June 30, 2016 court of first instance - Orders,Orders
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
and
ES BANKERS (DUBAI) LIMITED
ORDER OF JUSTICE SIR DAVID STEEL
UPON reviewing Application Notice CFI-032-2014/22 dated 23 June 2016 and the supporting documents seeking to vary the Order of Justice Sir David Steel dated 23 March 2016 for remuneration and disbursements of the Joint Provisional Liquidators
AND UPON reading the documents recorded on the case file
IT IS HEREBY ORDERED THAT:
1.The Order of Justice Sir David Steel dated 23 March 2015 (the "Order") fixing the basis of the Joint Liquidators' remuneration and disbursements be varied as follows with effect from 19 October 2015 in relation to the period 19 October 2015 onwards:
(a) Paragraph 1 of the Order be deleted and replaced with the words "The basis of the Joint Liquidators’ remuneration shall be fixed by the Liquidation Committee of ES Bankers (Dubai) Limited (in Liquidation) (“ESBD”) in accordance with Regulation 5.33.2(b) of the DIFC Insolvency Regulations of 2009";
(b) Paragraph 2 of the Order be deleted and replaced with the words "The exact amount of remuneration be set by the Liquidation Committee of ESBD upon request by the Joint Liquidators periodically in accordance with the mechanism set out in the Schedule to this Order";
(c) The words "to be made at the same time as the periodic application for remuneration referred to in paragraph 2 of this Order" in paragraph 5 of the Order be deleted;
(d) The words "the Court" in paragraphs 4 and 5 of the Schedule to the Order be deleted and replaced in each instance with the words "the Liquidation Committee of ESBD"; and
(e) The words "apply" and "this application" in paragraph 4 of the Schedule to the Order be deleted and replaced with the words "request" and "this request" respectively.
2. That the costs of and occasioned by this application be costs in the liquidation; and
3. Further or other relief with liberty to apply.
Issued by:
Natasha Bakirci
Assistant Registrar
Date of issue: 30 June 2016
At: 1pm
