An action has begun in the High Court to shut down a South London-based lettings agency.

The Secretary of State for Business, Innovation & Skills has presented a petition in the High Court to wind up in the public interest Foster Stone Limited.

The petition to wind up the company was presented following confidential enquiries carried out by Companies Investigation Branch of The Insolvency Service, under section 447 of the Companies Act 1985, as amended.

On the application of the Secretary of State the Official Receiver has been appointed by the Court as provisional liquidator of the company. The role of the Official Receiver is to protect the assets and financial records of the company pending determination of the petition. The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect the assets including any third party or trust monies or assets in the possession of or under the control of the company.

As the matter is before the Court no further information will be made available until the petition is determined. The petition is listed for hearing on 3 March 2010.