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Qatar Financial Centre Authority v Horizon Crescent Wealth LLC

Court of First Instance
CTFC0019/2023
Neutral Citation
[2024] QIC (F) 1
Date
08 January 2024
Status
Keywords
First Instance Circuit
QFC Insolvency Regulations
Insolvency
Winding Up
Creditors
Priority
Judges
Sir William Blair
Ali Malek KC
Dr. Muna Al-Marzouqi
Summary

The Qatar Financial Centre's Civil and Commercial Court ordered the winding up of Horizon Crescent Wealth LLC (HCW) due to insolvency, appointing joint liquidators to manage the process. The case involves various claims and regulatory actions against HCW, including financial penalties for money laundering suspicions and regulatory infractions. Significant funds were frozen in HCW's accounts, leading to unresolved competing claims. The court’s judgment addresses applications for fund transfers, penalties, and the prioritization of claims. Despite some payments, most judgments remain unsatisfied, with uncertainty surrounding the extent of HCW’s assets and liabilities.

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Judges

  • Sir William Blair

    England

  • Ali Malek KC

    England

  • Dr. Muna Al-Marzouqi

    Qatar

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