The trial of Arch Financial Products and its chief executive Robin Farrell has been postponed.
Two days of final hearings, due to take place this month, will now take place in January.
The case was brought by the Guernsey cells' current board SPL Private Finance, which is suing Arch FP for £150m for gross negligence in its role as investment manager of the failed Arch Cru funds between 2007 and 2008.
The board has also brought claims against Arch FP's chief executive Robin Farrell, alleging that he dishonestly assisted Arch FP in breaches of fiduciary duty in relation to its investment in Lonscale, holding vehicle of student accommodation group Club Easy.
The court heard Arch FP was accused of taking £3m in secret profits from its deal to buy Club Easy, an investment which "was valued at nil", according to the claimants' lawyer QC Richard Coleman.
Farrell and Arch's compliance director Robert Addison fiercely contested allegations of greed and dishonesty in relation to investments made by the Arch Cru funds and said the case was built with no contemporaneous evidence.
The pair said: "The nature of the allegation is disgraceful especially as it was made with no circumstantial evidence. There was nothing deceitful in our actions. [There is] no evidence, only inferences."
Arch FP's defence in the case against it rests partly on to the argument that the Guernsey cells had contributed negligence and failed to mitigate their losses by creating a "delayed firesale" of their portfolios following Arch FP's departure.
But the court heard Arch Cru's new fund manager John Davey heavily contest that there was a 'fire sale' of Guernsey cells' portfolios that could have lost investors money following his firm's takeover of the fund management mandate in 2009.
Each case had been looked at separately for its own merits he said, however with certain investments it was feared that, had additional capital been invested under alternative arrangements, it "would not have been recoverable".
The Arch Cru fund range was suspended in March 2009 by the then regulator the Financial Services Authority (FSA) following a warning that it could no longer trade due to pricing and liquidity issues.
At that time it was worth a total of £363.6m. Since then some assets have been sold off - at a heavy discount - and the remainder of the fund range has been valued at around just £66m.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till