News

Providence Global Limited

22nd August 2016


On 22 August 2016 by order of the Royal Court of Guernsey, on the application of the Guernsey Financial Services Commission (the “Commission”), Providence Global Limited (“the Providence Parent Company”) is to be compulsorily wound up.  In addition, Philip Bowers, Andrew Isham and Alex Adam of Deloitte LLP were appointed as Joint Liquidators to the Providence Parent Company.  The Royal Court granted the orders requested in relation to the Providence Parent Company.


Although the Providence Parent Company is not regulated by the Commission, the application was brought by the Commission pursuant to sections 406, 410, 412 and 413 of the Companies (Guernsey) Law, 2008, following the appointment of Deloitte LLP as Administration Managers to Providence Investment Funds PCC Limited (“the Fund”) and Providence Investment Management International Limited ("the Fund Manager") on 9 August 2016.  The Providence Parent Company is also owner of the Brazilian factoring company, Providence Fomento Mercantil, Investimentos e Participações Ltda. (“Providence Fomento”) into which the Fund invested.


As part of the review being conducted by Deloitte LLP as Administration Managers of the Fund and the Fund Manager, it became evident that the Providence Parent Company was insolvent.   In addition, in order for the position of monies lent to Providence Fomento by the Fund to be established, access to the records of Providence Fomento is required.


The Joint Liquidators will proceed with the orderly winding up of the Providence Parent Company.


The Commission will release further details in due course, if appropriate.
 
Simon Gaudion
Director of Enforcement