UK: England and Wales: court grants FSA's application for winding-up of three companies

Judgment was given yesterday in Re Digital Satellite Warranty Cover Ltd. [2011] EWHC 122 (Ch). The trial judge held that three companies should be wound-up where they carried on business in contravention of the general prohibition found in Section 19 of the Financial Services and Markets Act (2000). In doing so the judge was required to consider whether the business of the companies - offering extended warranty contracts - should be regarded as contracts of insurance.

Update (1 Feb 2011): a summary of the decision has been provided by the ICLR as part of its WLR Daily service: see here.