The original application to liquidate the funds was made by the Isle of Man Financial Services Authority (IOMFSA) in early June with the knowledge and consent of the funds’ directors.
In a letter to shareholders dated 16 June, the manager of New Earth Group, The Premier Group, advised that it was unlikely that a sale of assets would generate a return for the fund.
Sarah Sanders and Alex Adam of Deloitte were appointed joint liquidators provisionally on 9 June.
At a hearing on 12 July, the court heard an application from IOMFSA seeking an order that the group of funds be would up.
The application was granted, with Sanders and Adam appointed joint provisional liquidators and joint deemed official receivers of the New Earth Group of Funds.
A meeting of creditors and contributories was ordered to be held within eight weeks.
The New Earth Group of Funds offered three collective investment schemes:
- New Earth Recycling and Renewables (Infrastructure) (NERR), an Isle of Man specialist fund;
- Premier Investment Opportunities Fund (PIOF), an Isle of Man qualifying-type experienced investor fund; and
- Eclipse Investment Fund, an Isle of Man qualifying fund investing into NERR.