Category: Press

The long-awaited amendment to Cayman Islands legislation, to provide a specific legal process for the restructuring of entities, will come into force on 31 August 2022. The headlines of the new process are as follows:● Unless specifically barred from doing so by the Company’s Articles of Association, the application to Court can be made by the Company’s […]

KRyS Global is pleased to announce that Michael Lam of the Cayman Islands office has been accepted for candidacy of the International Insolvency Institute’s (III) NextGen Leadership Program. The III is a non-profit, limited-membership organisation dedicated to advancing and promoting insolvency as a respected discipline in the international field. Its primary objectives include improving international […]

Originally posted on the Cayman Compass The Grand Court has sided with the provisional liquidator of OneTRADEx in a dispute over spiralling fees and how much of the US$3.8 million in claimed liquidation costs should be paid out of the assets of the broker’s clients. An ad hoc committee of clients and creditors of the […]

Kenneth Krys, Executive Chairman and Founder of KRyS Global, is pleased to welcome Farooq Mann and his team at Mann & Associates PAC to the KRyS Global network. Established in 2012, Mann & Associates PAC is a public accounting corporation headquartered in Singapore with offices in Jakarta and Sydney. The firm is a premier insolvency and […]

Originally posted on Cayman Compass Bermuda and Cayman liquidators of an investment company for a family trust, embroiled in the largest US tax-evasion case against an individual taxpayer, have filed for Chapter 15 recognition of the Bermuda liquidation in the United States. The filing attempts to prevent the US Internal Revenue Service from enforcing an […]

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 […]

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 […]

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 […]

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 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 […]