CFI 032/2014 The Dubai Financial Services Authority v ES Bankers (Dubai) Limited

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

ORDER OF JUSTICE SIR JEREMY COOKE

UPON the application of Phil Bowers and David Philip Soden (the “Joint Liquidators” of ES Bankers (Dubai) Limited (in liquidation) (“ESBD“)) dated 8 August 2019 (the “Application Notice“)

AND UPON reading the Order of Justice Sir David Steel dated 23 March 2015, as amended by the Order of Justice Sir David Steel dated 30 June 2016 (the “Remuneration Order“)

AND UPON reading the evidence

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

IT IS HEREBY ORDERED THAT:

1.Pursuant to Articles 104 and 106 of the DIFC Insolvency Law No.1 of 2019:

(a) Phil Bowers’ resignation as liquidator is confirmed and (subject to paragraph (b) below) he is removed as a liquidator of ESBD by reason of his resignation on 30 November 2019 (the “Resignation Date“).

(b) Phil Bowers’ release as liquidator shall take effect within 28 days of the Resignation Date.

(c) Ian Wormleighton of Deloitte LLP is hereby appointed as a liquidator of ESBD and shall hold office jointly with David Philip Soden and on the same terms as Phil Bowers and David Philip Soden had held appointment as joint liquidators of ESBD.

2. Pursuant to Regulation 6.8 (in respect of Regulation 6.42) of the Insolvency Regulations of 2019, the words “Within two months of each six month anniversary of the Joint Liquidators’ appointment” in the Schedule to the Remuneration Order be deleted and replaced with the words “Within two months of each twelve month anniversary of the Joint Liquidators’ appointment“, and any references in the Remuneration Order to the “Six Monthly Report” be deleted and replaced with the words “Annual Report“, any subsequent Orders being read mutatis mutandis.

3. Liberty to apply.

4. The costs of and occasioned by this application be costs in the liquidation.

Issued by:

Nour Hineidi

Deputy Registrar

Date of issue: 17 September 2019

At: 3pm