NERR was managed and promoted by Premier Group IoM and collapsed in July 2016 after the island’s High Court granted a wind-up application for it and two feeder funds, known collectively as the New Earth Group of Funds.
The three unregulated funds had 3,249 investors and were collectively valued at $292.22m (£207.9m, €234.1m).
At the time the winding up order was granted, the value of the investments was close to zero.
The funds invested in three UK-based companies involved in recycling and waste management.
Premier Group went into voluntary liquidation in 2016 but cannot be wound up until investigations into its failings are completed.
Unwilling to be interviewed
Local newspaper Isle of Man Today reported on 18 June that the NERR liquidators have sent an update to shareholders and creditors, saying they have attempted to conduct formal fact-finding interviews with the company’s directors.
Two of the four NERR directors, who are UK-based, attended initial interviews with the liquidator.
“However, all four have, through their legal advisers, informed the joint liquidators that they are now unwilling to be orally interviewed in relation to this matter and have indicated they will only provide written answers to any questions put to them.
“In the opinion of the joint liquidators, attempting to clarify the affairs and dealings of the company over a period of several years through written correspondence is both impractical and inefficient,” the liquidator said in its update, seen by Isle of Man Today.
Isle of Man taxpayers are currently funding the NERR wind up, with liquidators fees and expenses totalling £374,700 to date.
Court application
The refusals to be interviewed have pushed the liquidator to make a legal application for the two directors who have yet to be interviewed to be examined in open court under oath.
The directors are actuary Michael Richardson and John Bourbon, both of whom live on the island. They were also directors of Premier Group I0M.
Bourbon is a former head of supervision at the Isle of Man Financial Supervision Commission.
