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CFI 032/2014 The Dubai Financial Services Authority v ES Bankers (Dubai) Limited

CFI 032/2014 The Dubai Financial Services Authority v ES Bankers (Dubai) Limited

March 23, 2015

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Claim No. CFI 032/2014

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

 

IN THE COURT OF FIRST INSTANCE 

IN THE MATTER OF THE REGULATORY LAW (NO. 1 OF 2004) 

IN THE MATTER OF THE DIFC INSOLVENCY LAW (NO. 3 OF 2009)

 

BETWEEN

 

THE DUBAI FINANCIAL SERVICES AUTHORITY

 

Claimant

and

 

ES BANKERS (DUBAI) LIMITED

 

Defendant


ORDER OF JUSTICE SIR DAVID STEEL


UPON reviewing Application Notice CFI-032-2014/2 dated 7 December 2014 and the supporting documents for remuneration and disbursements of the Joint Provisional Liquidators, amended by way of Application Notice CFI-032-2014/3 dated 18 March 2015

AND UPON reading the Order of Justice Sir David Steel dated 19 February 2015

AND UPON readingthe Order of Justice Sir David Steel dated 1 March 2015

AND UPON readingthe evidence

IT IS HEREBY ORDERED THAT:

1. The Joint Liquidators’ remuneration be fixed by reference to the time properly given by the Joint Liquidators and their staff (in respect of UK staff, at the standard hourly rates of Deloitte LLP, less 30%, and, in respect of UAE staff, at the standard hourly rates of Deloitte Corporate Finance Limited) in attending to matters arising out of the liquidation of ES Bankers (Dubai) Limited but subject to a maximum amount equal to the amount which would be paid pursuant to Regulation 5.33.4 of the DIFC Insolvency Regulations of 2009.

2. The exact amount of remuneration be set by the Court upon application by the Joint Liquidators periodically in accordance with the mechanism set out in the Schedule to this Order.

3. The Joint Liquidators’ disbursements be fixed by reference to the out of pocket expenses incurred during the liquidation, in the sum of GBP 172,879.68 for the period 19 October 2014 to 28 February 2015.

4. Based on an estimate of ongoing disbursements determined by the Joint Liquidators, the Joint Liquidators be permitted to draw disbursements up to but not exceeding GBP 30,000 per month out of the liquidation estate until 31 December 2015, with liberty to apply if necessary for the continuance or variation of the order pursuant to this paragraph 4 thereafter.

5. Any disbursements over GBP 30,000 per month be subject to further application to the Court to be made at the same time as the periodic application for remuneration referred to in paragraph 2 of this Order.

6. Further or other relief with liberty to apply.

7. The costs of and occasioned by this application be costs in the liquidation.

 

Issued by

Mark Beer

Registrar

Date of Issue: 23 March 2015

At: 4pm

 

  

SCHEDULE

1. Within two months of each six month anniversary of the Joint Liquidators’ appointment, the Joint Liquidators shall distribute a report (a “Six Monthly Report”) (via email) to any person who has provided a valid email address and submitted one or more of the following reimbursement claims in the liquidation (each a “Claiming Client“):

(a)  a claim for any shortfall of Client Money (as defined in the DFSA Rulebook); or

(b)  a claim as an “eligible depositor” in respect of a “Deposit” (as defined in the DFSA Rulebook).

2. The Six Monthly Report will include:

(a) details of the time costs incurred by the Joint Liquidators during the preceding six month period set out in a tabular format in accordance with the Statement of Insolvency Practice 9 of the United Kingdom Association of Business Recovery Professionals;

(b) details of the charge out rates in force for that period, including any changes from the previous period; and

(c) a narrative of the work undertaken in that period and the benefits achieved, including details of the tasks performed under each sub-category of work.

3. The Joint Liquidators will provide the Claiming Clients with a period of 30 days from receipt to consider the Six Monthly Report. If, during that time, more that 25% by value of the Claiming Clients require the Joint Liquidators in writing to do so, the Joint Liquidators will convene a meeting of Claiming Clients to discuss and consider the remuneration incurred by the Joint Liquidators. The Joint Liquidators will inform the Claiming Clients of the availability to request the Joint Liquidators to convene such a meeting in each Six Monthly Report.

4. In the event that no meeting is required, the Joint Liquidators shall apply to the Court to approve the amount of remuneration for the six month period in question. The Joint Liquidators will submit a copy of the Six Monthly Report to the Court as part of this application, together with a statement that no meeting of creditors was required.

5. In the event that a meeting of creditors is convened, any such meeting will be held in the Dubai International Financial Centre and the Joint Liquidators will provide 14 days’ notice of the meeting via email to all Claiming Clients. After the meeting the Joint Liquidators will submit a copy of the Six Monthly Report to the Court, together with a statement of the matters discussed at the meeting and the requests of the Claiming Claims present, in order that the Court can consider and determine the appropriate amount of remuneration.

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