Fund with £2.4 million bill to be wound up

A company will be wound up in the public interest after a Manx court refused to adjourn the case while a rescue package could be put together.

The Financial Services Authority brought the case against the Eco Resources Fund - managed by the Premier Group - which went into liquidation last November.

Shareholders argued the fund could be rescued if Deemster Doyle gave them enough time - however he dismissed their arguments saying they were vague and belated.

He said the fund had no officers, directors, secretary, manager, administrator or custodian and has an unpaid bill of £2.4 million and ordered the fund to be wound up.