The Hartley Pensions campaign group has written to the Isle of Man Financial Services Authority, urging it to halt an upcoming meeting which seeks to decide on the fate of Wilton IOM.
The letter, seen by FTAdviser, asks the chief executive of the authority to make an application to the court to prevent the meeting from taking place on February 12.
The extraordinary general meeting of shareholders and creditors of Wilton IOM was notified by director Michael Flanagan this month and is to be held for the purpose of winding up the company under creditors voluntary liquidation.
But the campaign group believes it should have been notified of the meeting taking place, saying it has a “rightful claim to be contingent creditors of Wilton IOM”.
This was not the case, it said, therefore it asked the regulator to stop it and only allow it to take place after “proper and due process has been followed in accordance with S225 - 228 of the Companies Act 1931”.
According to the campaign group, Wilton IOM had licences to provide corporate services and to act as a fiduciary / trustee for Hartley Pensions. It is understood Wilton IOM managed a number of offshore trusts and Wilton affiliates.
The Isle of Man Financial Services Authority, which removed Wilton (IOM) Limited's regulatory licence on 24 January, told FT Adviser: "Officers at the Isle of Man Financial Services Authority have spoken to a member of the Hartley Pensions campaign group on a number of occasions and have listened to their concerns. The authority has also received a letter from the same individual.
"The authority notes that the letter has been copied to the Financial Intelligence Unit, which is the appropriate agency in the Isle of Man to receive and consider reports of suspicions of money laundering, terrorism financing and proliferation financing.
"The authority is aware of a notice to wind up Wilton (IOM) Limited through voluntary liquidation and that a meeting of creditors of the company has been called on 12 February 2024.
"The authority revoked the licence of Wilton (IOM) Limited to carry on certain regulated activities under the Financial Services Act 2008 for reasons set out in a notice published on 24 January 2024."
According to The Gazette, the EGM will see attendees be presented with a "full statement of the position of the company’s affairs", together with a list of creditors and an estimated amount of their claims.
The plan is to then agree to wind up the company under creditors voluntary liquidation and appoint Adrian Charles Hyde and Craig Mitchell as liquidators and, "if thought fit, of not appointing a Committee of Inspection".
The campaign group has previously pledged it will try to stop Wilton IOM going into liquidation.
It comes after in 2023, statements were made at a hearing at Leeds Circuit Commercial Court relating to a petition to wind up Wilton UK, the parent company of Hartley Pensions.
According to Hartley Pension’s due diligence pack (2017), Wilton UK (Group) Ltd bought Hartley Pensions in 2016 and is wholly owned by Wilton Group Ltd .
On July 11 last year, Colm John O'Sullivan and Most Consulting Ltd, filed a petition to wind up the Wilton UK (Group) in the Business and Property Courts in Leeds, as creditors of Wilton UK (Group), according to the Gazette.
alina.khan@ft.com
