KRyS Recognised By GRR 100 2024

KRyS Global was recently recognized by GRR 100 2024, saying it “stands out as an independent firm specialized in contentious cross border insolvency work and is further distinguished by the quality of its leadership team”.   Kenneth Krys, Executive Chairman and Founder, was delighted to receive the accolade. “We have strong, dedicated and passionate professionals, who […]

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LM Fund One liquidators seek Chapter 15 recognition

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, […]

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Krys’ Singapore network partner seeks Chapter 15 amid global litigation

The Singaporean liquidator of a wholesale trader has sought Chapter 15 recognition in New Jersey to deal with what he calls “dilatory, value-destructive and possible fraudulent tactics” pursued by alleged creditors against the company in the state. On 8 October, Wayne Burt’s Singaporean liquidator filed for Chapter 15 recognition of the trader’s liquidation as foreign […]

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Singapore Court Provide Guidance on Tension between Matrimonial and Insolvency Regimes

In a decision of the High Court of the Republic of Singapore between Farooq Ahmad Mann (in his capacity as the private trustee in bankruptcy of Li Hua) and Xia Zheng, the Court provided a comprehensive review of the tension between matrimonial and insolvency regimes when it is alleged the bankrupt was insolvent at the time […]

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KRYS WELCOMES JOSEPH SITHOLÉ TO LEAD BERMUDA OFFICE

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 […]

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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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