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Wilton (IOM) Limited - appointment of Interim Receiver

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Mr Nicholas Mark Halsall of PricewaterhouseCoopers LLC has been appointed by the Isle of Man High Court on Tuesday 21 November 2023 as interim receiver in respect of Wilton (IOM) Limited (“WIOM”) (“interim receiver”). A copy of the Court Order is here.

The appointment has been made following a court application by the Isle of Man Financial Services Authority (“FSA”). The FSA used its powers under the Financial Services Act 2008 to apply to court to appoint an interim receiver in respect of WIOM. A copy of the press release is available here. 

The interim receiver has been appointed as interim receiver of the affairs, business and property of WIOM until further notice.

The interim receiver is now reviewing the affairs, business and property of WIOM and he will use this website as a means of delivering updates as they become available. 

If you have any questions about the impact of the court appointment, you can contact the interim receiver using the enquiry form below with any queries you may have or by calling +44 (0)1624 654769.

 

Nicholas Mark Halsall is a Partner and Chartered Accountant regulated by the Institute of Chartered Accountants in England and Wales.

The interim receiver may act as controller of personal data as defined by Isle of Man data protection law depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLC may act as a processor on the instructions of the interim receiver. Personal data will be kept secure and processed only for matters relating to the interim receiver's appointment. Further details are available in the privacy statement on the PwC.com/im website or by contacting the interim receiver.

Interim Receiver updates

Wilton (IOM) Limited - Interim Receiver - revocation of licence by the Isle of Man Financial Services Authority 

Dear Clients of Wilton (IOM) Limited ("WIOM")

I write further to my email to you dated 16 January 2024 to update you on recent developments

Changes to the terms of the Order appointing me

On 23 January 2024 the Isle of Man High Court made an order at my request varying the terms of my appointment.  The main purpose of this was to clarify that my appointment as Interim Receiver extends directly to the following subsidiaries of WIOM:

  1. Wilton Directors (IOM) Limited
  2. Wilton Nominees (IOM) Limited
  3. Wilton Secretaries (IOM) Limited
  4. Wilton Trustees (IOM) Limited

Revocation of WIOM’s Licence to provide regulated services 

On 24 January 2024 the Isle of Man Financial Services Authority (“the Authority”) revoked the licence held by WIOM for itself and its subsidiaries in its entirety under section 9(1) of the Financial Services Act 2008 (“the Act”). 

The Authority immediately issued a public statement regarding this and the reasons for revocation, which can be accessed at:

https://www.iomfsa.im/fsa-news/2024/jan/public-statement-in-respect-of-wilton-iom-limited-and-the-revocation-of-its-licence-to-carry-on-certain-regulated-activities-under-the-financial-services-act-2008-the-act/

Immediate Consequences of Revocation 

Despite the revocation of WIOM’s licence, I continue to conduct my role as Interim Receiver, as confirmed in the further public statement made by the Authority on 26 January 2024 which can be accessed at:

https://www.iomfsa.im/fsa-news/2024/jan/wilton-iom-limited-revocation/

I will continue the work for which I was appointed which is to manage the business of WIOM. If there are any substantive updates regarding WIOM, you will be notified in due course, 

Please note that in my role as Interim Receiver, I am not in a position to give advice. However, it may be appropriate for you to take independent legal advice in relation to your position.  

Any further updates will be posted on the PwC Isle of Man website at https://www.pwc.com/im/en/services/advisory/court-appointments/wilton-iom-limited-appointment-of-interim-receiver.html

Kind regards

Nicholas Halsall, Interim Receiver

Wilton (IOM) Limited - Interim Receiver - Updates 

Dear Clients of Wilton (IOM) Limited ("WIOM")

Mr Nicholas Mark Halsall of PricewaterhouseCoopers LLC has been appointed by the Isle of Man High Court by Order dated 21 November 2023 in respect of Wilton (IOM) Limited (“WIOM”) as Interim Receiver, without security, under section 21 of the Financial Services Act 2008 and section 42 of the High Court Act 1991 of the affairs, business and property of WIOM with immediate effect and until further order.

The appointment has been made following a court application by the Isle of Man Financial Services Authority (“FSA”). The FSA used its powers under the Financial Services Act 2008 to apply to court to appoint an interim receiver in respect of WIOM  in order to protect the clients and creditors who have or have had dealings with WIOM.  

Since his appointment, the Interim Receiver and his team have been reviewing the affairs, business and property of WIOM and its clients  in order to preserve and protect the assets of WIOM and its clients (with the priority of securing client funds).

Please note that WIOM offices will be closed during the Christmas period, effective 5:30pm Thursday 21 December 2023 and will reopen at 9:00am on Tuesday 2 January 2024.

We thank you for your patience, any further updates will be posted on the PwC Isle of Man website at https://www.pwc.com/im/en/services/advisory/court-appointments/wilton-iom-limited-appointment-of-interim-receiver.html

Kind regards
Nicholas Halsall, Interim Receiver

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Contact us

Nick Halsall

Nick Halsall

Territory Senior Partner, PwC Isle of Man

Tel: +44 (0) 1624 689680

Email