Judge grants Coin-It liquidation order
The final order will be granted on May 28, pending counsel being heard on why Coin-It should not finally be wound up.
Coin-It Trading has been provisionally liquidated. Judge, Poyo Dlwati handed down the interim liquidation order this morning in the Pietermaritzburg High Court.
The order operates as a provisional order winding up Coin-It, which has been operating as investment scheme from its head office in Dundee. Some however have dubbed it a Ponzi scheme.
The copy of the provisional order will be advertised on or before April 14. The final order will be granted on May 28, pending counsel being heard on why Coin-It should not finally be wound up. The Master of the High Court has been ordered to appoint a liquidator.
Investors, who claim to be owed over R10-million after investing in Coin-It, welcomed the outcome of court proceedings.
“Coin-It will have time to oppose but it’s very rare that a provisional liquidation order is not made permanent. The liquidators can now start tracing assets [for] repossession and freeze banking accounts. We have won. God is great,” said Rowena James of Amanzimtoti, who has been at the forefront of a relentless bid to get investors’ money back.
Advocate for Coin-It, Anton Flemming left the court before he could be asked for comment on the order. Supporters, reportedly bused in by Coin-It and who led a vocal demonstration for the company outside the court, were also nowhere to be seen once the matter was adjourned.
See Wednesday’s Courier for full details on the Coin-It saga and the fallout.
RELATED STORY: Coin-It investors say scheme is insolvent and illegal
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