The New Earth Group of Funds – appointment of Joint Liquidators provisionally

  • New Earth Recycling and Renewables (Infrastructure) plc (“NERR”)
  • The Premier Investment Opportunities Fund Protected Cell Company Plc (“PIOF”) and
  • The Eclipse Investment Fund Protected Cell Company plc (“Eclipse”)


Collectively known as the “New Earth Group of Funds”.

On 9 June 2016 His Honour the Deemster Doyle sitting in the High Court of Justice of the Isle of Man heard an application from the Isle of Man Financial Services Authority (“the Authority”) seeking an order that Joint Liquidators provisionally and deemed Official Receivers be appointed to each of the New Earth Group of Funds. The application was made with the knowledge [and consent] of the governing bodies of NERR, PIOF and Eclipse.

His Honour the Deemster Doyle granted the applications by Orders (NERR, PIOF and Eclipse), appointed Sarah Sanders and Alex Adam, both of Deloitte LLP, Joint Liquidators provisionally and deemed Official Receivers of the New Earth Group of Funds. A further hearing of the matter is scheduled for 12 July 2016 at 10am. Contact details for the Joint Liquidators provisionally and deemed Official Receivers are set out at the end of this statement.

The reason for the application related to the position of 2 companies into which the New Earth Group of Funds are almost wholly invested. NERR is the majority shareholder in two entities: New Earth Solutions Group Limited ("NESG") and New Earth Solutions Facilities Management Limited ("NESFM").


The Authority has been informed that on 7 June 2016 Duff & Phelps Ltd were appointed as Administrator to NESG and NESFM.

NERR has also provided finance to NESG and NESFM and these loan notes are listed on the Channel Islands Securities Exchange.


The basic relationship between the New Earth Group of Funds (the majority shareholders) and NESG and NEFM is illustrated below.

NERR group of funds and the operating companies NEFM and NESG had been working for over 12 months with a developer to save the NEFM and NESG and thus achieve shareholder value for the New Earth Group of Funds. This proposal involved restructuring which included dealing with senior debt issues. It appears discussions with the banks (senior lenders) have failed and it is understood that the developer has stepped away from the proposed deal which has resulted in the two operating companies going into administration.

Financial statements for NESG and NESFM posted on the Channel Islands Securities Exchange on 20 May 2016 show large debt positions and operating losses.

The New Earth Group of Funds have been suspended since January 2014. NERR is an Isle of Man Specialist Fund. PIOF is an Isle of Man Qualifying-Type Experienced Investor Fund. investing into NERR. Eclipse is an Isle of Man Qualifying Fund investing into NERR.

Specialist, Qualifying and Qualifying Type Experienced Investor Funds are unregulated collective investment schemes which are not approved or reviewed by the Authority and are post notified to the Authority for the purpose of registration. These types of funds cannot be sold to the retail public.

The Authority’s remit for such schemes is to register, receive notifications of changes and supervise their appointed Isle of Man functionaries. The appointed Manager of the funds is The Premier Group (Isle of Man) Limited and the appointed Administrator of the funds is Moore Fund Administration (IOM) Limited.

Access to such funds is only available where investors confirm that they meet the fund type’s minimum entry criteria. This includes a statutory certification that they have read the scheme’s offering document and understand and accept the specific risks associated with that type of fund, such as risks surrounding the underlying investments associated to these types of funds and the risk that investment could result in a loss of a significant proportion or all of the sum invested.

If an investor is invested directly or indirectly in one of the above named funds, the Authority suggests they contact the Joint Liquidator provisionally in the first instance with any queries. The Joint Liquidators provisionally are Sarah Sanders and Alex Adam of Deloitte. LLP.

Dedicated mailbox

Telephone enquiries to:

0161 832 3555 – Nadeem Sweiss (Deloitte LLP)

01624 672332 – Cathy Craine (Deloitte LLP)

Postal address

Deloitte LLP
P.O. Box 250
The Old Courthouse
Athol Street
IM99 1XJ

The Authority also suggests that in the meantime investors may also wish to contact their financial advisor or intermediary.

Further details about the funds can be found on the NERR website.

The Authority has prepared some Frequently Asked Questions.

E-mail enquiries can be made to the Authority at:


Useful Information

Specialist Fund

Qualifying Fund

Qualifying- Type Experienced Investor Fund