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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Krys Welcomes Neil Dempsey to Cayman Office

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 […]

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Harris Appointed to Insolvency Rules Committee

Andrea Harris, Director of KRyS Global Guernsey, has been appointed as a member of the Insolvency Rules Committee. Andrea’s appointment is recognition of her technical knowledge of Guernsey Insolvency law and her vast experience in the Guernsey insolvency and restructuring market, including administration, liquidation, regulatory and consulting roles. The appointment has been made by the […]

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Supreme Court Lets Madoff Trustee Seek $3 Billion Transferred Abroad

Originally posted on Bloomberg The U.S. Supreme Court let the liquidator of Bernard Madoff’s investment firm press ahead with efforts to recoup $3 billion from European banks and other overseas investors. The justices, without comment on Monday, turned away an appeal by investors led by HSBC Holdings Plc who said trustee Irving Picard was impermissibly […]

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Krys Global’s Jonathan Ong Quoted as Insolvency Firms Shore Up Staffing Amid Virus Outbreak

Originally posted in the Singapore Business Times Photo caption: As more businesses buckle under strain amid the virus outbreak, some firms in the professional services are boosting their restructuring and insolvency (R&I) practice with more aggressive hiring. ST PHOTO: LIM YAOHUI Singapore AS MORE businesses buckle under strain amid the virus outbreak, some firms in […]

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KRyS Global appointed co-liquidators of commodities group Phoenix

Originally posted on Reuters DUBAI/SINGAPORE (Reuters) – Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by the liquidators seen by Reuters. The business, founded 20 years ago, grew into a company […]

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