It is being argued that MTI is not insolvent as it ‘only’ faces claims of roughly R350m, while liquidators have recovered R1.3bn in bitcoin. Moneyweb CryptoCurrency
Liquidators of the Mirror Trading International bitcoin scheme suffered two defeats in recent weeks in the Western Cape High Court, after judges rebuffed their efforts to recall several of the prime beneficiaries for questioning in a Section 417/418 enquiry. Section 417/418 of the Companies Act allows liquidators to subpoena and question company officials and others to find out the cause of a company’s collapse and what happened to assets and liabilities.
“The application to wind up MTI was brought on two grounds, namely the alleged inability of MTI to pay its debts and that it was alleged to be just and equitable that it be wound up,” deposes Marks. “Although this Court wound up MTI … it did not state whether it did so on the grounds of MTI’s inability to pay its debts or on the basis of it being just and equitable that it be wound up.
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