October 11, 2023 court of first instance - Orders
Claim No. CFI 030/2022
IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE
IN THE COURT OF FIRST INSTANCE
BETWEEN
MAD ATELIER INTERNATIONAL B.V.
Claimant
and
(1) AXEL MANES
(2) CATHERINE ZHILLA
Defendants
and
NATHAN STUBING
Receiver
ORDER OF JUSTICE SIR JEREMY COOKE
UPON the Order with Reasons of Justice Sir Jeremy Cooke dated 14 October 2023 entering judgment in favour of the Claimant against the First Defendant (the “DIFC Judgment”)
AND UPON the Claimant’s Application No. CFI-030-2022/16 dated 7 December 2022 for the appointment of a Receiver over the shares in Five Dining Corporation Limited (“Five Dining”) and as manager of Five Dining, involving the management of Atelier de Joel Robuchon Restaurant (the “DIFC Restaurant”)
AND UPON the Order of Justice Sir Jeremy Cooke dated 22 December 2022 appointing Nathan Stubing of FTI Consulting as receiver over all of the shares in Five Dining and as manager of the business of Five Dining on 22 December 2022 (the “Receivership Order”
AND UPON the Order of Justice Sir Jeremy Cooke dated 10 February 2023 (the “February Judgment”) declaring that the First Defendant has been the sole beneficial owner of the shares in the Five Dining since incorporation
AND UPON the execution of an agreement dated 28 April 2023 for Five Dining to sell the DIFC Restaurant to ATRO Hospitality Limited (the “DIFC Restaurant Sale”)
AND UPON the Receiver’s Application No. CFI-030-2022/19 dated 26 May 2023 for, inter alia, further directions following the DIFC Restaurant Sale (the “Further Directions Application”) as amended by the Receiver’s email of 12 June 2023 sent to the Registry requesting that two time critical matters be dealt with (the “Urgent Matters”) primarily, with the other matters in the Further Directions Application to be held over (the “Reserved Matters”)
AND UPON the DIFC Restaurant Sale having completed on 8 August 2023 and the Receiver holding the proceeds of sale to the order of the Court
AND UPON the Receiver’s request, by way of the Sixth Witness Statement of Nathan Stubing dated 25 August 2023, that the Further Directions Application be restored in order to determine the Reserved Matters
AND UPON the Claimant’s Application No. CFI-030-2022/22 dated 25 August 2023 for directions as to the distribution of the proceeds of sale
AND UPON Société Générale Bank-Cyprus’ application dated 31 July 2023 to be joined to these proceedings (the “Joinder Application”)
IT IS HEREBY ORDERED THAT
Receiver’s total costs and expenses
1. The maximum total sum for the fees and expenses of the Receiver to be paid from the Receipts (as defined in the Receivership Order) pursuant to paragraph 12(a) of the Receivership Order is varied to USD 565,000.
Distribution of Receipts
2. The Receiver shall as soon as reasonably practicable distribute the Receipts to the Claimant, being the following cash sums held by the Receiver shown in the Receiver’s accounts dated 22 September 2022, less any further deductions which the Receiver is otherwise authorised to make:
(a) EUR 5,429,601;
(b) USD 115,440; and
(c) AED 131,218.
3. The Receiver shall pay the Receipts to a bank account or bank accounts nominated by the Claimant in writing. The Receiver and the Claimant shall agree whether the aforesaid sums are transferred in the aforesaid currencies or converted into a single currency prior to transfer.
Termination of the receivership
4. As soon as reasonably practicable but not before making the distribution in paragraph 2 hereof, the Receiver shall:
(a) transfer all the shares in Five Dining to the First Defendant.
(b) retire as a director of Five Dining.
5. Upon the completion of the steps in paragraph 4 hereof, the Receiver shall be discharged as receiver of the shares in Five Dining and manager of Five Dining.
6. The First Defendant shall do all things reasonably necessary to permit the Receiver to undertake the steps in paragraph 4 hereof.
The Joinder Application
7. The Joinder Application is dismissed.
Costs
8. Société Générale Bank-Cyprus shall by no later than 4pm on 20 October 2023 pay the Claimant’s costs of the Joinder Application, summarily assessed in the sum of USD 40,000 and GBP 20,000.
9. Save where prior costs orders have been made, the First Defendant shall pay the Claimant’s costs of the Claimant’s Application CFI-030-2022/16 and the costs incurred by the Claimant during the receivership, such costs to be assessed by the Registrar on the standard basis if not agreed.
10. The First Defendant shall pay the sums of USD 90,000 and GBP 51,000 on account of the costs due pursuant to paragraph 9 of this Order by no later than 4pm on 20 October 2023.
Issued by:
Hayley Norton
Assistant Registrar
Date of issue: 11 October 2023
At: 12pm
