Administrators of one SHF (UK) - CD brokerage company
22nd April 2008Smith & Williamson has been appointed administrators of one of the largest CD brokerage companies of its kind in the UK following a year-long police investigation into an £5m music piracy racket.
Joint administrators Greg Palfrey and Steve Adshead, from the accountancy and business advisory group's Southampton office, are currently going through the assets of SFH (UK) Ltd in Hatfield, Hertfordshire, to see what can be salvaged for sale.
Mr Palfrey said: "We have been appointed to try and recover value from assets which will be distributed to creditors in the usual way. Investigations are ongoing.
"We will write to creditors once we know the full picture about the amount of money that we can realise for them."
Mr Palfrey added: "A husband and wife team involved in running SFH were jailed on Wednesday (APRIL 2) in relation to a piracy ring costing the music industry an estimated £5m.
"We were appointed following a year-long investigation by the police and music industry into SFH. If assets cannot be retrieved, we will put the business into liquidation."
Among the artists pirated were R&B act Destiny's Child and pop diva Mariah Carey.
Hatfield businesswoman Farhat Nissa, 35, and her husband Mohammed Shaikh, 38, were jailed after being convicted of conspiracy to defraud the music industry, between May 21, 2003, and December 22, 2005, after a trial at Snaresbrook Crown Court in London.
Nissa was jailed for four and a half years less time already served while Shaikh received a year.
For further information contact
Press Office:
Kate Harrison / Layisha Laypang, 020 7131 4228 / 4550
Disclaimer
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
Note to editor
Smith & Williamson is an independent professional and financial services group employing over 1,400 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. It operates from offices in London, Belfast, Bristol, Glasgow, Guildford, Maidstone, Salisbury, Southampton and Worcester. Nexia Smith & Williamson is the audit practice of Smith & Williamson and is an independent company.
Smith & Williamson Limited
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.
Nexia Smith & Williamson Audit Limited
Registered to carry on audit work and regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.
