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Claim No: CFI-032-2014

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

BETWEEN

THE DUBAI FINANCIAL SERVICES AUTHORITY

Claimant

and

ES BANKERS (DUBAI) LIMITED

Defendant

AMENDED ORDER OF JUSTICE SIR JEREMY COOKE

UPON the application of the Joint Liquidators of ES Bankers (Dubai) Limited (in liquidation) ("ESBD")

AND UPON reading the evidence recorded on the Court file

AND UPON deeming that the application can be determined on paper without a hearing

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 a further interim dividend (the "Fourth Interim Dividend") in the percentage and to the class of creditors further described in the ninth witness statement of Phil Bowers dated 29 April 2019, 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, that by 4 pm UAE time on 12 July 2019 (the "Third 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 Fourth Interim Dividend. For the avoidance of doubt:

   a) Nothing in this order shall prevent a creditor proving a debt or claim after the Third 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 Fourth 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 Third Bar Date shall be entitled to disturb the Fourth 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, the second interim dividend declared by the Joint Liquidators on 16 December 2016 or the third interim dividend declared by the Joint Liquidators on 21 September 2017.

   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 Third Bar Date.

   d) For the purpose of this order, the proof of a debt or claim on or before the Third 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 Third 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. The costs of and occasioned by this application be costs in the liquidation.

Issued by:

Nour Hineidi

Deputy Registrar

Date of issue: 11 June 2019

Date of re-issue: 13 June 2019

At: 3pm