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Form4-02 winding up petition G4S Care and Justice Solutions (Ltd) UK

Form4-02 winding up petition G4S Care and Justice Solutions (Ltd) UK

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Published by Farah Damji
Petition in the High Court to wind up G4S for non payment of bills.
Petition in the High Court to wind up G4S for non payment of bills.

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Published by: Farah Damji on Oct 06, 2013
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10/29/2013

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Rule 4.7Form 4.2
Winding-Up PetitionG4S Care and Justice Solutions UK LTDRegistered No. 00390328
(a) Insert title of court
To The High CourtCompanies Court7 Rolls BuildingsFetter LaneLondonEC4A 1NL
(b) Insert full name(s)and address(es) of  petitioner(s)
The petition of Kazuri Properties CiCc/o 81 Bayham StreetLondon NW1 0AG
(c) Insert full nameand registered no. of company subject to petition
1. G4S Care and Justice Solutions (UK) LtdRegistered Company Number 
00390328
(hereinafter called “the company”) was incorporated on
(d) Insert date of incorporation
21 March 2009under the Companies Act 19__ or 2006
(e) Insert address of registered office
2. The registered office of the company is atSutton Park House15 Carshalton RoadSutton, SM1 4LDUnited Kingdom
(f) Insert amount of nominal capital andhow it is divided(g) Insert amount of capital paid up or credited as paid up
3. The nominal capital of the company is £ 50,131,000divided into 1,552m shares of £ 2.52p each. The amount of the capital paid upor credited as paid up is (g) £235 110 000 as at the last AGM.4. The principal objects for which the company was established are as follows:Provider of outsourced care and justice solutions including prisons, offender management,home detention curfew monitoring, prison escort servicesand other objects stated in the company’s articles
(h) Set out thegrounds on which awinding-up order issought
5.G4S care and Justice Services Ltd (UK) failed to pay an invoice for £35 000 for work contracted and undertaken.
(j) Delete asapplicable
6. The company /is not an insurance undertaking; a credit institution; an investmentundertaking providing services involving the holding of funds or securities for third parties; or a collective investment undertaking as referred to in Article 1.2 of the ECRegulation.
(k) Insert name of  person making thestatement of truth
7. For the reasons stated in the statement of truth of (k) Kazuri Properties CiCfiled in support here of it is considered that the EC Regulation on insolvency proceedingswill apply and will be main proceedings as defined in Article 3 of the EC Regulation
 
(l) Insert whether main, secondary or territorial proceedings(ll) Insert date of service
k. Verbal and written agreements prefer that there was a complicit, verbal and writtenundertaking from G4S Care and Justice Services Ltd to pay for work commissioned over a period of 5 months to Kazuri Properties CiC.
Kazuri Properties CiC undertook substantial work to identify, model and create analternative to custody for women commissioned by G4S. There are written andverbal agreements that this was contracted work, not as G4S Care and JusticeSolutions Ltd tried to claim later, speculative subject to the government’s“appetite.” In any event the company interest company (CiC) would never haveentered into speculative work with G4S, given its tarnished reputation and lack of credibility in the market. This disingenuous remark, reflects on their corporateethos of lies, bullying and a narcissistic, sociopathic culture: they would haveknown about the fraud in the tagging contract, double billing at HMP Parc whichis still to be made public and the unlawful killing of Jimmy Mubenga. Still theysought to draw a very small social enterprise into their nefarious world of lies anddeceit, by not disclosing material facts, which would have precluded KazuriProperties CiC further involvement with G4S.In spite of various letters and invoices, since March 2013, no payment or explanation for non payment has been forthcoming.We believe the company to be in a financially precarious situation , given FIVEinvestigations of its government contracts by the Serious Fraud Office, TheCabinet Office, The National Audit Office, the Ministry of Justice and the PublicAccounts Select Committee. The company has a heavy debt burden and does nothave a senior management team that can be trusted any longer to manage publicservice contracts, this is evidenced by a rapid decline in share price.We are aware that Cevian and other hedge fund operators are trying to divest the profit making cash transfer services of G4S. Our contract was with G4S Care andJustice Solutions UK Ltd, which is the entity being investigated under thefraudulent delivery of the tagging contract. The Ministry of Justice haveconfirmed that they will not be awarded any further contracts if they do notundergo a process of “corporate purging” and renewal and until such time as theyare given a clean bill of health by all the investigating authorities. This wasconfirmed in a private meeting with a director of the Ministry of Justice onSeptember 18 2013.We do not believe the company has the intention to pay the amounts due, havingrequested them for over 8 months. It has recently increased its shares and hassuffered a lower credit rating .On 9 March 2009, the group obtained a BBB Stablecredit rating from Standard & Poor’s. Following the G4S board Olympics contractreview, Standard & Poor’s, on 5th November 2012, downgraded the credit ratingof G4S plc to BBB- with a Stable outlook.There was a substantial company contribution into the employee pension schemewhich indicates mishandling of pension funds. G4S group Outlook Statement7/5/2013 states "...group margins are expected to continue to be impactedadversely in the short term" Net borrowings at £1 993 000 000 exceed net assets at £ 1 231 000 000.The parentcompany, G4S PLC is trading in insolvency.
Basically, G4S owes twice as much to the banks as the value of the assets on its balance sheet. To put that in perspective, when investors
 
 pay 252p per share they get net assets – total assets of the company less monies owed tocreditors – of £1.04bn, or 74p per share. But the net debt – debt less available cash – stands at£1.95bn, or 138p per share, at the end of June, up £267m from the same time last year. Therecent share offering is simply a band aid solution and leverages more debt into a bankruptcorporate pariah. The business model is unethical and unsustainable, at zero hour contracts,mass redundancies and tax avoidance by creating wholly owned offshore subsidies.
(7A) (j) A statutory demand was served on the company on March 19 2013(ll). More than 4 months have elapsed between the service of the statutory demand andthe presentation of this petition for the reasons set out in the statement of truth of (k)filed in support hereof.]
 
8. In the circumstances it is just and equitable that the company should be wound upThe petitioner(s) therefore pray(s) as follows:-(1) that G4S Care and Justice Solutions (UK) Ltdmay be wound up by the court under the provisions of the Insolvency Act 1986
(m) If the company isthe petitioner, delete“the company”. Addthe full name andaddress of any other  person on whom it isintended to serve this petition
 Note: It is intended to serve this petition on (m) G4S care and Justice Services Ltd andInvestment and hedge fund firms with substantial holdings:
Invesco: 248,239,496 (15.99%)Prudential: 89,325,538 (6.33%)Investment FundsTweedy, Brown Company LLC: 71,420,862 (5.06%)William H. Gates III: 45,224,081 (3.2%)BlackRock, Inc: 66,544,177Cevian Capital II G.P Limited 72,142,365 (5.11%)”
(n) Insert name andaddress of Court(o) Insert name andaddress of DistrictRegistry
Endorsement
This petition having been presented to the courton ________________________ will be heard at (n) [Royal Courts of Justice, Strand,London, WC2A 2LL] [(n) ________________________________ County Court ________________________________________________________][(o) ____________________________________ District Registry _________________________________________________________]on:Date____________________________________________________________________ Time _________________________________________________hours(or as soon thereafter as the petition can be heard)The solicitor to the petitioner is:- Name___________________________________________________________________ 

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