Category: Press & Articles

For the 5th consecutive year, KRyS Global’s Executive Chairman, Kenneth Krys, was guest lecturer at the New York University School of Law, speaking from the perspective of Foreign Representative on the development and application of Chapter 15 of the US Bankruptcy Code and central to its determination, the location of foreign entity’s center of main […]

KRyS Global’s Executive Chairman, Kenneth Krys and Senior Manager, Lee Hart, will be heading to the Tenth World Quadrennial Congress of INSOL International, in Sydney in March 2017. The INSOL Congress features a quality international technical programme attracting the best and brightest restructuring professionals from around the world. This year’s will include a dedicated Offshore session meeting on […]

Earlier this month, experts from KRyS Global’s Global Forensics and Consulting team provided a presentation to local industry accountants in the Cayman Islands with an engaging presentation on how to recognize potential red flags of fraud in the offshore financial services sector. The presentation focused on the ‘why and who’ associated with financial services frauds, […]

Identifying and investigating fraud Learn how to recognize and investigate offshore financial services sector fraud Definition of fraud Understanding acts of fraud, including the who, how and why Understanding offshore financial services fraud Examples of red flags used to recognize potential fraud Discussing some techniques on how to investigate and  combat fraud How forensic technology […]

Published in the Cayman Compass Liquidators have begun dismantling MEPCO, the construction company that closed suddenly in October and laid off more than 50 employees. Employees learned of the firm’s financial troubles on Oct. 17, the day they were laid off. MEPCO, established in 2008, worked on mechanical, electrical, fire systems and other building services. […]

In an order issued December 14, 2016, the Eastern Caribbean Supreme Court issued guidance on the following questions: Does the Court have power to permit liquidators appointed by the court pursuant to the Insolvency Act 2003 (the “Act”) to draw monies from a liquidation estate by way of interim payment on account of fees and […]

Originally posted on Bloomberg Bernard Madoff’s victims are set to receive a $342 million payout from the trustee unwinding his epic Ponzi scheme, financed in part by a settlement with the estate of one of the con man’s oldest friends, the late Beverly Hills billionaire Stanley Chais. The distribution, if approved by a judge, would be […]

Christopher Smith and Lee Hart of KRyS Global contributed to International Insolvency’s Q&A guide to group insolvency and directors’ duties in the Cayman Islands.  The Q&A is part of the International Insolvency: Group Insolvency and Directors’ Duties Global Guide. For a full list of contents, please visit www.practicallaw.com/internationalinsolvency-guide. The Q&A global guide provides an overview of […]

If you or your clients have UK residential property, you are probably aware that those properties held in offshore vehicles will be subject to tax changes which take effect from April 2017. Inheritance tax will be introduced to all offshore companies that own UK residential property, including tenanted property. Recently the Annual Tax on Enveloped […]

Originally posted on Reuters By Jonathan Stempel | NEW YORK A federal bankruptcy judge on Tuesday dismissed lawsuits by the trustee liquidating Bernard Madoff’s firm to recoup funds from Koch Industries Inc, the company controlled by billionaire brothers Charles and David Koch, and dozens of other defendants. U.S. Bankruptcy Judge Stuart Bernstein in Manhattan said […]