Court issues winding-up order in respect of Montpelier (Trust & Corporate) Services Limited (“Montpelier”)

Background

On 22 January 2020, the Isle of Man Financial Services Authority (the “Authority”) issued a claim form in the Isle of Man High Court seeking an order that Montpelier be wound-up in the public interest. On 27 April 2020, the Isle of Man High Court issued an Order winding-up Montpelier pursuant to section 164(1)(d) of the Companies Act 1931 and appointing Dennis McGurgan of Grant Thornton (Isle of Man) Limited and Mike Saville of Grant Thornton UK LLP as joint provisional liquidators and deemed Official Receivers. A copy of the Order is here.

Montpelier continues to be licensed to conduct business under Class 4 (corporate services) and Class 5 (trust services).  Its licence will be updated to record that it is in liquidation. Details of Montpelier‘s licence can be found on the Authority’s register here.

Manager, Receiver and Inspectors

By way of further background, on 7 October 2019, following an application by the Authority, the Isle of Man High Court made an order that a manager, receiver and inspectors be appointed in respect of Montpelier. Details of those appointments are set out below and continue until terminated by Order of the Court or otherwise discharged.

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. A copy of this public statement has been sent to Montpelier.

If you have any questions regarding the Court’s decision, please contact infofids@iomfsa.im or your usual contact at Montpelier. If you wish to contact the joint provisional liquidators, please do so on montpelier@uk.gt.com. If you wish to contact Gordon Wilson (the manager and receiver), please do so on gwilson@cwconsulting.im.

Details of appointments made by Order of His Honour Deemster Khamisa QC dated 7 October 2019 (which appointments remain in force)

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.

A copy of the Authority’s update published on 5 November 2019 in relation to Montpelier is available here.

A copy of the Authority’s update published on 12 February 2020 after the Appeal Court dismissed Montpelier’s appeal against the above appointments is available here.

A copy of the Authority’s update published on 5 March 2020 after the application for winding-up was advertised is available here.