Asset recovery
INSOL International, London: Developing a rescue finance market
Lower costs of enforcement in the US, speedier, specialised courts in Europe with a “proper” cross-border recognition regime, and Asian regulators that understand distress: a panel of investors from around the world shared their wish lists for an ideal environment to encourage the development of a global rescue financing market fit for the future.
10 August 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
Cayman court rules on when a beneficial owner can pursue winding up
A Cayman court has issued its reasons for permitting the 1MDB-linked beneficial owner of shares in a local investment vehicle, to convert the vehicle's voluntary liquidation into a court-supervised winding up, where proceedings to vindicate share rights can normally only be brought by a registered shareholder under Cayman law.
03 May 2022
Russian trustee ordered to pay security for bankrupt's legal fees in remitted recognition action
An English court has made an “exceptional” ruling that the Russian trustee overseeing the personal bankruptcy of former Vneshprombank owner Georgy Bedzhamov should pay a security to cover his costs of defending a recognition application, which has been remitted to the High Court after being set aside on appeal.
29 April 2022
Quantuma expands into the British Virgin Islands with new hire
Business advisory firm Quantuma has continued its international expansion with the launch of a new office in the British Virgin Islands and the hire of former Kalo senior manager Toni Shukla.
06 April 2022
First cryptocurrency third-party debt order issued in England
In a landmark ruling that lawyers say shows virtual assets are no longer a haven for bad actors, the High Court in England has issued the first-ever third-party debt order in relation to cryptocurrency.
25 February 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
Irish bankrupt’s ex-wife told to pay US trustee US$23 million in security
The ex-wife of bankrupt Irish property developer Sean Dunne has been denied a new jury trial on a three-year-old US court ruling, which found them both liable for engaging in fraudulent transfers to put assets beyond the reach of his creditors.
14 February 2022
HFW launches BVI office with Lennox Paton acquisition
Holman Fenwick Willan says it is “uniquely positioned” to assist clients with litigation in London, Hong Kong, Shanghai and the British Virgin Islands, after acquiring Bahamian disputes specialist Lennox Paton’s BVI office.
07 February 2022
Cayman beauty group’s liquidators obtain emergency US relief
The liquidators of a Cayman Islands beauty products e-commerce company have secured emergency relief from a New York bankruptcy court to freeze funds held in the local payment processing account of one of the company’s former clients, amid an international dispute over who owns the funds.
05 November 2021