Twenty-nine investors in All Invest Co. Ltd this morning filed an application in court against the company and sole director Wallace Falzon objecting to the company's actions to declare bankruptcy.

The investors said some of them had invested all their savings in the company, even proceeds from early retirement schemes. In some cases the funds were their only source of income.

In one case the funds were invested in order to eventually pay for the therapy of a disabled boy after his parents passed away.

In all, the investments ran into several hundred thousand euros.

The investors said they had been promised by Mr Falzon and his employees that their investment was capital guaranteed. But they had now been informed that an investment product abroad had run into serious problems and an investigation was under way. Another product had also failed.

They said the company had failed to observe the law and financial regulations.

The investors said they had reported their grievances to the MFSA and there were pending claims of mis-selling by the investment firm.

The investors were represented by Stefano Filletti, Jennifer Shaw and Frank Testa.