Claim No. 001/2010
THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE
IN THE COURT OF FIRST INSTANCE
BEFORE JUSTICE SIR ANTHONY COLMAN
IN THE MATTER OF
SAAD FINANCIAL ADVISORY SERVICES LIMITED (REGISTERED NO. 0274)
AND
IN THE MATTER OF
THE INSOLVENCY LAW (DIFC LAW NO. 3 OF 2009)
ORDER MADE ON 22 FEBRUARY 2010
UPON the petition of SAAD Financial Advisory Services Limited, acting through its sole shareholder LA Investments Limited, acting through its joint liquidators, Stephen John Akers and Gareth Rutt Morris,
AND UPON hearing counsel for SAAD Financial Advisory Services Limited on its petition and having heard Mr. Gilles Franck, an employee and creditor of SAAD Financial Advisory Services Limited,
IT IS ORDERED THAT:
1. SAAD Financial Advisory Services Limited be wound up pursuant to Article 50(a) of the DIFC Insolvency Law (No. 3 of 2009);
2. Stephen John Akers and David John Dunckley, both of Grant Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU, United Kingdom, be appointed as joint liquidators of SAAD Financial Advisory Services Limited, pursuant to Article 58 of the Insolvency Law (DIFC Law No. 3 of 2009) and authorised to act jointly and severally in the conduct of their powers and duties as liquidators;
3. Stephen John Akers and David John Dunckley be granted the powers as set out in schedule 3 of the Insolvency Law (DIFC Law No. 3 of 2009) and any other powers of liquidators as provided under the Insolvency Law (DIFC Law No. 3 of 2009) and the DIFC Insolvency Regulations;
4. The liquidators take all reasonable efforts to ensure that the preferential debts of SAAD Financial Advisory Services Limited (as described under Article 67 of the Insolvency Law (DIFC Law No. 3 of 2009) read with the Preferential Creditor Regulations) be paid expeditiously once the assets of SAAD Financial Advisory Services Limited are made available to the liquidators;
5. The two employees of SAAD Financial Advisory Services Limited, namely, Mr. Gilles Franck and Mrs. Roohi Kazi, be permitted to apply to this
Court, on written notice to the liquidators, for an appropriate order in the event that their preferential employee dues (under Article 67 of the Insolvency Law (DIFC Law No. 3 of 2009) read with the Preferential Creditor Regulations) have not been paid within a reasonable period of time once the assets of SAAD Financial Advisory Services Limited have been released and made available to the liquidators; and
6. All creditors of SAAD Financial Advisory Services Limited have liberty, on written notice to the liquidators, to apply to the Court within 7 days of the passing of the order, for the terms of the winding up order to be varied.
Amna Alowais
Deputy Registrar
Date of Issue: 23 February 2010
At: 4pm
