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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 Authority v Horizon Crescent Wealth LLC
CTFC0019/2023
Neutral Citation
[2024] QIC (F) 1
Date
08 January 2024
Status
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.
Judges
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Sir William Blair
England
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Ali Malek KC
England
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Dr. Muna Al-Marzouqi
Qatar
Judgment Content
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