Regulatory Alerts2023-10-13
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Decision on Application to Appoint a Provisional Liquidator Re: MDollaz Lt. (trading as Arawak X) Dated 13 October 2023
The Supreme Court of the Bahamas granted the Securities Commission of the Bahamas' application to appoint a provisional liquidator over the assets of MDollaz Ltd. (trading as Arawak X). The decision follows findings that the company is insolvent by at least $2.4 million, has committed regulatory breaches under the Securities Industry Act, and poses risks to the public interest. The court ordered the company to cease trading, soliciting funds, and handling client assets pending the winding-up proceedings.
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