MTI liquidators bungle UK court proceedings
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.
Guess Gary aka Cryptoanalyzer’s stolen gains are safe.
Guy went to ground not long after after MTI and Finalmente went under.
I’ve been keeping track of the MTI case docket. Individual cases dismissed and what not. No transparency so no idea what’s going on.
This can’t be. I was told that the UK and SA authorities and attorney’s are just as good and even better than their US Counterparts.
But then this was told to me by an attorney who didn’t know that OC was a giant Ponzi and illegal pyramid scheme and all of us haters didn’t know what we were talking about.
Edgington…
Liquidators aren’t attorneys. There is no such thing as an “attorney” in the UK. You mean a solicitor?
Go back to your sandbox
I know that. They are also called Barristers. No matter what you call them, they practice law. Nit-pick much? I thought a liquidator was appointed by a Master of the HIgh Court in South Africa. They are “legally empowered” to act. They can bring forth lawsuits or defend the company against legal claims.
Hmm, let’s see: Appointed by the Master of the High Court, They are legally empowered to act. they an bring forth lawsuits and defend against legal claims. Sure sounds like they have a lot of “Legal” duties they can perform.
(Ozedit: derails removed)
Edgington…
It wouldn’t be you unless the facts were wrong.
Deep breath:
– They’re not “also called barristers”. No. One is a specialist in litigation, the other (a solicitor in England) is a client-facing professional. In what world is a liquidator also called a barrister?
– Anyone is legally empowered to act. What are you on about? Weren’t you told that when you turned 18 that you were now an adult? That doesn’t make you a lawyer since you could legally act. Most liquidators are accountants; and,
– I was never an attorney. I was admitted as an advocate. That’s another legal thing for you to confuse.
(Ozedit: derails removed)
@Duncan Arthur
In the UK you call yourself a lawyer. Right or wrong?
postimg.cc/7bnwyffT
find-and-update.company-information.service.gov.uk/company/12488715/officers
When do you take care of things that are really important? A “lawyer” like you should work more correctly. (Ozedit: derails removed)
Try to stay with the story plot. When I mentioned “barrister” I was referencing that in the UK they are called both barrister and solicitor. One would think with your knowledge you would grasp this concept and understand what I was referencing.
I never claimed that a liquidator was a barrister or solicitor. Are you really this dense, or just pretending to be?
(Ozedit: derails removed)
Edgington:
– a barrister and a solicitor are not “both”. Use AI if you are battling with the conveying. It’s free.
– Direct quote: “They are also called barristers”. No. They are not. Just as solicitors are not also called barristers, liquidators are very rarely lawyers in SA.
– Direct quote: “I never claimed that a liquidator was a barrister or solicitor”. Yes you did… “I was told that the UK and SA authorities and attorney’s are just as good and even better than their US Counterparts”.
This is an article about liquidators screwing up, not attorneys. Lawyers argue what their clients tell them to, often against their better advice.
(Ozedit: derails removed)
Melanie
I am a lawyer. I remember sharing my registration on this platform. You normally read websites perfectly.
I’m not in England. Ovid is in the final wind-up. I’m not doing it. Of course I remember it. Unlike some people and their true identity. Why is this relevant?
Melanie (sic)…
You tell me