register and all its assets will be forfeited to the Government (though this can be reversed).
LP Bonds raised just under £500,000 from the public in bonds paying 8% per year in 2016, which are due for repayment next year.
This is the company’s third strike-off notice in its short history. The previous two related to failure to file up to date details of the company’s ownership (and were withdrawn after this was belatedly rectified).
In May 2019, just before the November 2018 accounts became due, the company used a loophole in the Companies Act to delay filing its accounts for three months, by amending the accounting year end date by a single day. This extended the May deadline to August 2019. Although there was nothing to stop LP Bonds using the year-end trick again last August, it apparently forgot to do so, thus it has been legally overdue for a year and three months.