The Insolvency Service Wind-up Tycoon Media Limited
January 29 2015
Tycoon Media Limited (“TML”), a Manchester based company, has reportedly been wound up by the High Court for misleading customers and failing to provide services to clients.
Insolvency Service Investigation
The petition to wind-up TML was presented under s124A of the Insolvency Act 1986 on 7 November 2014. The company was wound-up on 9 January 2015, following an investigation by the Insolvency Service.
Tycoon Media Limited were trading under the names “Seek & Sleep” and “Seek & Dine”. They would charge customers a monthly fee of between £29.99 plus VAT and £49.99 plus VAT to list their hotel business on their online booking agency.
The Investigation reportedly found that the company falsely claimed to offer a money-back refund guarantee of the monthly fee if the client did not get at least one booking per month. No such refunds appear to have been made.
The Insolvency Service investigation also found many other examples of misconduct by the company such as, failing to provide the pre-paid service, taking unauthorised payments from clients and failing to refund clients.
“This company operated with flagrant disregard for the general rules of running a business and failed to co-operate fully with the investigation.
The company consistently failed to provide the services it offered, purporting to be the ‘UK’s fastest growing accommodation portal’, when in fact its customer base was minimal and remained as such throughout its trading period.
Those responsible for such companies should be aware that the Insolvency Service can and will take firm action against companies which operate in this manner and put them out of service.”
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