QFC 0012/2021, [2021] QIC (F) 19
In the Liquidation of Powerglobe LLC
This case involved a decision to wind up a company registered with the QFC because of their inability to pay their debts as they fell due.
Background
This was an application by Noble Clean Fuels Limited to wind up PowerGlobe LLC under Article 79 of the Qatar Financial Centre Insolvency Regulations 2005 on the ground that PowerGlobe was unable to pay its debts. Noble was a company incorporated in England and Wales which was a supplier of energy products. PowerGlobe was a company established under the laws of the State of Qatar and the Qatar Financial Centre (QFC). It was registered with the QFC. Its registered office was at 19th Floor, City Tower Marriott, Omar Al Muktar Street, Area 61, Al Dafna, Doha, Qatar. It was established in the QFC on 30 March 2017. The principal nature of PowerGlobe’s business as stated in the Licence, was the provision of professional services. QFC’s public register indicated that the Licence had been withdrawn.