Barclays Investment Funds (Channel Islands) Limited in liquidation

​​​​​​​​​Notice is hereby given that following an EGM held on 9 November 2020, special resolutions were passed to appoint Neil Howlett and Christiaan van den Berg (the “Representors”) of PricewaterhouseCoopers CI LLP as Joint Liquidators of the Company.

Following that on 17 October 2024, upon hearing Advocate Robert Gardner on behalf of the Representors, Advocate Damian Evans on behalf of Barclays Wealth Management Jersey Limited, and Advocate Stephen Alexander as an amicus curiae for the Transfer Investors, as defined in the said Representation, the Court, for the reasons to be set out in a judgment to be delivered by the Commissioner at a later date, ordered that:

1. all funds attributable to the Transfer Investors (which numbered 1,774 as of 1 October 2024) less the following:

• ​​​​the costs of the Tracing Agents (as defined in the said Representation) attributable to any of the Transfer Investors and the costs of the Tracing Agents deducted from investors already been paid by the Joint Liquidators following the work of such Tracing Agents (the ''Tracing Agent Costs'')

• the funds attributable to the Transfer Investors which are being held back as part of the second tranche (which numbered 57 as of 1 October 2024) comprising:
  

• ​​​​​4 investors traced by PwC SA (as of 1 October 2024)
  
• ​​​6 investors traced by Capita (as of 1 October 2024)
  
• ​​​14 investors whose personal representatives are seeking a grant of probate (as of 1 October 2024)
  

• ​​​​33 investors (as of 1 October 2024) with whom the Joint Liquidators have been in some level of contact, all of whom are in the course of being paid subject to the AML verification process and provision of account details be transferred to HMRG as soon as reasonably practicable and no later than 30 days from the date of the Act of Court, together with investor details relating to such Transfer Investors

2. ​​upon the expiry of 6 months from the date of the Act of Court, the funds attributable to any of the Transfer Investors referred to at paragraph 1(b) above (57 as of 1 October 2024), who remain unpaid at that time be transferred to HMRG together with investor details relating to such Transfer Investors
   
3. HMRG be directed to hold all funds and investor details for a period of 10 years and to pay any Transfer Investors upon receipt of proof of investment and appropriate KYC/AML details subject to payment of costs and expenses and that any funds remaining upon the expiry of 10 years shall be retained by HMRG
   
4. Barclays Wealth Management Jersey Limited be reimbursed in respect of all Tracing Agent Costs it has paid as Manager from the monies retained by the Joint Liquidators
   
5. Barclays Wealth Management Jersey Limited shall procure another Barclay entity to place an appropriate advertisement on an appropriate Barclays website, for both Jersey and the United Kingdom, for a period of 10 years directing all Transfer Investors to HMRG
   
6. in addition to Barclays Wealth Management Jersey Limited’s advertisement, Barclays UK shall place a copy of an appropriate advertisement on its website in the UK section for a period of 10 years directing all Transfer Investors to HMRG
   
7. upon expiry of a period of 6 months from the date of the Act of Court the Joint Liquidators may file appropriate papers with the JFSC to dissolve the Company
   
8. this Act of Court shall be published and have a copy filed with:
• Jersey Bailiwick Express
  
• London Gazette
  
• ​Jersey Registry in the JFSC
  
9. there shall be liberty for any investor to apply, but otherwise all supporting documentation in relation to the Representation shall be sealed up on the Court file and kept confidential to the Court and to the parties and any reference to individual investors shall be anonymised
   
10. as a condition upon which the Court approved the orders hereinabove and the transfer of funds to HMRG, there shall be liberty for any investor who disagrees with any decision of HMRG to apply to this Court
    

Neil Howlett and Christiaan van den Berg, Joint Liquidators