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)
THE DUBAI FINANCIAL SERVICES AUTHORITY
ES BANKERS (DUBAI) LIMITED
ORDER OF DEPUTY CHIEF JUSTICE SIR DAVID STEEL
UPON reviewing Application Notice CFI-032-2014/25 and the supporting documents filed on 29 August 2017 by the Joint Liquidators of ES Bankers (Dubai) Limited (in liquidation) (“ESBD“)
AND UPON HEARING counsel for the Joint Liquidators of ESBD on 17 September 2017
IT IS HEREBY ORDERED THAT:
1.Pursuant to Article 71 of the DIFC Insolvency Law (DIFC Law No. 3 of 2009)(the “Law“), the Joint Liquidators shall be permitted to declare and distribute an interim dividend (the “Third Interim Dividend“) in the percentage and to the class of creditors further described in the eighth witness statement of Phil Bowers dated 29 August 2017, specifically to creditors whose admitted claims enjoy the ranking assigned pursuant to Rule A5.13.2(c) of the Client Money Distribution Rules appended to the Conduct of Business Rules (COB) enacted by the Dubai Financial Services Authority (DFSA) pursuant to its rule making power under the Regulatory Law (DIFC Law No. 1 of 2004). Such Claims are referred to in the liquidation of ESBD as “Subordinated Client Money Claims“.
2. Pursuant to Article 64 of the Law, by 4pm UAE time on Thursday 19 October 2017 (the “Second Bar Date“) the creditors of ESBD are to prove their debts or claims in accordance with the DIFC Insolvency Regulations 2009 (together the “Regulations” and, each individually, a “Regulation“), in particular Regulations 5.16 and 5.17, failing which any creditors who do not prove their debts or claims are to be excluded (in respect of the debt(s) or claim(s) for which they failed to prove) from the Third Interim Dividend. For the avoidance of doubt:
(a) Nothing in this order shall prevent a creditor proving a debt or claim after the Second Bar Date or, in respect of a debt or claim so proved, from participating in any interim or final dividend declared and paid after the Third Interim Dividend or, to the extent that funds permit, any dividend paid by way of catch-up.
(b) No creditor who proves a debt or claim after the Second Bar Date shall be entitled to disturb the Third Interim Dividend or any previous distribution made by the Joint Liquidators, specifically any dividend paid by way of catch-up, pursuant to Regulation 5.46.5, in respect of the first interim dividend declared by the Joint Liquidators on 30 October 2015 or the further interim dividend declared by the Joint Liquidators on 16 December 2016.
(c) All creditors who have proved a debt or claim as at the date of this order shall be deemed to have proved before the Second Bar Date.
(d) For the purpose of this order, the proof of a debt or claim on or before the Second Bar Date (including by the deeming provision in paragraph (c) above) shall be without prejudice to the power of the Joint Liquidators to admit or reject that debt or claim in whole or in part. The Second Bar Date shall operate by reference to the date of proof, not of the admission of the proof, whether in whole or in part, including after an appeal against a rejection in whole or in part by the Joint Liquidators.
3. Liberty to apply.
4. The costs of and occasioned by this application be costs in the liquidation.
Date of Issue: 18 September 2017
The Dubai International Financial Centre and all its affiliates are committed to preserve the confidentiality, integrity and availability of client data and personal information.
Dubai International Financial Centre and all its affiliates employees, vendors, contract workers, shall follow Information Security Management System in all the processes and technology.
The content of the DIFC Courts website is provided for information purposes only and should be disregarded when making decisions on inheritance and any other matters. Whilst every reasonable effort is made to make the information and commentary accurate and up to date, the DIFC Courts makes no warranties or representations to you as to the accuracy, authenticity or completeness of the content on this website, which is subject to change at any time without notice. The information and commentary does not, and is not intended to, constitute legal advice by the DIFC Courts or any person employed or connected with it or formerly so employed or connected, to any person on any matter, be it in relation to inheritance, succession planning or otherwise. You are strongly advised to obtain specific, personal advice from a suitably qualified lawyer in relation to your personal circumstances and your objectives. The DIFC Courts does not assume any liability and shall not be liable to you for any damages, including but not limited to, direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with this website, its administration and any content or lack thereof found on it. The information on this web site is not to be displayed except in full screen format. Although care has been taken to provide links to suitable material from this site, no guarantee can be given about the suitability, completeness or accuracy of any of the material that this site may be linked to or other material on the internet. The DIFC Courts cannot accept any responsibility for the content of material that may be encountered therein.