On attraction from: [2021] EWCA Civ 535
The Appellant (“SIB”) is an organization integrated in Antigua and Barbuda that went into liquidation in 2009. Most of SIB’s enterprise was promoting funding merchandise to worldwide clients. Nonetheless, throughout 2003 to 2009, SIB was being run as a big Ponzi scheme. Buyer withdrawals and funds when funding merchandise supposedly matured had been being comprised of capital invested by different clients reasonably than funding proceeds. In 2008, many shoppers requested withdrawals from SIB fearing that it might turn out to be bancrupt.
SIB had 4 financial institution accounts with the Respondent (“HSBC”). These