Defendant Breached Fiduciary Duty;  MBI Liquidators Unable to Evidence Share Sale at Time of Transfer

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 […]

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UBS Luxembourg Must Face $50M Fairfield Clawback Suit

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 […]

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HSBC Unit Can’t Duck $124M Fairfield Suit In New York

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 […]

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Tycoon Is Beneficial Owner Of Property, Liquidators Say

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 […]

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Mann appointed as Receiver/Manager of Pet Supplier

Originally posted on Channel News Asia SINGAPORE: Perromart, a popular pet supplies e-retailer, has been sold to a new operator after customers lodged nearly 200 complaints with Singapore’s consumer watchdog over the last five months. Perromart’s previous sole owner, 25 Holdings, became insolvent and was placed under receivership in March, its new receiver and manager […]

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Important Judgement From UK Court for Liquidators Seeking Assistance From BVI Company Directors

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 […]

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Mark Longbottom Joins KRyS Global

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 […]

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No Interlocutory Appeal from Madoff Rulings on Suits Against Fairfield Fund Customers

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 […]

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Fairfield Liquidators Make More Law: The Safe Harbor’s Application to Foreign Liquidators

Originally posted on ABI.org The largest fraud in history, the Bernard Madoff Ponzi scheme continues making important law, often in the cross-border sphere. A district judge in New York has given greater definition about the extent to which the safe harbor in Section 546(e) limits the claims that a foreign liquidator can make in a […]

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Sheikh Denied Retrial After Ill Health Prevents Live Testimony

Originally posted on Law360 Joanne Faulkner, Law360, London (October 26, 2022, 4:40 PM BST) — The Court of Appeal refused on Wednesday to adjourn for the fourth time an insolvency trial brought by liquidators of a tycoon’s property portfolio due to the tycoon’s ill health, agreeing that it was unlikely he would ever be fit […]

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