Timeshare company wound up

GOLDEN PORTFOLIO, the controversial timeshare company based in Milton Keynes, has been wound up. The company owes thousands of pounds to creditors, with assets of only about pounds 8,000.

More than pounds 184,000 is owed to members of the public for inducements, such as video recorders, to attend timeshare promotions.

In December 1991 the Independent on Sunday highlighted Golden Portfolio's selling techniques. Families were misled into attending timeshare presentations by the offer of an award, which did not materialise. After the sales pitch, the prize was always mysteriously out of stock. The families later received a certificate enabling them to claim the prize. But it was from another company and there was a new condition attached: a pounds 39.95 delivery charge.

At the time we asked Golden Portfolio questions about the missing prizes but the company would not comment.

Golden Portfolio was then charged with 22 offences in relation to its allegedly misleading sales techniques.

Tony Thompson, insolvency partner at KPMG Peat Marwick, says: 'There are many matters which require investigation. Top of my list will be to establish whether the business was carried on to defraud creditors and also if assets were disposed of prior to liquidation at below value.'