DTI urged to probe Ouvah

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The Independent Online
CREDITORS of the fallen property group Ouvah Highfields are pressing for the Department of Trade and Industry to investigate the company's affairs, writes Chris Blackhurst.

Patrick Barton, a solicitor at Brooke Blain Russell & Quinn, said his client was 'keen for a full investigation of all three companies (Ouvah and two associates), the relationship between the three, what they received and where the money went'. He said his client would also like to know 'at what point the companies became insolvent and why the directors did not take any steps to even call a creditors' meeting'.

Ouvah specialised in renting office buildings from big property owners, including Hanson and Grand Metropolitan, and letting them to smaller companies as serviced 'business centres'. Headed by Sean McCormack, the London company grew to become Europe's biggest provider of serviced offices in little more than a year until its collapse last month.

Taken for a fast ride, page 6