Meridian Income Bond Limited (2004-02-12)

Summary

This is a public statement issued by the BVI Financial Services Commission on 12 February 2004 concerning court proceedings against Meridian Income Bond Limited, an investment fund. It reports on the status of litigation rather than imposing any new rule or ongoing compliance requirement.

• Protection orders: The Commission's application for protection orders under the Financial Services Commission Act, 2001 was heard on 12 January 2004, and the Court directed the Commission to file winding up proceedings against the Fund.
• Winding up filed: The Commission filed proceedings to wind up the Fund and to appoint provisional liquidators.
• Asset freeze order: On 19 January 2004 the Court restrained the Fund, its servants and agents, and any person holding Fund assets from dealing with, disposing of, or transferring those assets in or outside the BVI.
• Pending hearing: On 20 January 2004 the Court heard preliminary arguments on the appointment of provisional liquidators; the application remained pending as of the notice date, with further updates promised.

The notice is informational, updating the public on the status of court-supervised insolvency action against a specific fund, and does not create any new obligations for regulated entities generally.

Applies to

mutual fund (Meridian Income Bond Limited)