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CFI 008/2007 – Order

CFI 008/2007 – Order

January 25, 2009

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Case No. CFI 008/2007

THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE

IN THE COURT OF FIRST INSTANCE

Between

ITHMAR CAPITAL Claimant
and8 INVESTMENT INC First Defendant
and8 INVESTMENTS GROUP FZE Second Defendant

 

ORDER OF JUSTICE SIR ANTHONY COLMAN

YOU, MONA CORDELL, MUST OBEY THIS ORDER. IF YOU DO NOT, YOU MAY BE FINED OR COMMITTED TO PRISON FOR CONTEMPT OF COURT

UPON hearing counsel for the Claimant and counsel for the First Defendant

AND UPON reading the documents recorded on the Court file as having been read

IT IS ORDERED THAT:

1. This Order replaces the Order of Justice Sir Anthony Colman in this matter and issued by the Registrar at 5.30pm on 22 January 2009.

2. Mona Cordell attend Court on 23 February 2009 at 2pm (Dubai time) to:

(a) provide information about the First Defendant’s means and any other information needed to enforce the Judgment or Order given on 24 November 2008 by the Court in Claim No: CFI 008/2007; and
(b) produce the documents referred to in the schedule annexed hereto, such documents to be provided to the Court by no later than 16 February 2009.

 

3. Service of this Order be deemed duly served upon Mona Cordell, upon service on the First Defendant’s lawyers, JSA Law. This Order will have attached to it a list of questions initialled by the Court which will be included in the matters to be covered in the course of the examination.

 

4. Personal service of this Order upon Mona Cordell be dispensed with.

 

5. The First Defendant pay the Claimant’s costs of and occasioned by the Claimant’s application dated 25 December 2008 on the standard basis and the First Defendant’s application for an inquiry as to damages on an indemnity basis. Further, the First Defendant pay the Claimant’s costs of the Claimant’s Contempt Costs application on the standard basis.

 

6. Save as aforesaid there be no Order as to costs on the Contempt applications of 14 November 2007 and 22 November 2008.

 

7. The First Defendant shall make an interim payment to the Claimant of AED 1 million, on account of the costs of the Claimant by 4pm Sunday, 8 February 2009.

 

Mark Beer
Registrar
Date of Issue: 25 January 2009
At 10.15am


Claim No CFI 8/2007

THE JUDICAL AUTHORUTY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE

IN THE COURT OF FIRST OF INSTANCE

Between

ITHMAR CAPITAL Claimant
and8 INVESTMENT INC 1st Defendant
and8 INVESTMENT GROUP FZE 2nd Defendant

 

CLAIMANT’S DRAFT LIST OF QUESTIONS IN RESPECT OF PARAGRAPH 2 OF ORDER MADE ON 5 JANUARY 2009

Personal Information

1. Please state your full name.

 

2. Please state your present address.

 

3. Please state your following telephone numbers: home, mobile and work.

 

4. What is your position in the company? For how long have you held that position?

Company Information

[References below to “the company” are to 8 Investments Inc]

5. Please give the company registration number.
6. What are the addresses from which the company presently trades?
7. Please give all the telephone numbers for the company.
8. Is the company the sole occupier of the business address or addresses named?
9. What is the registered office of the company?
10. What is the telephone number for the registered office?
11. Please give all the trading addresses of the company in the last 5 years.
12. Please give all of the nominal addressed for the company in the last 5 years.
13. Please give the names and addresses of all company officers that have been in office for the last 5 years?
14. Please give the name and address of the company’s lawyers in the United States?
15. Please give the name and address of the company’s accountants.
16. Where are the company’s trading records held?
17. Where are the company’s statutory books held?
18. Who are the beneficial owners of the shareholding in the company? Please list their names, addresses and telephone numbers together with the details of their shareholding.
19. Does the company have any de facto or shadow directors? Please list their names, addresses and telephone numbers.
20. Does Mr. Decker act as a de facto or shadow director?
21. Is Sarah Decker a director or a de facto or shadow director?
22. Is Alfonso Perez a director or a de facto or shadow director?
23. It is understood that Tradiron SA is the holder of 1 million shares in the company. What is its place of incorporation, who are its shareholders and directors?
24. Does the company operate through nominees, whether individual or corporate? Please list their names, addresses and telephone numbers.

