Category: Press & Articles

Originally posted on Reuters.com NEW YORK, Aug 30 (Reuters) – A U.S. appeals court said the trustee liquidating Bernard Madoff’s firm can pursue a $343.1 million clawback lawsuit against Citigroup Inc (C.N), a decision that could help the late swindler’s customers recover close to the estimated $17.5 billion they lost in his Ponzi scheme. The 2nd […]

Originally posted on Offshore Red Foreign representatives and their counsels should take note of recent US Bankruptcy Court decisions in Fairfield that, if upheld on appeal, could significantly impair their ability to pursue avoidance claims in US Chapter 15 proceedings. The court in Fairfield held that the US Bankruptcy Code’s safe-harbour provisions apply to foreign […]

Originally posted on abovethelaw.com Last week, a Cayman Islands professional liquidator held an illuminating — and depressing — meeting concerning the train wreck that is the Omega PregnancyCare case. Essentially, an insurer, catering specifically to women who were carrying pregnancies as gestational surrogates for others, was a total scam. And in the hearing, the court-appointed liquidator delivered […]

Jonathan, Director of KRyS Global’s Singapore Office has been approved by the Ministry of Law as a Licensed Insolvency Practitioner in Singapore under Part 3 Division 3 of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) (“IRDA”). The approval as a licensed Insolvency Practitioner permits the license holder to undertake insolvency appointments […]

The U.S. Bankruptcy Court for the S.D.N.Y. provided further clarity in the Fairfield Sentry litigation on whether foreign constructive trust claims are avoidance claims in assessing the applicability of Sections 546(e) and 561(d), the U.S. bankruptcy safe harbor laws which generally immunizes securities transactions from bankruptcy avoidance actions. Judge Stuart M. Bernstein — in one […]

Originally posted on ABI.org Another opinion shows that Congress wrote Section 546(e) in a manner that goes far beyond protecting the securities markets in the U.S. Congress gave us a statute that allows fraudsters to launder stolen money in the U.S. through foreign banks, as revealed in an opinion by retiring Manhattan Bankruptcy Judge Stuart […]

The U.S. Bankruptcy Court for the S.D.N.Y. provided clarity in the Fairfield Sentry litigation on the implication of Sections 546(e) and 561(d), U.S. bankruptcy safe harbor laws, on foreign claw-back claims. Judge Stuart M. Bernstein — who retired on September 30, 2020 but is currently serving on recall through early next year — authored the […]

Originally posted on the Cayman Compass In an effort to provide Cayman Islands residents with limited financial means with better access to the courts and compensation in civil litigation, Parliament passed the Private Funding of Legal Services Bill 2020 on Monday. The new law allows for both US-style contingency fees, in which successful lawyers are […]

Originally posted on FiNews.Asia The specter of Bernie Madoff still hangs over Swiss banks 12 years after his Ponzi scheme collapsed. An American liquidator is looking for massive sums from 15 Swiss banks. Even Swiss exchange operator SIX pops up on the list that Krys Global, a Cayman Islands firm specialized in liquidations and resolving disputes linked to fraud, […]

KRyS Global is delighted to announce the joining of Neil Dempsey to their Cayman office in the position of Director. As a licensed UK Insolvency Practitioner, Neil has spent over 20 years in the insolvency and restructuring area, working in a wide range of sectors, and gaining broad experience working for a smaller local accountancy […]