24 Aug 2016
The wind-up application was brought by the Guernsey Financial Services Commission (GFSC) after all of the directors of both companies resigned on 4 and 5 August, having informed investors that the fund had been suspended on 29 July.
Although not regulated by the GFSC, the commission made the application following the court appointment of Deloitte as administrators on 9 August.
As part Deloitte’s review it became evident that the Providence Parent Company was insolvent. The firm was appointed joint liquidators of the Providence Parent Company on 22 August and will proceed with the orderly winding up of the business.
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