Mirror Trading International’s South African liquidators have bungled court proceedings in the UK.

As reported by Moneweb on June 18th, MTI’s liquidators filed a “UK application” to avoid a statute of limitation in South Africa.

The UK application was issued on 9 April 2024. However, [the liquidator’s attorneys] Farrer & Co only served the application on the respondents on 5 August 2024.

During court proceedings it transpired that the delay in serving the application resulted in a breach of the rules governing the service of claims in insolvency proceedings.

In the UK court, it was argued by investors that the application was served out of time. The court agreed and struck out the liquidators’ claim with costs.

Liquidators filed for an extension of time to serve the application, which was denied. Also denied was presented evidence, due to the UK court deeming the liquidators’ attorney not being independent.

Moneyweb frames the MTI liquidators’ bungling as a “series of basic errors” that resulted in “significant costs being incurred”.

Not to be dettered by already-committed errors. MTI liquidators filed a new application on November 8th, 2024.

A legal expert contacted by Moneyweb believes the re-issued proceedings in the UK are now highly likely to be “time-barred” by the SA Prescription Act.

The core issue here is MTI’s liquidators doing nothing in the UK after receiving a copy of MTI’s investor database in April 2021.

At this point it is beginning to look like the liquidators are engaging in high-risk, expensive litigation where the prospects of success appear to be very small. Are they acting in the best interest of creditors?”

BehindMLM has maintained MTI civil liquidation proceedings have, thus far, largely been a waste of time.

Despite MTI being operated from South Africa and defrauding over 100,000 investors out of at least $1.7 billion USD, South African authorities have made no arrests.