Buccament Bay Resort Ltd, Harlequin’s main resort, has denied that it is in liquidation and has blamed its former UK auditor Wilkins Kennedy for not filing its financial statements or annual returns for the period from 2005-2012.
A certificate of status, signed 17 January from the Registraar of Companies, has revealed that Buccament Bay is in “default of its obligations” under the Companies Act as it has not filed financial statements nor annual annual returns from the period 2005-2012.
In view of the default, the Buccament Bay Resort, which opened in August 2010 and is located on the Caribbean island St Vincent, is likely to be struck off the registraar. However, the certificate also highlighted that although it has defaulted on its obligations, the company is not in liquidation and a receiver of the company’s property has not been appointed.
A spokesperson for Buccament Bay Resort blamed “historic problems” with its former auditors Wilkins Kennedy with whom it is currently in a legal dispute.
She said: “Whilst there have been delays in filing accounts for Buccament Bay this is largely due to historic problems with its former UK auditors, Wilkins Kennedy, who are now the subject of legal proceedings by Harlequin for professional negligence in relation to aspects of the work they did for Harlequin.
“Harlequin has been working tirelessly with its new auditors and accountants to rectify these matters. Draft accounts have now been completed up to March 2011 and we expect to file these shortly.
“Buccament Bay is not in liquidation and any such suggestion is completely false. Similarly any suggestion that the company has appointed or is likely to appoint receivers is also completely false.”
This follows Friday’s (18 January) alert by the Financial Services Authority, which warned advisers over recommendations to clients to invest large sums into self-invested personal pensions weighted heavily towards overseas property bought by Harlequin Property.
The regulator said it has seen an increasing number of Sipp schemes chiefly invested in property owned by Harlequin. The firm is a UK-based overseas property sales agent not regulated by the FSA.
David Fenn, managing partner at Wilkins Kennedy LLP, told FTAdviser: “Wilkins Kennedy were not appointed as auditors or instructed to file statutory accounts for Harlequin Property SVG Limited or any other overseas company within the Harlequin organisation.
“Wilkins Kennedy did act as auditors to Harlequin Management Services ( South East ) Limited the UK based property marketing company and resigned in 2010. New auditors were appointed and subsequent years accounts as audited by them were filed at Companies House.
“Because of the on-going legal dispute we are not able to comment further other than to say Wilkins Kennedy is robustly contesting the claims against us.”
