Morai Capital Investment (Swindon) Limited has received a court order for a petition to be wound up. A winding-up petition is an extremely serious statement of intent by a creditor in shutting down a company due to unpaid debts. It is the strongest action a creditor can take against a business and is often the natural next step in the debt-chasing process after a statutory demand for payment has gone unheeded.
It is to date unknown which creditor to Moirai Capital Investment (Swindon) Limited has filed a petition to wind up the company.
The petition to the High Court of Justice was filed on the 19th October 2016.
Last week it was discovered that the Oasis developer, Moirai, had breached the terms of their development agreement for the Oasis with Swindon Council for a second time, after being given a reprieve in 2014. In March 2014 it was discovered that Moirai’s shell company, MW Contract Services Ltd (formerly Oasis Operations Ltd), went in to liquidation after owing £850,000 to creditors, including local small businesses like Storm Recruitment, based in Commercial Road.
Moirai was awarded a 99 year lease to develop the Oasis site in April 2013 by Swindon Council.
The Labour Group’s Spokesperson for Leisure, Cllr Jim Robbins, said:
“This must be the final nail in the coffin to Moirai. They can’t keep the long-term lease on the Oasis site when they are consistently failing to meet the targets they’ve been set by the Council and are now being petitioned to “wind up” due to debts they owe. If Swindon Council doesn’t act now then we will be just seen a toothless organisation who can be pushed around by anybody.
A winding-up petition to court is an extremely serious matter and whoever the creditor is petitioning for this, must feel very aggrieved about the Moirai owe them.
The Council should now be looking for a new partner, who has a track record of delivering on developments, to take over the running of this site. After nearly 4 years of broken promises and hundreds of thousands of pounds owed, the Swindon public will rightly expect the Council to act and end this sorry affair.”