Our team has been working tirelessly at responding to each and every email. We have now in the interests of addressing your concerns more speedily elected to create a general FAQ section to address any issues and concerns which you may have.
A provisional liquidation order was granted in respect of MTI in the Cape Town High Court on Tuesday the 29th December 2020.
The Master of the High Court has appointed provisional liquidators to take control of the assets and liabilities of MTI in order to establish what has transpired within the company and in an attempt to retrace all the funds. The provisional liquidators are A.W Van Rooyen (V) , H.Bester (N), Jacolien Frieda Barnard (PDI) & Deidre Basson (PDI).
Do not worry. We are here to guide you every step of the way.
This merely means that during this short space of time that the number of creditors who voted for these liquidators were larger than those who voted for Manci Knoop (MK) Liquidators to be nominated. The provisional and final liquidators can be entirely different liquidators.
Luitingh and Associates Attorneys remain steadfast in our support of Manci Knoop (MK) Liquidators to be appointed as final liquidators and which is still possible with the assistance and support of you, the creditors.
The return date to Court is the 1st March 2021 at which stage the Court will, in all likelihood, grant the final liquidation order. The first meeting of creditors will take place within approximately 6 to 8 weeks after the final order of liquidation is granted, ie: approximately 6 to 8 weeks after the 1st March 2021.
At this first meeting of creditors the creditors claims will be lodged and each and every creditor who has submitted an admitted claim will be entitled to vote for the appointment of a final liquidator. In other words the creditors have the ability, in mass, to appoint final liquidators of their choosing. We will be your voice!
In order to participate in the voting process it is imperative that you complete the relevant Power of Attorney contained in the claim documentation.
Your nomination form was merely in support of a nomination of a provisional liquidator. That phase has now come and gone. In order to be able to qualify as a creditor of MTI you need to complete and submit the creditors claim form together with all supporting documentation to the liquidator of your choosing.
Each and every creditor who submits a claim that is admitted is entitled to vote at the first meeting of creditors for the appointment of a final liquidator.
All creditors, including those from other countries, are entitled to complete the creditors claim form. Please follow the instructions on how to properly complete the forms. If you are unsure please ask and we will assist you.
Due to the magnitude of creditors involved in this liquidation process we wish to already now start gathering the relevant claim forms and ensuring that they comply with all the stipulated rules and regulations so that they may be accepted by the Master of the High Court at the first meeting of creditors.
We have updated our website www.mtiliquidation.co.za to make provision for the creditors claim forms with instructions and examples of how this can be completed. In addition to this we will host an online tutorial question and answer session to assist you in any additional queries which you may have at this stage.
Very importantly, we expressly undertake not to formally lodge your claim form in the event that there is a risk of contribution of costs on the part of the creditor in time to come. This means that you as the creditor will not be exposed to any potential risk in submitting your claim form now already. This will greatly assist in trying to speed up the liquidation process and ensuring that all known creditors can successfully lodge their claims should they wish to do so.
When completing the form please complete it in Rands as MTI is a South African based company and the liquidation is taking place in South Africa. Please use the built in BTC converter on our site.
This automatically utilizes the BTC value as at the 23rd December 2020 which is the date of commencement of the liquidation proceedings and therefore the correct value to use when quantifying your claim in Rands.
Simply input your BTC value into the built in online converter to convert it from BTC to ZAR (Rands).
This will then be the correct claim amount to enter on your claim form.
The amount to be completed on the claim form is all original investment amounts with MTI, in other words you do not claim for any “profits”.
All creditors will need to take legible screenshots of their MTI trading accounts evidencing the dates and amount of funds that were paid into MTI as well as legible screenshots of the BTC wallet from which it was sent. The more detailed the information, the better.
There are no costs associated with you submitting your creditors claim form.
Our legal fees going forward, and to the extent that our services are used, will be submitted as part of administrative costs within the liquidation process and will come out of any potentially recovered funds. There is no direct legal costs for you as an individual.
We cannot confirm the prospects of success nor the duration of the liquidation process as this all depends on what is uncovered by the liquidators in tracing the assets of MTI. We can however assure you that our team and those associated with us will do everything within our power to assist in the recovery of your funds.