Judge Alma de Wet of South Africa ruled that a final liquidation order was issued against Mirror Trading International (MTI), which was the country’s largest Bitcoin scam last year. Nevertheless, the judge postponed the MTI liquidator’s application to declare the company as an illegal business until September 8, 2021.
According to a report, stakeholders who opposed the liquidator’s intervention in the application now “must submit a statement of defense before July 30”. On the other hand, liquidators “must submit an affidavit of response by August 13 and must submit their arguments by August 24.”
At the same time, the latest court ruling was made nearly six months after the provisional liquidation order was obtained, which represents a victory for liquidators who faced opposition from MTI shareholders led by Clynton Marks. As previously reported by Bitcoin.com News, Max, who holds a 50% stake in MTI, opposed the liquidation, claiming that it would harm the interests of investors.
MTI shareholder debate
Together with other opponents of the liquidation proposal, Max claimed that MTI is still solvent and that the liquidation company is too early. In addition, the co-owners of MTI presented a series of technical arguments, which, according to him, proved that the process of granting interim orders was improper.
However, after several delays, the liquidation hearing was finally held on June 15 and a judgment was made 15 days later. It is not clear whether the assets of the investment platform and the proceeds from the sale of recovered MTI Bitcoin are sufficient to satisfy all claims against the company.
Does the liquidation of a Ponzi scheme like MTI help the victim’s cause? Tell us what you think in the comments section below.
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