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

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up Anaplans Institutional Insured Credit Receivables Fund Limited, an institutional fund authorised under the Investment Funds Act 2006. The winding up order was issued on 25 February 2022 following the earlier appointment of joint provisional liquidators.

• Breach 1: The Fund failed to prepare and file audited financial statements within six months of its year ends for fiscal years 2018, 2019 and 2020, contrary to Section 14(1)(a) of the Investment Funds Act.
• Breach 2: The Fund failed to appoint a replacement auditor after its previous auditor resigned in October 2019, contrary to Section 14(1)(b).
• Breach 3: The Fund failed to file its declaration of compliance for years ending 31 December 2018, 2019 and 2020, contrary to Section 26(b).
• Breach 4: The Fund failed to conduct its business in a prudent manner, resulting in impairment of its assets, contrary to Section 4A(2) and paragraph 2 of the Minimum Criteria for Licensing.

The notice is informational and relates to a specific enforcement action; it does not impose new ongoing regulatory obligations on the wider industry. It identifies Joel Edwards of EY Bermuda Ltd. and Eleanor Fisher of EY Cayman Ltd. as the appointed joint provisional liquidators and provides a contact for queries relating to the liquidation.

Applies to

institutional funds, investment fund operators