What is the status of the Fund’s liquidation?
Information in relation to interim distributions made by the Fund to date and potential future distributions is set out below.
The Fund is party to ongoing litigation, which may have an impact on further recoveries, including prosecuting claims against its former administrator and custodian.
For further details concerning ongoing litigation, and the status of the Fund’s liquidation more generally, kindly refer to previous stakeholder reports (see the ‘Creditor and Investor Information’ section).
What distributions have been made to-date and what are the prospects of future distributions?
Based on the Fund’s cash position and after making the appropriate reserves, there are sufficient assets available to discharge the statutory interest entitlements of the Ordinary Creditors and Redemption Creditors. A number of these parties have already received their statutory interest payments. Ordinary Creditors and Redemption Creditors who have not received a payment in respect of their statutory interest entitlements are encouraged to contact the liquidators at their earliest convenience.
In accordance with section 140 of the Companies Act (2022 Revision), the surplus assets of the Fund are to be distributed to the investors and on 25 November 2020, the Grand Court approved the distribution of the Fund’s surplus assets to the Fund’s investors.
To date, the Liquidators have declared two interim distributions and will shortly declare a third interim distribution to the Fund’s investors. The Liquidators will proceed with this distribution in accordance with the wire instructions and KYC documentation previously provided to them by investors for the second interim distribution.
If any investor’s wire instructions or KYC information has since changed, the Liquidators kindly invite that investor to advise them of these changes by no later than 20 July 2022. Any documents received after this time may result in distribution monies being held in reserve until at least the next payment tranche.
Investors who have not received a payment in respect of their equity interests are encouraged to contact the Liquidators at their earliest convenience.
Who is an Ordinary Creditor?
Who is a January Subscriber?
Who is a December Subscriber?
Who is a Redemption Creditor?
- December Redeemers are investors whose shares were redeemed pursuant to the Fund’s articles (Articles) on 1 December 2008, but who did not receive redemption proceeds at the time.
- KYC Redeemers are investors whose shares were redeemed pursuant to the Articles on or prior to 1 December 2008, but who did not receive redemption proceeds at the time due to there being outstanding “Know Your Client” and/or other documentation.
How does the Fund distinguish between investors of record and beneficial owners?
The liquidators only hold information on, and will therefore only communicate with, investors of record. The liquidators are only permitted to make distributions to investors of record, subject to any Court approved share transfers and/or authorised assignments (see below FAQs on these points).
If you are a beneficial owner, your custodian or nominee shareholding institution (i.e. the investor of record) will be responsible for circulating the liquidators’ updates and forwarding any distributions to you. A beneficial owner wishing to obtain copies of the liquidators’ stakeholder reports and attend the stakeholder meetings may do so subject to authorisation being granted by the investor of record (please see FAQs below for further details).
Are the liquidators able to confirm or provide a statement in relation to my investment in the Fund?
If you are an investor of record, please contact the person listed on the Contact section of this website.
If you are not an investor of record, please contact your custodian or nominee shareholding institution.
Do I need to file a claim to be eligible for a distribution?
Can I receive copies of the liquidators’ stakeholder reports and attend the stakeholder meetings convened by the liquidators?
If you are a beneficial owner, please request your financial institution to liaise with the contact person listed at the Contact section of this website should you wish to attend stakeholder meetings as a proxyholder or obtain copies of the reports.
Can I crystalize my position in the Fund?
I am an investor of record in the Fund. Can I transfer / sell my investment to another party?
Accordingly, if you are an investor of record and wish to transfer your shares to another party, this will require an application being made to the Grand Court. The cost of making such an application to the Grand Court is approximately US$10,000 and would need to be met by the investor in question.
Parties are on notice that distributions will be made to the investor of record. Take note that the Liquidators will continue to act on the instructions of the investor of record until otherwise directed by the investor of record, or as may be required by Court order.
Please contact the contact person listed at the Contact section of this website should you wish to learn more. Please note that this does not constitute legal or professional advice and the liquidators do not accept any liability in connection with any share transfers.
I am an investor of record in the Fund. Can I assign / sell my rights to receive a distribution to another party?
The Fund’s investors with claims in the MVF are advised that these claims are the responsibility of the investors who hold them and it is for them to pursue them with the MVF in the US.
This FAQ section has been prepared solely for general information purposes. It is not intended to be, nor is it, legal advice. The liquidators do not provide any warranties in relation to the same. All parties should obtain their own legal advice in respect of their positions in the Fund. Please contact the contact person listed at the Contact section of this website should you have any questions.