In a significant departure from its historic position, an Isle of Man court has given liquidators greater scope than simply winding up a company’s affairs and enabled them to consider whether restructuring or refinancing proposals are worth pursuing.
The Isle of Man, one of the UK’s crown dependencies, plans to strengthen its economic links with Commonwealth countries ahead of Brexit by becoming a strategic partner of the Commonwealth Enterprise and Investment Council (CWEIC).
A proposed rescue package to save Quadris, an Isle of Man fund that invested in Brazilian forestry, would be a disaster for shareholders the director of an expat financial advice firm has warned.
Britain’s crown dependencies should be granted the same parliamentary representation given to devolved jurisdictions, a former member of the UK Parliament’s Foreign Affairs Committee has said.
Sales of offshore bonds rose by 60% in the first half of 2017, with new business through Canada Life International’s Isle of Man and Dublin-based offshore businesses hitting £566m ($736m, €626m).
An Isle of Man judge has ruled that the liquidator appointed to the collapsed Eco Resources Fund should be replaced despite objections from the island’s Financial Services Authority (IoMFSA).
The Netherlands and the UK facilitate global tax avoidance by acting as conduits for 37% of corporate money heading to tax havens, research by academics at the University of Amsterdam shows.
HM Revenue & Customs’ list of recognised overseas pension schemes (Rops) has grown by 10% on the back of more schemes from Australia and the Isle of Man being added. This rise, however, follows official figures showing that the number of Qrops transfers hit its lowest level for six years last year.
Liquidators for collapsed Isle of Man-based property investment firm Louis Group have said that, following legal advice, they will not pursue claims against Louis Group IoM’s insurers, its parent company in South Africa or founder Alan Louis, reports local newspaper IOM Today.
A second Isle of Man director of South Africa-headquartered Louis Group, which saw 700 investors lose at least £60m ($78m, €67.4m), has been disqualified as a director.
Investors in wound up New Earth funds have been left to pursue third party claims as a measure of last resort to try to recuperate all or part of their investment, the funds’ liquidators are suggesting.
Aviva’s decision to sell Friends Provident International (FPI) to RL360° for £340m ($444m, €384m) is “a game changer” for the life insurance industry, David Kneeshaw, chief executive of RL360°, told International Adviser.
