ArawakX Chief of Equities Winston Rolle said if the company is put into provisional liquidation it would be a "personal tragedy" for him, ArawakX employees and investors.
Rolle, along with ArawakX CEO Kenneth Donathan filed affidavits last week, arguing that the company did not engage in any misconduct.
The Securities Commission of The Bahamas (SCB) has filed a winding-up petition against MDollaz Ltd., trading as ArawakX.
The SCB argued that ArawakX, a crowdfunding platform, is insolvent, commingled company funds with investor money, and sold MDollaz shares without SCB approval.
But executives from ArawakX have pushed back.
In his filing, Rolle said, "The respondent's (ArawakX) team of highly skilled professionals believe in the continued viability of the respondent, as demonstrated by its oven-ready pipeline of business and its demonstrated success, and we remain committed to returning the respondent to successful operation," Rolle said.
"The forced winding-up of the respondent on the false and flawed premises articulated by the applicant (SCB) herein would not only be unreasonable and unfair, but also a personal tragedy for my colleagues and I, as well as our issuers and investors."
Donathan said that at no time during interviews with the SCB, while the company was under investigation, was it suggested that the company might have committed any act contrary to the law.
"At no point was it suggested by the applicant (SCB) during my interview or otherwise that the applicant considered that the respondent had engaged in any misconduct under the act or otherwise," said Donathan.
"I was therefore taken by surprise as the applicant's unfair, unreasonable, and prejudicial representations to the Supreme Court herein in support of its ill-conceived application to have the respondent wound up."
ArawakX Chairman D'Arcy Rahming Sr. said his company is not insolvent and it never commingled funds.
The matter of the winding up of ArawakX is expected to be heard on Friday.
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