Globetrotting company failed to pay its auditors

by EWAN LAMB

The 'new' member of the Avocet Group of companies which promoted itself at several high profile events last year, including visits to Abu Dhabi and Switzerland, has failed to pay the professional fees of its auditors who have resigned.

As we reported recently, Borders-based Avocet Natural Capital, some of whose stable mates have become insolvent in recent weeks, was formed to 'protect' intellectual property, including patents for a 'revolutionary' fuel additive and game changing new methods of agricultural production.

The assets along with the interests of 650 shareholders and investors were previously vested in Avocet Infinite plc. But that company, now called Omega Infinite, is in the process of being liquidated.

Although those with a stake in the much vaunted processes have been led to believe their shares have jumped in value by 50% following the switch to Avocet Natural Capital (ANC), at least some are becoming increasingly concerned as to the whereabouts of their cash.

However, a legal expert who read our previous story about ANC commented: "With regard to the suggestion from those quoted in the article that minority shareholders do not have a remedy, I am not so sure that is the case. They should definitely seek legal advice and, if so advised, get this before the courts as soon as possible. The courts can order various things to be done which may protect the minority interests".

Now comes news that ANC's auditors have quit after the firm failed to pay "long overdue professional fees"

In a letter to ANC's directors dated May 13th, a copy of which has been published on the Companies House website, Newcastle-based chartered accountants Ryecroft Glenton confirm their resignation.

Ryecroft Glenton write: "In accordance with the requirements of Section 516 of the Companies Act 2006 we formally resign as auditors with effect from 12th May, 2020.

"We consider the following reasons and matters connected with our ceasing to hold office should be brought to the attention of the shareholders and creditors: Having considered the FRC Revised Ethical Standard 2019, long overdue fees for professional services threaten the objectivity of the firm to such an extent that the firm's independence is compromised".

As we have also reported, Ryecroft Glenton previously acted as auditors to Orrdone Farms Ltd., a subsidiary of Avocet Infinite which is now in administration. A report by Orrdone Farms' joint administrators lists Ryecroft Glenton as a creditor.

Only last June ANC sent a three-man team to a United Nations conference on Trade & Development in Geneva. The company participated in a panel debate during session five at the conference which bore the title "Growing inclusive entrepreneurial ecosystems in the digital world."

Post conference papers on session five report: "The panel was composed of representatives of the following entities: Avocet Natural Capital, United Kingdom; Council of Ethnic Minority Voluntary Sector Organizations Scotland, United Kingdom; European Organization for Nuclear Research (CERN), Switzerland; Foundation for Armenian Science and Technology, Armenia; Fondetec, Switzerland; Kubinga, Angola; The Great Village, France; and University of Hertfordshire, United Kingdom.

The ANC delegation spokesman claimed that an inclusive and sustainable business model could address the major sustainability issues facing the world by introducing a circular agricultural economy.

"The organization he represented advocated sustainable agriculture, renewable energy and green fuel. By developing a more circular approach to agriculture and energy, the organization helped enable farmers to generate a profit sustainably", adds the report.

Prior to the Geneva event the company was represented at the World Biogas EXPO 2018 at the National Exhibition Centre, Birmingham.

And in January 2019 ANC shared a stand with two alternative energy firms at the World Future Energy Summit in Abu Dhabi. The summit attracted 33,500 attendees from 170 countries and featured 800 companies and brands from 40 nations. Some 13 billion dollars worth of projects were announced on site.