On 14 October 2010, on the application of the liquidators of the Al Mal Bank LLC bank, the court made a precautionary attachment order (the freezing order) in relation to the assets of the applicant, the former chief executive officer of the bank. The freezing order had been made by the court in anticipation of the liquidators instituting proceedings against the applicant claiming compensation for losses suffered by the bank that were said to have been caused by his alleged misconduct. On 22 October, the liquidators instituted proceedings against the applicant (Proceedings 05/2010) and made an application under Article 105 of the QFC Regulation No. 5/2005 (the Insolvency Regulations). The applicant applied to discharge or revoke the freezing order. Written submissions were exchanged prior to the instant hearing.

Whether the freezing order should be discharged or revoked.

The applicant submitted that the freezing order should be discharged as: (i) the court lacked jurisdiction to make the freezing order; and (ii) the order amounted to an invalid attachment of his property.