UPDATE: Montpelier (Trust and Corporate) Services Limited - appointment of receiver, manager and inspectors

Published on: 05 November 2019

Update on 5 November 2019: On 11 October 2019, Montpelier (Trust and Corporate) Services Limited (“MTCSL”) filed an appeal against (a) the Order of His Honour Deemster Khamisa QC appointing a manager, receiver and inspectors in respect of MTCSL (the “Appointment Order”) and (b) the Order of His Honour Deemster Khamisa QC refusing to grant a stay in respect of the Appointment Order (the “Stay Appeal”). On 23 October 2019, the Island’s Appeal Court (the Staff of Government Division) dismissed MTCSL’s Stay Appeal and listed the hearing of the principal appeal (i.e. that set out in (a) above) for a hearing at 10am on 10 January 2020. Pending the appeal, the manager, receiver and inspectors remain in place.

Update on 11 October 2019: Montpelier (Trust and Corporate) Services Limited made an application on 4 October 2019 for a stay of “any order appointing a manager, receiver or inspectors pending an appeal to the Appeal Division” (the “Stay Application”). On 10 October 2019, His Honour Deemster Khamisa QC delivered his judgment dismissing the Stay Application. A copy of that judgment is available here.

The following was published on our website on 8 October 2019:-

Following an application by the Isle of Man Financial Services Authority (the “Authority”), the Isle of Man High Court has made the following appointments by Order dated 7 October 2019 (the “Court Order”) in respect of Montpelier (Trust and Corporate) Services Limited (“MTCSL”):

Mr Gordon Wilson of CW Consulting Limited, Third Floor, 15-19 Athol Street, Douglas, Isle of Man, IM1 1LB is appointed as receiver in respect of MTCSL pursuant to section 21 of the Financial Services Act 2008;
Mr Gordon Wilson of CW Consulting Limited, Third Floor, 15-19 Athol Street, Douglas, Isle of Man, IM1 1LB is appointed as manager in respect of MTCSL pursuant to section 22 of the Financial Services Act 2008;
Mr Adrian Hyde and Mr Robert Starkins of CVR Global LLP, 20 Furnival Street, London EC4A 1JQ are appointed as inspectors to investigate certain matters relating to MTCSL pursuant to section 5 of the Companies Act 1974.

The Court Order requires that a copy of the Court Order must be placed on the website of the Authority. A copy of the Court Order is here.

The judgment of the High Court under which the Court Order was made is here.

MTCSL continues to be licensed to conduct business under Class 4 (corporate services) and Class 5 (trust services). Details of MTCSL’s licence can be found on the Authority’s register here.

The Authority makes this public statement under section 13(4) of the Financial Services Act 2008 on the ground that it is desirable in the public interest to do so.

If you have any questions regarding the effect of the Court Order, please contact infofids@iomfsa.im or your usual contact at MTCSL. If you wish to contact Gordon Wilson (the manager and receiver), please do so on gwilson@cwconsulting.im.