Kalo Appointed in Groundbreaking DIFC Recognition Case
05/04/2019
Managing Director of member firm Kalo Paul Pretlove has been named in a groundbreaking liquidation case where the courts of the Dubai International Financial Centre (DIFC) have recognised his appointment as liquidator by the BVI court.
On 25th March Justice Ali Al Madhani granted the application for recognition filed by Kalo BVI’s Paul Pretlove as joint liquidator of regulated forex brokerage firm FCI Markets. This is understood to be the first time such recognition has been ordered in respect of a BVI registered company.
FCI Markets went into liquidation in the BVI last January. FCI is the parent company of Exential – a forex trading business. The company allegedly targeted airline cabin crew with offers of 120% returns on investments of around $25,000. Kalo is now seeking to recover approximately US$200 million or 734.5 million dirhams for creditors.
Commenting, Pretlove said: “This is fantastic news for the victims and creditors of this liquidated company, which should aid us in maximising immediate asset recoveries and in gathering sufficient information to interrogate the company's financial affairs. This is an extremely welcomed decision that should pave the way for similar investigations and recovery efforts. I applaud the speed with which the DIFC accommodated and heard the application filed only a fortnight prior.”
Tim Prudhoe appeared on behalf of Kobre & Kim for Kalo at the hearing and he added: “I would like to offer my congratulations to Paul Pretlove and his dedicated team in the BVI office of Kalo on his ground-breaking recognition success here in Dubai on Monday. I started the hearing for that explaining to the Court our view that it would be a first, if granted. Fortunately, the Judge agreed both with that and also to grant the Order on the basis of international co-operation and comity. This outcome came as the result of much hard work by many over a lengthy time. In addition to Paul and his colleagues at Kalo, special mention should be made of the ever-cheerful, focused and determined Carlo Fedrigoli of Dubai-based firm Onoma FZE.”
Kalo is a specialist insolvency and restructuring practice located in the British Virgin Islands and the Cayman Islands. The firm has over 100 years of combined offshore insolvency and restructuring experience. Kalo employs 22 professional staff, including licensed insolvency practitioners in the Cayman Islands, the BVI and the UK. Kalo is an independent and conflict-free advisory firm.