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LATEST NEWS & EVENTS Land banking warning as another 'unscrupulous' firm is wound up  Individuals considering using a property development solicitor have been warned not to fall prey to so-called land banking companies as yet another of these "unscrupulous" firms is wound up. The Insolvency Service issued the warning after a company that mis-sold undeveloped land for investment to the public was ordered into liquidation at the High Court. An investigation found that Crestmore International Limited acted as an agent on behalf of Montrose Partners Ltd and The Montrose Partnership Ltd, two companies which had previously been wound up in public interest. Chris Mayhew, supervisor at the Company Investigations arm of the Insolvency Service, commented: "The public should not fall for a slick sales pitch, glossy marketing brochure, fancy websites and promises of easy money. "People should be careful before they part with their money – not one of the land banking companies we have investigated and wound up has made a profit for the investor." Since 2009, there has been a 33 per cent rise in complaints about these types of firms, which market land under the pretext that planning permission will be granted for development. The Insolvency Service has closed down 49 land banking companies since 2007. Posted by Georgina Price 
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