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Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

Chapter 15 Bankruptcy Petitions


Petitions for Recognition of Foreign Insolvency Proceedings under Chapter 15 of the U.S. Bankruptcy Code.

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George's Bay Ltd.: Chapter 15 Petition

March 26, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Keiran Hutchison and Chris Maiato, both of Ernst & Young Ltd., as the Foreign Representatives of George's Bay Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Lion Diversified Holdings Berhad: Chapter 15 Petition

March 18, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Malaysia by Datuk Tee Guan Pian, of UHY Advisory, as the Foreign Representative of Lion Diversified Holdings Berhad, at the U. S. Bankruptcy Court for the Central District of California.

Nygard Holdings (USA) Ltd. et al: Chapter 15 Petition

March 18, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Gilles Benchaya, of Richter Advisory Group Inc., as the Foreign Representative of Nygard Holdings (USA) Limited, Nygard Inc., Nygard NY Retail, LLC, Fashion Ventures, Inc., Nygard International Partnership, Nygard Properties Ltd., Nygard Enterprises Ltd., 4093879 Canada Ltd., and 4093887 Canada Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Spectra Premium Industries Inc. et al: Chapter 15 Petition

March 11, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Eric St-Amour, of Ernst & Young, as the Foreign Representative of Spectra Premium Industries Inc., Spectra Premium Holdings (USA) Corp., Spectra Premium (USA) Corp., and Spectra Premium Properties (USA) Corp., at the U. S. Bankruptcy Court for the District of Delaware.

Adria MM Productions Ltd.: Chapter 15 Petition

March 11, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Croatia by Jelena Kordic, as the Foreign Representative of Adria MM Productions Ltd., at the U. S. Bankruptcy Court for the Southern District of Florida.

Olinda Star Ltd.: Chapter 15 Petition

March 06, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Eleanor Fisher, as the Foreign Representative of Olinda Star Ltd. (in Provisional Liquidation), whose "operational management team is based in Brazil, its treasury function is located in Panama, and its sole director resides in the Cayman Islands", at the U. S. Bankruptcy Court for the Southern District of New York.

IIG Trade Opportunities Fund NV: Chapter 15 Petition

March 02, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Curaçao by Valerie P. Maria, as the Foreign Representative of IIG Trade Opportunities Fund NV, at the U. S. Bankruptcy Court for the Southern District of New York.

Aircraft Solutions Lux V-B SARL: Chapter 15 Petition

February 27, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Luxembourg by Max Mailliet, of E2M SARL, as the Foreign Representative of Aircraft Solutions Lux V-B SARL, a wholly-owned subsidiary of Anguilla-domiciled Aircraft Solutions II-B (Offshore) LLC, at the U. S. Bankruptcy Court for the Southern District of Florida.

Dooga Ltd.: Chapter 15 Petition

February 14, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Steven Parker and Trevor Binyon, of Opus Restructuring, as the Foreign Representatives of Dooga Ltd., a Maltese-owned British firm whose "Cubits" cryptocurrency exchange closed down in 2018 following an alleged €27 million fraud involving "payment processor" Pay Secure Online Limited, d.b.a. Paysec, and "three Chinese nationals called Lui Caifeng, Liu Lin, and Yajuan She", at the U. S. Bankruptcy Court for the Northern District of California. Editor's Note: Research by OffshoreAlert showed that, in the Malta Business Registry, the owner of Pay Secure Online Limited is identified as David Murphy, a British national with an address in Thailand, while directors have included Richard John Barry, a British national residing in Dubai, and Dimitar Stefanov Georgiev, a citizen and resident of Bulgaria, who both resigned on March 2nd, 2018, and the auditor is Antoine Borg, of Malta. On May 15th, 2019, the Malta Financial Services Authority issued a "warning" that Paysec "is NOT licenced NOR authorised by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law".

Thomas Mahon: Chapter 15 Petition

February 04, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Tom Straw, of MoorFields Advisory Ltd., and Stephen R. Penn, of Absolute Recovery Ltd., as the Foreign Representatives of Thomas Michael Mahon, who has been accused of defrauding White Winston Select Asset Funds LLC, at the U. S. Bankruptcy Court for the District of Massachusetts.

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Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.