The secretary of state for trade and industry has presented a petition in the High Court to wind up Waterfront Financial Limited in the public interest.
The company operated as a commercial debt collector offering a debt recovery service to businesses it recruited by way of cold-calling.
The petition to wind up the company was presented following an investigation carried out by Companies Investigation Branch under section 447 of the Companies Act 1985.
The official receiver has been appointed provisional liquidator of the company.
The case is now subject to High Court action and no further information will be available until the petition is heard on 8 January 2007.