Current operational status

25. What is the nature of the company’s business?
26. Please give a list of all the types of business in which the company has been engaged over the last 5 years.
27. Is the company is still trading? If not when did the company cease trading?
28. How were the assets disposed of? Why did the company cease trading? Was this it on the basis of professional advice? If so by whom was that advice given?
29. Does the company have any current contracts? If yes, what are they and what are their total values? Arc there any stage payments? If so, what are the dates of the next and future payments?
30. Does the company have any future contracts?
31. If so, what are they and what is their trade value? Please provide copies of the same.
32. Has the company always complied with its tax liabilities? If not, please give details.
33. Current financial status
34. Does the company hold any cash? If yes, how much and where is it held?
35. Please give the address of the branch and account number.
36. Has the company held any overseas or offshore accounts in the last 5 years? If so, please give the address of the branch and account number? Please also state the purpose of the account.
37. Does the company have any overdraft facilities? If so, please provide details of the overdraft facility. What is the name and address of the branch account number and type? How much of the overdraft facility has been used? If part, say how much? Has the bank been approached to increase the limit? If not, why not? If yes, what was the response? Is the overdraft secured? If yes, how? What assets have been affected by charges?
38. What is the current turnover of the company? What has been the turnover of the company over the last five years?
39. What are the profit and loss figures for the company over the last five years?
40. What has been the source of the company’s income over the last five years?
41. Has the company or any of its officers ever been the subject of actual or threatened insolvency procedures? If so, please give details.

Assets

42. What assets excluding real property are owned outright by the company? Please give the description value and in the case of vehicles, registration numbers. What assets are subject to hire purchase? Please give the value and last payment date.
43. What assets are subject to lease purchase? Please give their value and the last payment date. What assets are on lease?
44. Are there any debts due to the company? If yes, give details as follows, name and address of debtor, invoice number and total amount owing. Are any amounts disputed?
45. Are any goods supplied to the company subject to retention of title clause? If yes, describe the goods and entered the amount owned by the debtor.
46. Does your company own investments?
47. Does your company own shares? If so, please give details.
48. Has the company sold any assets within the last 18 months? If yes, on what date and give the description of the assets, the buyers name and address and the purchase price.
49. Does your company own any real property? If yes, please give the address and value. Are the premises mortgaged? If yes, give details of the lender’s name and address, the amount borrowed, the amount outstanding, the date borrowed, the purchase price, the current value of the property and details of any subsequent charges.
50. Does your company rent any premises? If so, how much is paid for rent, tax and service charge etc? Is the rent in arrears? If yes, how much? What action is being taken to recover the debt?
51. Have any of the company’s assets been the subject of confiscation, restraint or other similar procedures within the last 5 years?

Liabilities

52. Please list all creditors with amount owed and what actions are being taken by the creditors to recover the debts.
53. Are the amounts disputed by the company? Are any of the debts secured? If yes, how?
54. Does the company have any court orders against it? Do any of the company’s officers have court judgment registered against them? If the answer to either or both or the previous questions is yes, please provide details of the date of judgment, the name of the court, the case number, the name of the creditor, the total amount owing, the amount now due and payments being made?
55. Have any of the company’s officers, employees or consultants been disqualified from acting as directors or in the management of a company in any jurisdiction?
56. Is the company able to pay its debts as they fall due?

Other

57. Are there any associated or subsidiary companies? Is yes, please provide names, principal place of business and other trading addresses together with the address of the registered office.
58. What accounting records are kept? Do you or any of the other directors or employees or consultants with the company hold a loan account with the company? If yes, what is the current status?
59. Have any assets been transferred to you or to any other director, officer, employee or consultant of the company in the last 3 years? If yes, please give the description, date of transfer and value.
60. Have you or any other member of the company received benefits other than by way of salary in the last 3 years? If so please give details.
61. Can the company make payment in full of the judgment debt now? If not, why not? When can the company make payment in full?

Schedule of Documents

1. Bank account statements for the last 2 years for all bank accounts held by the First Defendant.
2. All share certificates for the First Defendant.
3. All hire purchase and similar agreements for the First Defendant which remain in force.
4. All Court orders made against the First Defendant in respect of which money remains outstanding.
5. All outstanding bills for the First Defendant.
6. All outstanding bills owed to the First Defendant.
7. The last 2 years accounts for the First Defendant.
8. The current management accounts for the First Defendant.

 

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