Tycoon Granted Delay After No-Show In $3.5B Fraud Trial

Originally posted on Law360.com Law360, London (September 22, 2021, 4:53 PM BST) — A London judge allowed an Arab property tycoon on Wednesday to adjourn his fraud trial after he was hospitalized, saying that refusing his request for a delay would infringe his right to a fair trial. High Court Judge Joanna Smith granted an […]

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Tycoon Risks Being Ignored After No-Show At $3.5B Trial

Originally posted on Law360.com Law360, London (September 21, 2021, 6:19 PM BST) — Lawyers for a wealthy Arab property tycoon have until Wednesday morning to explain their client’s sudden illness and inability to testify at liquidators’ $3.5 billion trial else his evidence may be excluded, a London judge said Tuesday. High Court Judge Joanna Smith […]

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KRyS Global Welcomes New Director in Guernsey

KRyS Global is delighted to announce the joining of Kieran McCarthy to their Guernsey office in the position of Director. Kieran has spent over 20 years in the insolvency and restructuring area, working in a wide range of sectors, and gaining broad experience as Co-Founder and Partner in Barker Tilly Dublin and a “Big Four” restructuring […]

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Recovery for Bernard Madoff customers bolstered by Citigroup ruling, trustee’s lawyer says

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 […]

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Omega ‘PregnancyCare’ Surrogacy Insurance Scandal Moves Offshore, And The Outlook For Victims Is Grim

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 […]

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Jonathan Ong approved as a Licensed Insolvency Practitioner in Singapore

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 […]

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BVI Constructive Trust Claims: Are they Avoidance Claims?

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 […]

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Safe Harbor Bars Foreign Liquidators from Recovering Money Stolen in the U.S.

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 […]

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Fairfield Liquidators Obtain Clarity on Claw-Back Claims in the U.S.

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 […]

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New law paves way for contingency fees, litigation funding

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 […]

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