Officers to be replaced, promises Frost

by EWAN LAMB

The latest claims by bankrupt businessman Martin Frost that administrators and liquidators of two of his insolvent and debt-ridden companies are to be replaced have left long-suffering shareholders astounded and confused.

In a newsletter sent by email today to Avocet Natural Capital PLC investors Mr Frost also promised that the 'denizens' who are members of the Avocet independent internet Forum would face prosecution with an announcement to that effect to be made this weekend.

There has been growing speculation over the Avocet Group's future following last month's decision by a judge to issue bankruptcy orders in respect of Mr Frost and his wife. But so far there has been no public statement from either Avocet director Bob Jennings or company secretary Eirlys Lloyd.

As a bankrupt Mr Frost is not able to hold directorships in any company although more than three weeks out from the court decision he is still listed as a director of a number of businesses including Avocet Natural Capital.

He now contacts shareholders under the title of joint president of ANC although critics claim he should not be using company data to get in touch with investors.

In today's missive, Mr Frost updates readers on the forthcoming dividend payment plans before informing shareholders: "This coming weekend there will be significant announcements regarding: Omega Infinite Plc – replacement of liquidators; Orrdone Farms Limited – replacement of Ms. E. Porter;  Avocet ‘HATE’ Forum – prosecution of denizens; Genfro Limited – trading platform operations"

Insolvency specialists Begbies Traylor were appointed as liquidators of Omega Infinite in 2020 while Emma Porter is the administrator of another Avocet subsidiary, Orrdone Farms Ltd. Both of those concerns have sizeable debts and separate lists of creditors.

Not Just Sheep & Rugby contacted Edinburgh-based accountancy firm Aver where Ms Porter is based to see if they could comment on Mr Frost's assertion that she was to be replaced.

We were told: "Ms Porter does not consider it appropriate to comment on unsubstantiated statements by Mr Frost."

When we got in touch with Begbies Traynor's spokespersons to see if they could throw any light on the upcoming departure of Omega Infinite's liquidators we were informed: "Begbies Traynor are not able to comment".

But one of the shareholders who is concerned by the insolvency of three Avocet businesses - Avocet Faculties Ltd is also in administration - had strong words to say after reading today's newsletter.

The investor commented: "I do not understand why Frost can freely correspond with shareholders subsequent to his bankruptcy ruling. Surely someone in authority can put a stop to this flagrant breach of legal process?

"It would be interesting if Frost could tell us on whose authority the officers currently investigating the affairs of the failed businesses are to be removed. We already know he and his fellow directors have refused to co-operate with Ms Porter which also constitutes a breach of company law".