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Through its supervisory arbitrational jurisdiction under Law No 2 of 2017 issuing the Arbitration Law in Civil and Commercial Matters, parties can elect the QICDRC as the “Competent Court” of arbitration to perform various functions in relation to interim measures, enforcement of awards and appeals.
Qatar Financial Centre Regulatory Authority and Qatar Financial Center Authority v Horizon Crescent Wealth LLC, and Mohammed Al-Emadi
CTFIC0019/2023
Neutral Citation
[2024] QIC (A) 5
Date
15 April 2024
Status
Judges
The Rt. Hon. The Lord Thomas of Cwmgiedd
Fritz Brand
Yongjian Zhang
Summary
In a judgment dated April 15, 2024, the Qatar Financial Centre Civil and Commercial Court's Appellate Division refused Horizon Crescent Wealth LLC (HCW) permission to appeal against a Winding Up Order issued on January 8, 2024. HCW was ordered to be wound up due to insolvency and regulatory misconduct. The court upheld the original decision, citing insufficient funds to meet debts and unresolved issues regarding asset ownership. HCW's grounds for appeal, including claims of excessive penalties and improper proceedings, were rejected as without merit. The appointment of Joint Liquidators was also affirmed.
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The Rt. Hon. The Lord Thomas of Cwmgiedd
Wales
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Fritz Brand
South Africa
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Yongjian Zhang
China
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