The present application was made by the joint liquidators of Al Mal Bank LLC under art 95(1) of QFC Regulation No. 5/2005 (the Insolvency Regulation) in the course of the winding up of the bank. The Court was asked to decide whether the respondent was entitled to submit a claim in the liquidation of the bank. The Court ruled that, in circumstances where: (i) the respondent had formally withdrawn his claims prior to the present application; and (ii) the Court had previously dismissed his Particulars of Claim and his action against the bank on 14 October 2010, the respondent was not entitled to submit such claims in the liquidation. The ruling was subject to a further ruling as to whether the respondent would be granted permission to appeal the Court's order of 14 October 2010 and the outcome of any such appeal.

Article 95(1) of QFC Regulation No. 5/2005 (Insolvency Regulation)

Reported by Charlotte Hennessey , Solicitor, Senior Courts of England and Wales (non-practising).