High Court closes Ticket companies

London, 25 March/GNN/ -- INSOLVENCY SERVICE News Release (Ins/Coms 71) issued by The Government News Network on 25 March 2008 - Corrected Copy - email address in Notes to Editors No.8 -

Four companies that operated as ticket touts through internet websites,
have been wound up in the High Court following an investigation by Companies
Investigation Branch ("CIB") of the Insolvency Service.

London Ticket Shop Limited, London Ticket Shop Szolgaltato Es Kereskedelmi
Korlatolt Felelossegu Tarasarag and MLT Services Limited advertised for
sale, tickets for pop and rock concerts, festivals and sporting events. The
companies used the trading styles London Ticket Shop www.londonticketshop.co.uk
and London Ticket Market www.londonticketmarket.com . As a result of the
companies' activities, there had been a considerable number of complaints
from members of the public concerning the failure to receive tickets they
had paid for in advance, resulting in significant media coverage.

Ticketout Limited was incorporated to provide a bank account for Ticket Tout
Limited which had its bank facilities withdrawn. Ticket Tout Limited which
is in liquidation with its affairs being dealt with by the Official Receiver,
had also operated in a similar way as a secondary ticket agency.

The Court heard that Michael Rangos was behind the operation of the four
companies wound up, although he attempted to conceal this involvement from the
CIB investigation. The investigation found that tickets had been sold which the
companies had not got or in some cases the tickets did not exist. Registrar
Simmonds said he had read the evidence and was very satisfied that there
had been a conspiracy to defraud the public and benefit the particular
"gentleman" behind the companies.

Notes to editors
1. The registered office of London Ticket Shop Szolgaltato Es Kereskedelmi
KFT is H-2049 Diosd, Krisztina u.26., Hungary

2. The registered office of London Ticket Shop Limited is The Ground Floor,
Buckingham Court, 78 Buckingham Gate, London, SW1E 6PE.

3. The registered office of MLT Services Limited is Office 502, 5FI Ermis
House, 31 Christidoulou Sozou St, Nicosia, 1096. Cyprus.

4. The registered office of Ticketout Ltd is 18 Soho Square, London, W1D 3QL.

5. Petitions to wind up the four companies were presented on 1 February 2008
under s124A of the Insolvency Act 1986. The Official Receiver was appointed as
provisional liquidator of London Ticket Shop Szolgaltato Es Kereskedelmi KFT,
London Ticket Shop Limited, MLT Services Limited and Ticketout Limited on 5
February 2008. The companies went into compulsory liquidation on 19 March 2008.

6. The Insolvency Service carries out confidential enquiries on behalf of
the Secretary of State for Business, Enterprise & Regulatory Reform through
Companies Investigation Branch.

7. The Insolvency Service administers the insolvency regime investigating
all compulsory liquidations and individual insolvencies (bankruptcies)
through the Official Receiver to establish why they became insolvent. The
Service also authorises and regulates the insolvency profession; deals
with disqualification of directors in corporate failures; assesses and pays
statutory entitlement to redundancy payments when an employer cannot or will
not pay employees; provides banking and investment services for bankruptcy
and liquidation estate funds; and advises ministers and other government
departments on insolvency law and practice.

8. All public enquiries concerning the affairs of the companies should be
made to:
The Insolvency Service
Public Interest Unit
21 Bloomsbury Street
London
WC1B 3SS
Email: piu.or@insolvency.gsi.gov.uk

9. Further information about the work of The Insolvency Service is available
from http://www.insolvency.gov.uk

10. Media enquiries should be directed to: Lorna Dennis, Communications
Manager, Insolvency Service, 21 Bloomsbury Street, London, WC1B 3QW.
Telephone: 020 7637 6279.

Source: Insolvency Service

2008-03-25 09:48:49 0319598 PRNEWSWIRE