Court Hears That Company Charged With Failure To Provide A Pension Plan For An Employee Is Now In Liquidation & 9 Million In Assets Already Used In Receivership To Repay Bank

By Alric Lindsay

Attorneys for Mv Advisory Ltd. and its director, Jonathan Robert Murphy, appeared in the Summary Court today, February 13, 2025, to face pension charges. The matters were adjourned to April 3, 2025, to allow the attorneys to discuss the issues further with the Department of Labour & Pensions.

Explaining the status of the matters, Crown Counsel Kenneth Ferguson noted that directions were given to attorneys to provide updates on liquidation proceedings for Mv Advisory Ltd.  Regarding this, Crown Counsel said he received an email update two days ago.

Based on the understanding of Crown Counsel, the main asset of Mv Advisory Ltd. was recently sold for $9 million. Crown Counsel added that Mv Advisory Ltd.’s liabilities appeared to have exceeded its assets.

Clarifying the point made by Crown Counsel, one defence attorney said that the bank appointed a receiver, which sold the property and used the proceeds to repay the bank. Mv Advisory Ltd. has no surplus, and the liquidation is ongoing. The liquidator is considering what steps to take next.

Another defence attorney noted that the parties were in productive discussions. However, he didn’t wish to state the details of the negotiations in open court.

In the circumstances, Crown Counsel suggested that the proceedings for the pension charges be stayed until further discussions were concluded.

The Chief Magistrate agreed to stay the proceedings after hearing from Crown and defence counsels.  The parties will return to court on April 3, 2025.

Details extracted from the Registrar of Companies are as follows:

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