Asset freezing order

VPB’s former owner appeals bank guarantee security in fear of sanctions

The former owner of Russia’s insolvent Vneshprombank, who is fighting fraud allegations from the bank in the UK, has sought permission to appeal an order allowing VPB to convert a cash security into a bank guarantee, saying the guarantee is uncertain in the face of Russia sanctions.

17 June 2022

South African liquidators extend asset preservation order in UK cryptocurrency probe

The UK-based former director of a South African cryptocurrency exchange has agreed to transfer all of the exchange’s assets under his control – including a USB stick containing Ethereum – to liquidators in Pretoria, after an English court extended an asset preservation order obtained against him earlier this month.

18 May 2022

Ogier ordered to stay on as counsel to sanctioned Russian bank after raising concerns

Offshore firm Ogier has been prevented from coming off the record as counsel to Russia’s VTB Bank, as a British Virgin Islands court declined to discharge local receivers appointed for the sanctioned bank's benefit, while permitting them to take no further actions in fulfilment of their role.

24 March 2022

Cayman fund enters first-of-its-kind resolution with SEC

The liquidators of a Cayman fund embroiled in a fraud scandal have secured recognition in New York, days after a Cayman court hailed a resolution they entered with the US Securities and Exchange Commission as a “significant and progressive step” in cooperation between the two jurisdictions.

18 February 2022

Suspected Ponzi schemer’s bankruptcy recognised in New York

A New York bankruptcy court has recognised the Israeli insolvency proceedings of investment company EGFE Israel and its CEO – a “wanted” alleged fraudster who is suspected to be behind one of the largest Ponzi schemes in Israeli history.

03 November 2021

English court leaves out Model Law-like relief from Section 426 requests

A bankrupt’s Hong Kong trustees can take steps to determine whether he has property interests in the UK, after an English judge partially granted a letter of request from their appointing court under Section 426 of the Insolvency Act: but broader requests for relief lifted from the Cross Border Insolvency Regulations will have to wait for "full argument" in November.

09 July 2021

No assets? No problem! Israeli trustee accesses UK concealment structure

The Israeli trustee of a property investor once rumoured to be Israel’s largest private bankrupt has persuaded an English court to transfer him the rights to a UK company believed to be at the top of a structure intended to hide German assets – though no assets have been identified as yet, even by private investigators.

08 April 2021

BVI court issues “groundbreaking” committal order against extraterritorial debtor

Earlier this year, the BVI Commercial Court delivered its first ever written judgment on whether jurisdiction exists to make a committal order against a personal judgment debtor who is not domiciled or resident in the BVI. Kobre & Kim's John HanMerrick Watson and Timothy de Swardt explain how the ruling came about and how significant it is for the territory.

09 March 2021

Freezing injunction? That ship sailed with recognition, court says

English courts might have jurisdiction in the strict sense to extend an interim freezing injunction after a debtor’s bankruptcy has been recognised in the UK – but to exercise that jurisdiction would set the UNCITRAL Model Law loose from its "insolvency moorings", a judge has found.

25 February 2021

Russian bankrupt opposes freezing injunction extension following recognition

Once foreign bankruptcy proceedings have been recognised, the English courts lack “small j jurisdiction” to continue a pre-recognition freezing injunction against the debtor, counsel to a bankrupt Russian businessman argued this week – ahead of a new recognition hearing in the Isle of Man.

19 February 2021

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