Regional news: Latin America & Caribbean
Foreign banks and investors accused of “aiding” FTX fraud in Miami suit
An FTX customer has launched a class-action in Florida against several prominent US and foreign entities – including Singapore’s state-owned wealth fund Temasek Holdings and Japan’s Softbank – who he accuses of “aiding and abetting” the collapsed crypto group’s alleged US$8 billion Ponzi scheme.
23 February 2023
Rubio Leguía nabs restructuring head from BBGS
Lima-headquartered Rubio Leguía Normand has recruited a new restructuring and insolvency head from pan-Latin American firm BBGS Abogados (Peru), who also spent a year with Kirkland & Ellis in New York.
22 February 2023
Wine investment fund enters provisional liquidation in Bermuda following regulator investigation
A Bermudian court has appointed joint provisional liquidators over a local fund that specialises in fine wine investment, after the island’s financial regulator raised concerns following investor allegations of wrongdoing.
21 February 2023
Cayman fund liquidators seek "efficient cooperation" with New York court
The joint official liquidators of three Cayman-incorporated investment funds are seeking recognition in New York so they can gain control over US assets and support cooperation between US and Cayman courts.
16 February 2023
Bahamian and US courts agree FTX recognition orders, examiner bid rejected
Courts in The Bahamas and the US have agreed to recognise FTX’s insolvency processes in each other’s jurisdictions, while the US Trustee has failed in a bid to appoint an independent examiner to investigate allegations of fraud by the crypto group.
15 February 2023
BVI appeal court repeals receivership order for sanctioned VTB Bank
The Eastern Caribbean Court of Appeal has set aside a receivership order put in place on behalf of sanctioned Russian bank VTB, finding that the repeal in itself would not contravene international sanctions.
15 February 2023
When is a Cayman Islands liquidation not a foreign proceeding?
A Cayman Islands liquidation under Section 92(e) of the Companies Act is not necessarily a foreign proceeding that can be recognised under Chapter 15 of the US Bankruptcy Code, warn Norton Rose Fulbright senior counsel Francisco Vazquez in New York and associate Michael Berthiaume in Dallas, as they examine a recent ruling from the Southern District of New York.
14 February 2023
Former Kroll partner joins Krys Global in Cayman
Krys Global has recruited a former Kroll partner to lead its Cayman restructuring team, who brings with him experience acting as liquidator to a Saad investment vehicle in the high-profile Ahmad Hamad Algosaibi & Brothers litigation and to entities embroiled in the Madoff and Petters Group Ponzi schemes.
13 February 2023
Brazilian sugar producer seeks Ch15 recognition in Florida
Three years after sugar and ethanol producer Tonon entered liquidation in Brazil after a prior restructuring came undone, its judicial administrator is seeking recognition in the US to find assets to satisfy unpaid claims.
10 February 2023
White & Case brought in again as Oi parent and Dutch entities seek US and UK recognition
A week after securing a provisional moratorium in Rio de Janeiro, Oi’s Brazilian parent and two Dutch affiliates have turned to White & Case again to help them secure recognition of their Brazilian proceedings in the US and the UK.
09 February 2023