The Bermuda Monetary Authority has petitioned the Supreme Court to wind up Bermudian-domiciled investment fund Yew Tree Investments Ltd under the Investment Funds Act 2006 and the Companies Act 1981.

A legal notice published in The Royal Gazette stated that the petition was filed on May 4 and is scheduled to be heard before the Commercial Court on June 5.

The petition itself is not publicly available.

According to Bermuda Registrar of Companies records, Yew Tree Investments was incorporated in Bermuda in 2006 and is registered by the BMA as an institutional fund.

The company’s listed directors include William Saunders, of Zambia, and Naveed Zamir Yasir, of Dubai. A third director, Joseph Crnkovic, told OffshoreAlert that he had resigned from the board “a few months ago” and had recently updated the BMA.

Mr Crnkovic told the financial news service that the regulator was seeking to wind up the fund because it was “insolvent and cannot pay its creditors or return investors’ cash”.

However, he said there had been “no financial impropriety”, adding that the fund’s difficulties stemmed from poor-performing and illiquid investments that could not readily be sold to meet investor redemption requests.

Mr Crnkovic said the fund had approximately £6 million (about $8 million) in assets and £1 million in liabilities, with the remaining assets consisting largely of private shares without a secondary market.

He added that the fund’s last remaining investment was understood to be Gazeal, a mortgage software and fintech business based in the United Kingdom.

According to OffshoreAlert, Mr Crnkovic said the fund was not expected to oppose the winding-up petition.

Historical filings lodged with the Registrar of Companies indicate Yew Tree Investments previously acted as a master fund connected to London-based Hawkwood Capital, which invested in small and mid-cap companies listed on the London Stock Exchange’s AIM market.