UK Renewable Investments (AD) plc was wound up on 3 April 2019 by District Judge Khan in the Business and Property Courts in Manchester. The Official Receiver has been appointed as liquidator.
In considering the petitions to wind-up the company, the court heard that between July 2015 and September 2016 UKRI sold corporate bonds to 208 people. 2.5 million was raised and investors were told their funds would go towards developing anaerobic digestion plants that generated renewable energy.
The bonds had a five-year term and were to generate an interest rate of 11% per annum. Interest payments were to be paid every six months after the first year and the bonds were to be redeemed in full at the end of the five-year term.
The major…
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