New Earth fund liquidation costs ‘restricted’
Freedom of Information request from Isle of Man newspaper fails to uncover taxpayer burden
New Earth
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Premier Group directors could be questioned in court
The Isle of Man-based directors of the failed New Earth Recycling and Renewables (NERR) fund could be interviewed in open court under oath, as the liquidator seeks to “clarify the affairs and dealings of the company”.
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New Earth liquidators assessing legal options
Liquidators of the failed New Earth Recycling and Renewables (NERR) fund now have more than 200,000 documents in their possession and want to establish if there is a case to take legal action against any party deemed liable for the collapse.
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Adviser still working after losing clients £400,000
A couple who lost almost £400,000 due to bad advice they received from a financial planner have been shocked to discover that he is still working in the industry.
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New Earth owner has licence revoked
Isle of Man-based Premier Group (PGIOM), the company behind the ill-fated £300m New Earth Group of funds, has had its financial services operating licence revoked by the island’s regulator.
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New Earth investor wins appeal
A financial advice firm has been ordered to pay compensation to a client who was wrongly categorised as a professional investor in order for her to invest in the now-collapsed New Earth Solutions Recycling Facilities Investment fund.
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Failed New Earth investors told to go after third parties
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.
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Collapsed Premier Group loses out on £39m debt payment
There is no prospect that Isle of Man-based Premier Group will receive any of the £39m ($50.6m, €44.4m) the company is owed by a waste management company it funded through its New Earth Group collective investment schemes.
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IoM taxpayers footing the bill for New Earth Group wind up
Taxpayers on the Isle of Man will pay for the winding up of collapsed investment fund New Earth Recycling and Renewable (NERR), part of the New Earth Group of Funds, after the island’s financial regulator stepped in to pick up the tab.
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Defunct Premier Group links uncovered in Panama Papers
Wound up Isle of Man-based investment fund manager the Premier Group has links to the Panama Papers, the worldwide scandal described as the “biggest ever blow” to the offshore world.
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Isle of Man to officially wind up Nicaraguan bamboo fund
The Isle of Man’s financial services regulator is looking to officially liquidate the stricken Eco Resources Fund, which convinced 189 investors to put $61m (£48m, €57m) into building a bamboo plantation in Nicaragua.
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New Earth’s fund manager expected to pay creditors in full
Isle of Man-based Premier Group, the fund manager behind the ill-fated £300m ($373m, €353m) New Earth Group of funds, will be able to pay its creditors in full, according to joint liquidator Craig Mitchell.