November 19, 2019 court of first instance - Orders
Claim No. CFI-053-2018
THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
BETWEEN:
IN THE MATTER OF ABRAAJ CAPITAL LIMITED
(IN PROVISIONAL LIQUIDATION)
Applicant
ORDER OF H.E JUSTICE ALI AL MADHANI
UPON reading the petition for the winding up of Abraaj Capital Limited (in provisional liquidation), registered in the DIFC under registration number xxx, and with its registered offices at xxx, xxx Floor, DIFC, Dubai, United Arab Emirates (the “Company”), presented to this Court on 1 August 2018 (the “Petition”) and the evidence recorded on the Court file
AND UPON David Soden and Phil Bowers of Deloitte LLP having been appointed as joint provisional liquidators of the Company pursuant to an order dated 15 August 2018
AND UPON the application of the Company dated 13 November 2019, which is supported by the Third Witness Statement of David Soden
AND UPON hearing Counsel for the Company at a hearing held before H.E. Justice Ali Al Madhani on 18 November 2019
IT IS hereby ORDERED that:
1.The Company be wound up by this Court under Article 81 of the DIFC Insolvency Law No.1 of 2019 and Regulation 6.2 of the DIFC Insolvency Regulations of 2019.
2. Mr David Soden and Mr Phil Bowers of Deloitte LLP, Al Fattan Currency House, DIFC, Building 1, Dubai, PO Box 112865 are hereby removed and released as Joint Provisional Liquidators of the
3. Mr David Soden and Mr Ian Wormleighton of Deloitte LLP, Al Fattan Currency House, DIFC, Building 1, Dubai, PO Box 112865 are hereby appointed as Joint Official Liquidators of the Company pursuant to Article 90 of the DIFC Insolvency Law No.1 of 2019 with the power to act jointly and severally.
4. The Joint Official Liquidators shall have all the powers set out in Schedule 3 of the DIFC Insolvency Law No.1 of 2019.
5. The Joint Official Liquidators shall not be required to give security for their appointment, save for any mandatory requirements to provide security pursuant to the DIFC Insolvency Regulations of 2019. The Company is to provide an update in relation to any requirements for security to be provided under the DIFC Insolvency Regulations of 2019 to the Court within 7 days of the date of this order.
6. The Joint Official Liquidators shall be at liberty to apply for such further or other directions as they may deem necessary.
7. Pursuant to Article 88(2) of the DIFC Insolvency Law No.1 of 2019, no action or proceeding shall be commenced or continued against the Company or its property, except by leave of the Court and subject to such terms as the Court may impose.
8. No disposition of the Company’s property by or with the authority of the Official Liquidators in carrying out their duties and functions and exercise of their power under this Order shall be voided.
9. The Company shall cause the winding up order to be advertised pursuant Regulation 6.4.1 of the DIFC Insolvency Regulations of 2019 and Rules of the DIFC Court 54.91.
10. The remuneration and expenses of the Official Liquidators shall be paid out of the assets of the Company.
11. The Company’s and the Joint Provisional Liquidators’ costs of and incidental to this Petition be paid as an expense of the official liquidation to the extent that they have not already been paid as an expense of the provisional liquidation.
12. The Joint Official Liquidators shall provide a final account in accordance with the requirements of Article 95 of the DIFC Insolvency Law No.1 of 2019.
13. No Order as to costs.
Issued by:
Nour Hineidi
Date of issue: 19 November 2019
At: 12pm
