Regional news: British Virgin Islands

Harneys announces New Year promotions

Offshore firm Harneys has announced the promotions of four restructuring and insolvency partners across its BVI, Cayman and Hong Kong offices.

04 January 2019

Fairfield liquidators to proceed with 305 clawback cases in New York

Almost 10 years to the day that convicted fraudster Bernie Madoff was arrested, a US bankruptcy court has allowed three of his investment company’s feeder funds to proceed with 305 adversary claims in New York.

11 December 2018

BVI fund liquidators seek recognition to access US bank account

The British Virgin Islands liquidators of a private equity fund that invested mainly in the biotechnology sector have filed for Chapter 15 recognition in New York to access funds held in a bank account for the payment of shareholder creditors.

01 November 2018

Money paid into court is recoverable, English appeal court says

The English Court of Appeal has ruled against the liquidators of British Virgin Islands (BVI) company Peak Hotels and Resorts, saying that the company’s fixed fee arrangement with its former solicitors had created a floating charge over two sums it had paid into court as security.

18 October 2018

Fairfield investment managers lose BVI indemnity claim

A British Virgin Islands appeal court has rejected an indemnity claim from the former investment managers of Madoff feeder fund Fairfield Sentry for the costs of defending seven separate claims following the revelation of the fraud.

11 October 2018

Harneys hires in Hong Kong and BVI

Harneys has named restructuring partner Ian Mann as the new head of its Asia office in Hong Kong, where the firm has also hired Holman Fenwick Willan partner Andrew Johnstone, while its British Virgin Islands office has hired Irish barrister John McCarroll SC.

26 September 2018

Asset recovery column: Tools in action

Edward Davis and Annette Escobar, of Sequor Law in Miami, discuss a massive Ponzi scheme in Chile involving the execution of asset recovery and cross-border recognition tools in multiple jurisdictions.

17 September 2018

US judge doubts jurisdiction over Fairfield Sentry clawbacks

Liquidators of Madoff feeder fund Fairfield Sentry cannot use a New York forum selection clause in a subscription agreement to assert jurisdiction over foreign defendants in 305 different adversary proceedings, a US bankruptcy court has ruled.

08 August 2018

Madoff fund shareholders lose US clawback claims appeal in BVI

Former shareholders of Fairfield Sentry, an investment fund that was among the biggest investors in the Bernie Madoff Ponzi scheme, have failed to prevent the fund’s British Virgin Islands liquidators pursuing US$6 billion worth of clawback claims in US Chapter 15 proceedings.

22 November 2017

UAE’s Dana Gas asks Emirates court to declare English law-governed bond illegal

A month after starting negotiations to restructure a US$700 million Islamic bond, Dana Gas, the biggest gas producer in the Middle East, has announced that the instrument is incompatible with Shari’a law and obtained stays on enforcement from courts in the UAE and the British Virgin Islands (BVI).

16 June 2017

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