Meridian Income Bond Limited

BVIFSC, Pasea Estate, Tortola - February 12, 2004 - The Commission's application for the grant of protection orders under the Financial Services Commission Act, 2001, came up for hearing on January 12, 2004. On that date, the Court gave directions to the Commission for the filing of proceedings to wind up the Fund. The Commission subsequently filed proceedings to wind up the Fund and for the appointment of provisional liquidators for the Fund. The application to appoint provisional liquidators came up for hearing on January 19 and 20, 2004. 

On the 19th January, 2004 the Court made a further order which restrained the Fund, its servants and agents and any person holding assets for the Fund from dealing with disposing of or transferring those assets within or outside of the British Virgin Islands. 

On the 20th January 2004 the Court heard preliminary arguments in relation to the Commission's application for the appointment of provisional liquidators. The application is pending before the Court and further details will be provided as they become available.