The liquidators of the collapsed Manhattan Investment Fund will today appear in the Supreme Court in Bermuda in a bid to convince the judge not to set aside Bermuda law and give special dispensation to creditors who wish to get their hands on the fund's remaining money.

Creditors and liquidators will appear before Assistant Justice Charles-Etta Simmons at Supreme Court No. 3 today to argue their case for priority over other creditors.

The joint provisional liquidators, Malcolm Butterfield of KPMG Bermuda and Tony McMahon of KPMG London, will argue that all creditors should be treated equally, and the no stay in the law should be granted.

The creditors will want the law, which puts on hold all other legal actions against the Manhattan Investment Fund while the liquidators are carrying out their investigation, put aside.

Ten individuals and companies have filed writs against the fund in Bermuda Supreme Court.

So far claims total $4.762 million and are lodged against the fund, its administrators Fund Administration Services Bermuda Inc, the Bank of Bermuda as the trust's bankers and Michael Berger, the man behind the scandal.

The much hailed hedge fund went belly up earlier his year after it lost $500 million of investments.

The fund, which was registered in the British Virgin Islands but administered and audited by Bermuda companies, had claimed it had made huge profits.

But this turned out to be a lie when the man behind the fund Mr. Berger admitted in January he had lost most of the money.

The fund was officially wound up in the Supreme Court in March and joint provisional liquidators appointed.

According to both Bermuda and British Virgin Island's law, the court actions filed against the fund were automatically put on hold while an investigation is carried out.

The court is also due to hear from the joint liquidators a request for clarification that out of what ever money is left, that their fees and those of their advisors be set aside.

The liquidators say there are no valid proprietary claims -- claims that money under the control of the liquidators belongs to them -- under either Bermuda or British Virgin Island's law.

They will argue that all claimants be treated equally and each get a pro-rata share of the total value of the fund's estate.