Guernsey
US bankruptcy court hears of Providence problems
A US bankruptcy court hearing into Providence Financial Investments, the Miami-based parent of Providence Global which was wound up in Guernsey last month, was told by the firm’s chief restructuring officer, who examined the books, that “nothing in this company is working”.
Guernsey’s Providence fund ordered to be wound up
The Royal Court of Guernsey has ordered the winding up of Providence Global Ltd, the parent company of locally registered Providence Investments Funds and its manager Providence Investment Management International.
Guernsey’s Providence fund goes into administration
The Royal Court of Guernsey has appointed Deloitte as administration managers to Providence Investment Funds and its manager Providence Investment Management International Ltd (Pimil) after all of the directors of both companies resigned last week.
EEA investors face more delays selling shares in doomed fund
Investors in the ill-fated EEA Life Settlements Fund have been told they cannot sell their shares in so-called ‘death bonds’ until later in the year as not enough cash has been generated from maturing policies, according to campaign group EEA Investor’s Group (EEIG).
United Kingdom | 30 Jun 16
Guernsey is a financial services ‘safe haven’, says minister
The island remains a “safe haven” for financial services despite the UK’s decision to leave the European Union, according to Guernsey’s chief minister, deputy Gavin St Pier.