Update on NERR liquidation process

The joint liquidators of New Earth Renewables and Recycling (Infrastructure) PLC (‘NERR’) have stated their intention to apply for the liquidation process to be terminated and the company dissolved.

NERR, part of a group of funds managed by The Premier Group, was wound up in 2016 by the High Court in the Isle of Man.

Joint liquidators were appointed to investigate the reasons for the company’s failure in order to determine whether liability could be attributed to any party and if viable claims could be brought.

Funding of the liquidation costs is provided by the Isle of Man Government via the Isle of Man Financial Services Authority, which acts as a conduit for the Treasury and the administrators of the liquidation process.

The funding arrangement is subject to continuous review on the understanding that it can be withdrawn at short notice.

A point has been reached in the liquidation process where the provision of additional taxpayer funding is not in the public interest, other than as required to bring the liquidation to a conclusion.

Detailed legal advice provided to the joint liquidators has concluded that further action would most likely be unsuccessful.

Creditors and shareholders are advised to send any enquiries to nerrenquiries@teneo.com

Additional notes:

Specialist, Qualifying and Qualifying Type Experienced Investor Funds – the Authority’s remit for such schemes is to register them, receive notifications of changes and supervise their appointed Isle of Man functionaries.

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 this type of fund, including the loss of a significant proportion or all of the sum invested.

Further background information about the liquidation process can be viewed on the Authority’s website, including a Frequently Asked Questions document.