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Its 100% shareholder and sole director was Michael Lionello Cowan, who resigned as director on 16 January 2015. Its registered office was 14 Regent Hill, Brighton BN1 3ED.
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Two film investment companies that took in £3 million from the public but failed to provide any returns have been wound up in the High Court following an investigation by Company Investigations of the Insolvency Service.
On 31 August 2016 Mr Registrar Briggs ordered that Spice Factory (UK) Limited and Gummy Bear Films Limited be wound up in the public interest after hearing that the companies misled the public and spent, at most, 11% of funds received from the public on film production. The remainder of the money was divided between the brokers who recruited investors, the director Michael Cowan, his former business partner Steven Wilkinson and companies they controlled.
The court heard private individuals entered into investor agreements with Gummy Bear Films Limited after introductions by brokers. It was intended that these private investment funds would receive an equity profit in a film, Gummy Bear 3D The Movie, which has not been made.
The court heard that the funds received from investors were not ring fenced or safeguarded in any way and were either paid into Spice Factory’s current account, where they were treated as general income of the company, or via escrow accounts to various third parties.
Mr Cowan allowed Mr Wilkinson, who was at the time an undischarged bankrupt, to operate Spice Factory’s bank account without Mr Cowan, who was the company’s director, exercising any oversight or control. Mr Registrar Briggs noted that there was no doubt the companies should be wound up in the public interest. He was particularly concerned by the lack of commercial probity.
The public had been misled into making investments which they would not have made had they known the truth, which was that around 89% of their investment was not going to film production costs.
Media enquiries for this press release – 020 7674 6910 or 020 7596 6187
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Email press.office@insolvency.gov.uk
Feb 16, 2018 · A A. 0. A Brighton film producer has been banned from being a company director after investors were conned out more than £5 million. They were told that the money would fund a film called Henry 5 (sic) with an A-list cast. But Michael Cowan, who turns 53 today, failed to account for much of the money and never made the film.
Jul 10, 2015 · Its 100% shareholder and sole director was Michael Lionello Cowan, who resigned as director on 16 January 2016. Its registered office was 14 Regent Hill, Brighton BN1 3ED. The petition was presented under s124A of the Insolvency Act 1986 on 11 May 2015 and the winding-up order was made on 1 July 2915.
Oct 26, 2018 · Fri Oct 26 2018 - 15:19. The High Court has made orders freezing a retirement fund belonging to an English-based film producer who is being investigated by the UK authorities over his alleged role ...
Feb 28, 2018 · A film producer from Brighton has been banned from being a company director after he scammed investors out of more than £5 million. Michael Cowan (full name Michael Lionello Boscardi di Pallavicini di Zoppini Cowan), 53, told investors that the money would fund a film called Henry 5(sic), with a supposed A-list cast, but he […]
Michael Cowan. Producer: A Different Loyalty. Michael Cowan was born on 16 February 1965 in Ghana. He is a producer and writer, known for A Different Loyalty (2004), The Merchant of Venice (2004) and The Bridge of San Luis Rey (2004).
