Category: Press & Articles

Originally posted on Global Restructuring Review The Cayman-based joint official liquidators of a bankrupt mutual fund have asked a Florida court to recognise their appointments so they can conduct discovery and take control of assets that may be in the US, five months after they launched proceedings against the fund’s bank in California.On 6 September, […]

KRyS Global is delighted to announce the enlistment of Joseph Sitholé to lead the Bermuda office. Joe joins the Firm from the picturesque city of Calgary Alberta Canada, where he was a Senior Manager/Vice President with KPMG.  Joe is a CPA, a Chartered Insolvency and Restructuring Professional, and a Licensed Insolvency Trustee in Canada. He […]

Originally posted on Law360 Law360, London (April 26, 5:41 PM BST) — An Arab tycoon does not have to pay €67 million ($72 million) in damages for transferring shares out of his company after liquidation because the creditors failed to establish any actual loss, an English appeals court ruled Friday. The Court of Appeal found […]

Originally posted on Law360 UBS Luxembourg can’t escape a lawsuit seeking to claw back nearly $50 million the bank allegedly redeemed from Bernard L. Madoff feeder fund Fairfield Sentry Limited at highly inflated values, a New York bankruptcy judge ruled on Friday. In an opinion, U.S. Bankruptcy Judge John P. Mastando III rejected UBS Lux’s effort to […]

Originally posted on Law360 By Alex WittenbergLaw360 (January 5, 2024, 5:22 PM EST) — A Swiss subsidiary of HSBC Holdings PLC must face a more than $124 million clawback lawsuit in New York brought by the liquidators of funds that channeled money to Bernie Madoff’s fraudulent investment firm, a bankruptcy judge ruled this week, rejecting […]

Originally posted on Law360 Law360, London (November 6, 2023, 5:48 PM GMT) — Liquidators attempting to enforce a €74.6 million ($80 million) award against a tycoon have alleged that he, rather than his wife, is the beneficial owner of a London mansion, arguing that he made unchallenged representations in court claiming that he was. Greig […]

Originally posted on Corporate Live WireWritten by Mark Longbottom The COVID-19 pandemic has resulted in a reduced demand for products and services, disruption in the supply of inputs and a tightening in the provision of credit. This, in turn, has significantly impacted the bankruptcy, restructuring and insolvency industry and this has been and continues to […]

In a judgment issued by Mrs. Justice Joanna Smith DBE in the High Court of Justice Business and Property Court of England and Wales, Insolvency and Companies List in the matter of the Joint Liquidators of MBI International & Partners Inc (in liquidation) (the “Company”) (the “Liquidators”) v. Sheikh Mohamed Bin Issa Al Jaber (the […]

KRyS Global is delighted to announce the joining of Mark Longbottom to their Cayman office in the position as Partner. As many of you will be aware, Mark has over 25 years experience and more recently has been in the Cayman Islands for the last 15 years working on several high profile and complex global […]

Originally posted on ABI.org In recent months, the bankruptcy judge presiding over the wreckage of the mammoth Bernard Madoff Ponzi scheme has been routinely denying motions to dismiss by investors in so-called offshore feeder funds who were subsequent transferees of fraudulent transfers by Madoff. Principally, investors in feeder funds contended unsuccessfully in bankruptcy court that […]