Notice - Anaplans Institutional Insured Credit Receivables Fund Limited (2022-02-25)

Summary

This is a Bermuda Monetary Authority notice announcing that the Supreme Court of Bermuda, on the Authority's petition, ordered the winding up of Anaplans Institutional Insured Credit Receivables Fund Limited, an Institutional Fund authorised under the Investment Funds Act 2006. Joint provisional liquidators were appointed on 11 February 2022 and the winding up order was issued on 25 February 2022 following a court hearing.

• Failure to file audited financials: The Fund failed to prepare and file audited financial statements within six months of its year ends for fiscal years 2018, 2019 and 2020, breaching Section 14(1)(a) of the IF Act.
• Failure to appoint auditor: The Fund failed to appoint a replacement auditor after its previous auditor resigned in October 2019, breaching Section 14(1)(b).
• Failure to file declarations of compliance: The Fund failed to file its declaration of compliance for 2018, 2019 and 2020, breaching Section 26(b).
• Imprudent conduct of business: The Fund failed to conduct its business prudently, resulting in impairment of its assets, breaching Section 4A(2) and paragraph 2 of the Minimum Criteria for Licensing.

The notice names the joint provisional liquidators (now liquidators following the winding up order) as Joel Edwards of EY Bermuda Ltd. and Eleanor Fisher of EY Cayman Ltd., and provides a contact email for questions about the liquidation. It also identifies Sylvain Lamoureux as the Fund's operator and sole director of its investment manager, Anaplans Asset Management (Bermuda) Ltd.

Applies to

Institutional Funds, investment funds licensed under the Investment Funds Act 2006