Investors who claim they lost all their money because they were wrongly sold financial products yesterday filed a second court application over the matter.
The 29 investors argued that All Invest had made no provision to pay them.
Their first application, made a week ago, was intended to block the company and its director Wallace Falzon from filing for bankruptcy, so that the investors could get their money back.
They estimate they lost some €500,000 in total.
The company ran into trouble last year after clients started accusing it of losing their life savings.
Since then, several investors have initiated court proceedings against it.
Those behind the first application claimed they had all, without exception, been guaranteed a safe investment with capital guaranteed but in reality were led to invest in products that had “very serious problems”.
In the application filed yesterday, the investors said that from documents filed at the Malta Financial Services Authority, it appeared that the company, just a few months before the application for bankruptcy, was so confident in its actions that it did not make provision for the claims against it.
They said this meant that either the proceedings for bankruptcy were just a smokescreen for the company to get out of paying its dues or that the request for bankruptcy was false.
Lawyers Stefano Filletti, Jennifer Shaw, Frank Testa, Jonathan Thompson, Joseph Zammit and Phyllis Aquilina signed the application.