MVP Fund Range PCC Limited

Further to the Commission’s news article of 28 August 2015, a directions hearing was heard on 16 September 2015 in relation to the Commission’s application for the winding up of MVP Fund Range PCC Limited (“the Fund”) under section 410 of the Companies (Guernsey) Law, 2008, as amended.

 

After hearing Counsel for the Commission and Mr Stratford, a director of the Fund, the Royal Court made a number of orders, including that:

 

1. The Fund shall file and serve all affidavit evidence upon which it wishes to rely at the hearing of the Application by 4pm on the 2nd October 2015;

 

2. Any affidavit evidence served or filed on behalf of the Fund after the above date will not be considered at the hearing of the Application without further order of the Court;

 

3. If so advised, the Commission is to file and serve any affidavit evidence in reply on or before 4pm on the 9th October 2015;

 

4. The evidence of each party should include any representations made to that party by any investors in the Fund;

 

5. The Fund shall file and serve a skeleton argument on or before 4pm on the 23rd October, 2015.  If so advised, the Commission may file and serve any supplemental skeleton argument by the same time;

 

6. The Application is listed for hearing at 10am on the 27th October 2015 with an estimate of one day;

 

7. Pursuant to section 13(1)(b) of The Royal Court (Reform) (Guernsey) Law 2008, the Court directs that it will sit unaccompanied by Jurats at the hearing of the Application;

 

8. Paragraph 4 of the Order of the 27th August 2015 remains in effect but is varied to allow the Fund to deal with up to the sum of £10,000 of the assets of the Fund (as defined in that Order) for the purposes of the Fund obtaining Guernsey legal advice and representation in relation to the Application;

 

9. Costs reserved;

 

10. Liberty to apply.

 

Paragraph 4 of the Order of the 27th August 2015 provided that:

 

The Fund and each of the cells of the Fund being the MVP Premium GBP Fund, the MVP Premium EUR Fund and the MVP Trade Finance Fund are prohibited from:

 

a. dealing with or disposing of any assets; or
b. making any investments or loans,

 

without the prior written agreement of the Commission.  For the avoidance of doubt, the term “assets” includes any investment portfolio and the balances of any bank accounts.  For further avoidance of doubt this order extends to any action that would normally be taken by the directors, the designated manager or custodian of the Fund or any of the cells.