Investors have been informed that a long-delayed civil case will have to be retried after the Acting Deemster resigned before handing down judgment.

But over two years on, Acting Deemster James Corbett KC has not handed down judgment. In that time 17 claimants have passed away out of the 739 who joined the class action.

Now it has been announced that the Acting Deemster has tendered his resignation on the grounds of ill health.

Chief registrar Stuart Quayle described it as an ‘unprecedented set of circumstances’ which was ‘most unfortunate’ for all involved.

The court has identified a suitable qualified acting Deemster to take over the case. It is hoped that any retrial can advance swiftly on the basis, wholly or partly, of audio recordings of the original trial.

First Deemster Andrew Corlett acknowledged: ‘A delay of two years in the issuing of any judgment is unacceptable.’

He said while the development was ‘frustrating’ to the parties involved, the matter could now advance with a ‘credible prospect of a decision being given in the near future’.

Judgment has been delayed on seven occasions.

Niall Coburn, managing director of Coburn Corporate intelligence who brought the action on behalf of investors, said: ‘It is now over two years since the hearing, and the seventh date of broken promises to hand down the judgments.

‘Justice delayed is justice denied.’

The claimants, mainly British nationals and expats based across the world, were sold life assurance products based on investment funds which ultimately collapsed.

They argue that the companies misrepresented the products and failed to carry out minimum due diligence.

FPI and Utmost contest the claims.

Acting Deemster Corbett tendered his resignation on the grounds of his ill health on June 2.

A joint statement issued by the General Registry and the First Deemster said the court has been working ‘with all due expedition’ to find a suitably qualified and experienced Acting Deemster to take over the case.

It said: ‘The size and complexity requires specialist knowledge and judicial experience. The court has identified an appropriate individual, a former judge of the High Court of England and Wales who has indicated their ability to take the matter forward.’

Advancing the retrial using audio recordings and transcripts of the original trial could avoid the time delay and costs of a full in-person rehearing, it added.

The Chief Registrar said: ‘The significant health issues which the Acting Deemster has encountered were not foreseeable by anyone, least of all the Acting Deemster, and mean it is not realistically possible for him to continue. We wish him well in his recovery.’

The First Deemster said: ‘‘The resignation of a Deemster is the last option which any party, or the court, would have wished but it is reluctantly accepted as the only realistic option available.’

It is hoped a case management hearing will take place in August to timetable the next steps.