Claim No: CFI 012/2009
IN THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCE CENTRE
IN THE COURT OF FIRST INSTANCE
Between
| FIVE RIVER PROPERTIES LLC | First Applicant |
| andRENAISSANCE HOLDINGS AND DEVELOPERS FZE | Second Applicant |
| andWATERFRONT PROPERTY INVESTMENT LIMITED | First Respondent |
| andLINARUS FZE | Second Respondent |
ORDER OF DEPUTY CHIEF JUSTICE MICHAEL HWANG
MADE ON 11 JUNE 2009
Before the Honourable Deputy Chief Justice Michael Hwang on 26 May 2009
UPON the application of the Applicants Five River Properties LLC and Renaissance Holdings and Developers FZE made on 20 April 2009;
UPON reading the affidavits on the court file and reviewing the evidence and proceedings to date; and
UPON considering the oral and written submissions of Counsel for the Applicants and Counsel for the Respondents:
IT IS ORDERED THAT:
1. The
Freezing Order made on 23 April 2009 ('the Freezing Order') be discharged with immediate effect.
2. The Applicants shall pay the First and Second Respondents' costs in relation to the Freezing Order to be assessed if not agreed.
3. The Respondents shall have leave to bring an application for an inquiry into damages pursuant to Schedule B (1) of the Freezing Order.
4. The Applicants will immediately take all reasonable steps to inform in writing anyone to whom they have given notice of this Order, or who they have reasonable grounds for supposing may act upon this Order, that it has ceased to have effect.
5. This Order is stayed in order to give the Applicants time to file a formal application for leave to appeal and a stay pending appeal. (the '
Stay Application'). The Stay Application must be filed by 15 June 2009, failing which this Order will come into effect on 16 June 2009. If the Stay Application is filed, this Order will be stayed until the hearing of the Stay Application and parties should file written submissions by 19 June 2009. The
Court will decide any Stay Application filed on the basis of written submissions.
Mark Beer
Registrar
Date of Issue: 11 June 2009
At: 10am
