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

LIQUIDATIONS & INSOLVENCIES

eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

Addoox Media Ltd.: Chapter 15 Petition

June 18, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Israel by Uri Braun, as the Foreign Representative of Addoox Media Ltd., filed at the U. S. Bankruptcy Court for the Northern District of California.

Zuca Properties LLC: Chapter 11 Petition

June 07, 2021 - Chapter 11 Petition by Zuca Properties LLC, a Delaware company based in Geneva, Switzerland, that "was established to acquire property investments", at the U. S. Bankruptcy Court for the Southern District of New York. The seven largest unsecured creditors, with claims totaling more than $55 million, include those based in Brunei Darussalam, Jersey, in the Channel Islands; Luxembourg, Switzerland, and the United States.

KG Manhattan 126 Finance Ltd.: Chapter 15 Petition

June 07, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Philip Smith, of the British Virgin Islands, and Cosimo Borelli, of Hong Kong, as the Foreign Representatives of KG Manhattan 126 Finance Limited, which has "failed to repay a secured US$85,000,000 loan given by Bank of Shanghai (Hong Kong) Limited and China Minsheng Bank Corporation Ltd., HK Branch" and was involved in "suspicious transactions", filed at the U. S. Bankruptcy Court for the Southern District of New York.

PT Sri Rejeki Isman Tbk et al: Chapter 15 Petition

June 07, 2021 - Chapter 15 Petition for Recognition of Foreign Main Proceedings in Indonesia and Singapore by Geoffrey Simms, as the Foreign Representative of PT Sri Rejeki Isman Tbk, PT Sinar Pantja Djaja, PT Bitratex Industries, PT Primayudha Mandirijaya, all of Indonesia; Golden Legacy Pte Ltd., and Golden Mountain Textile and Trading Pte Ltd., both of Singapore, filed at the U. S. Bankruptcy Court for the Southern District of New York.

Kumtor Gold Company CJSC et al: Chapter 11 Petition

May 31, 2021 - Chapter 11 Petition by Kumtor Gold Company CJSC and Kumtor Operating Company CSJC, both of the Kyrgyz Republic and owned by Centerra Gold Inc., of Toronto, Canada, at the U. S. Bankruptcy Court for the Southern District of New York. Creditors include companies in Belarus, Belgium, Canada, China, England, Finland, Gibraltar, Kazakhstan, Kyrgyz Republic, Netherlands, Russia, Scotland, and Switzerland.

Exential Investments Inc.: Chapter 15 Petition

May 27, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Russell Crumpler and David Standish, as the Foreign Representatives of Exential Investments Inc., which is part of the Dubai-based Exential Group that allegedly perpetrated a fraud in which "investors lost investments in the range of at least $250 - $500 million", filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Talal Al Zawawi: Chapter 15 Bankruptcy Appeal

May 24, 2021 - Notice of Appeal by Talal Qais Abdulmunem Al Zawawi, a citizen of Oman residing in the United Kingdom, against an order granting a Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom, filed at the U. S. District Court for the Middle District of Florida.

Best Re (L) Ltd.: Winding Up Notice

May 20, 2021 - Public Notice by the Labuan Financial Services Authority that a court in Malaysia has ordered the winding up of Best Re (L) Limited.

Comité Economique et Social Central d’Office Depot France et al v. The ODP Corporation: Discovery Application

May 20, 2021 - Application by Comité Economique et Social Central d’Office Depot France, a.k.a. Works Council, which is "the employee representative body of OFFICE DEPOT FRANCE tasked with defending the rights, holding the duties and obligation of collective expression of the employees of OFFICE DEPOT FRANCE", and Alter, described as "the certified public accountant appointed by the Works Council to assist it with the analysis and understanding of OFFICE DEPOT FRANCE's finances and strategy", to take discovery from The ODP Corporation "(i) for use by Applicants in pending insolvency proceedings before the French Commercial Court of Lille (Tribunal de Commerce de Lille) and (ii) for use in a pending criminal investigation instigated by the Works Council's complaint to the Attorney General of Lille", filed at the U. S. District Court for the Southern District of Florida.

Asia Private Credit Fund v. Kiang Tien Sik David: Writ of Summons

May 19, 2021 - Writ of Summons in Asia Private Credit Fund Limited (in Official Liquidation) v. Kiang Tien Sik David, of Hong Kong, at the Grand Court of the Cayman Islands.

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

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.