Agreement for Addressing Prescription Challenges in the Context of MTI Liquidation
- Liquidators of Mirror Trading International (MTI)
- Investor/Creditor/Debtor (hereafter referred to as "Investor")
WHEREAS, the liquidation of Mirror Trading International (MTI) has presented unique challenges, particularly concerning the prescription of claims;
WHEREAS, there exists uncertainty regarding the starting period for the prescription of claims against MTI;
WHEREAS, the parties wish to address these challenges in a manner that is equitable and reduces the potential for extensive legal costs.
This agreement aims to provide clarity and a framework for addressing the prescription of claims in the MTI liquidation process.
2. Interpretation of Prescription Start Date
It is acknowledged that if prescription starts at the date of provisional liquidation, a significant prescription deadline may be imminent (e.g., December 2023). This agreement seeks to address and potentially extend this deadline.
3. Balance Due Calculation
The balance due to the Investor shall be calculated based on the net amount of Bitcoin (or equivalent) deposited minus the amount withdrawn.
4. Waiver Document
The Investor agrees to sign a waiver document at a solicitor nominated by the liquidators.
The signing of this waiver document will delay the prescription of the Investor’s claim for an additional three years from the date of signing.
5. Settlement Agreement
In return for the extended prescription period, the liquidators agree to an offset arrangement between the Bitcoin received and deposited by the Investor.
The final settlement amount will be negotiated and agreed upon between the Investor and the liquidators.
6. Benefits of the Agreement
- Investors who are net winners gain additional time to negotiate settlements without incurring extensive legal costs.
- Investors who have withdrawn less than deposited will not be required to deposit additional amounts before receiving their due credit.
- Creditors who have not made any withdrawals may potentially receive a greater amount.
- Overall, the agreement aims to reduce potential legal fees and streamline the settlement process.
This agreement is subject to review and modification as required by law and the specific circumstances of the MTI liquidation.
Any disputes arising from this agreement shall be resolved through negotiation or as per the legal framework governing the MTI liquidation.
The parties agree to the terms outlined above and commit to executing this agreement in good faith.
Liquidator of MTI: