Liquidations & Insolvencies

Direct Lending Investments LLC et al v. Shinhan Bank Co. Ltd. et al: Complaint

Complaint to avoid a "fraudulent transfer" of $166 million regarding an allegedly fraudulent investment schemes involving, inter alia, funds in the Cayman Islands, Delaware, and Nevada in Bradley D. Sharp, as the Permanent Receiver for the Estate of Direct Lending Investments LLC, Direct Lending Income Fund LP, Direct Lending Income Feeder Fund Ltd., DLI Capital Inc., DLI Lending Agent LLC, and DLI Assets Bravo LLC and their successors, subsidiaries and affiliated entities v. Shinhan Bank Co. Ltd., Kookmin Bank Co. Ltd., Korea Securities Finance Corporation, Goldenbridge Asset Management Co. Ltd., JB Asset Management Co., Ltd., Korea Alternative Investment Asset Management Corporation, all of South Korea, and 33 Fund Defendants at the U. S. District Court for the Central District of California.

Direct Lending Investments LLC et al v. Daishin Securities Co. Ltd.: Complaint

Complaint to avoid a "fraudulent transfer" of $49.7 million regarding an allegedly fraudulent investment schemes involving, inter alia, funds in the Cayman Islands, Delaware, and Nevada in Bradley D. Sharp, as the Permanent Receiver for the Estate of Direct Lending Investments LLC, Direct Lending Income Fund LP, Direct Lending Income Feeder Fund Ltd., DLI Capital Inc., DLI Lending Agent LLC, and DLI Assets Bravo LLC and their successors, subsidiaries and affiliated entities v. Daishin Securities Co. Ltd., of South Korea, at the U. S. District Court for the Central District of California.

IMOF LT Investors Ltd.: Petition

Petition in the matter of IMOF LT Investors Ltd. (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

The Timeless Uranium Fund SICAV Plc: ‘New Liquidator’ Directive

Public Notice by the Malta Financial Services Authority that it has "directed" The Timeless Uranium Fund SICAV Plc, described as "a collective investment scheme targeting retail investors", to "take all the necessary steps to ensure that a new liquidator is appointed within one month".

The Timeless Precious Metals Fund SICAV Plc: ‘New Liquidator’ Directive

Public Notice by the Malta Financial services Authority that it has "directed" The Timeless Precious Metals Fund SICAV Plc, described as "a collective investment scheme targeting retail investors", to "take all the necessary steps to ensure that a new liquidator is appointed within one month"

Spanish Steps Holdings Ltd. v. Point Investments Ltd.: Judgment (Robert Brockman case)

Judgment setting out the Court's reasons for the appointment of Joint Provisional Liquidators for Point Investments Ltd. in Spanish Steps Holdings Ltd., described as being "ultimately wholly owned by the trustee of the A. Eugene Brockman Charitable Trust v. Point Investments Ltd., described as a Bermuda company that began life in the British Virgin Islands and has assets of $1.8 billion, "the vast majority of which are represented by investments in Cayman Islands funds", at Bermuda Supreme Court.

LAVLE Holdings Inc.: ‘Court Supervision’ Petition

Petition for Court Supervision of a Voluntary Liquidation in the matter of LAVLE Holdings Inc. (in Voluntary Liquidation), described as a Cayman Islands-domiciled holding company with subsidiaries in Delaware, at the Grand Court of the Cayman Islands.

Reebonz Holding Ltd.: ‘Court Supervision’ Petition

Petition for Court Supervision of a Voluntary Liquidation in the matter of Reebonz Holding Limited, which "operates an online platform for buying and selling luxury products to a global market", at the Grand Court of the Cayman Islands.

Universal Enterprises Ltd.: Chapter 15 Recognition Order

Order granting a Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Eleanor Fisher, of the Cayman Islands, and Hani Bishara, of the United Arab Emirates, as the Foreign Representatives of Universal Enterprises Ltd. (in Official Liquidation), described in the petition as "an investment vehicle for six brothers [from Kuwait] for the purpose of making investments in the United States", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Universal Enterprises Ltd.: Discovery Order

Order granting a motion by Eleanor Fisher, of the Cayman Islands, and Hani Bishara, of the United Arab Emirates, as the Foreign Representatives of Universal Enterprises Ltd. (in Official Liquidation), for the issuance of subpoenas to Fawzi Musaed Al Saleh, Ahmad Fawzi Al Saleh, Yasmine Al Saleh, John I. Snow, III, Steve Leese, Quabbin Capital Inc., Shields & Company, Inc., Wilmer Cutler Pickering Hale and Dorr LLP, Loeb, Block & Partners LLP, KPMG LLP, Citibank, Credit Suisse, Bank of America, Royal Bank of Canada, Morgan Stanley, and Société Générale to conduct discovery for use in legal proceedings at the Grand Court of the Cayman Islands, filed at the U. S. Bankruptcy Court for the Southern District of New York.

State Corporation Deposit Insurance Agency v. Standard Chartered Bank: Discovery Application

Application by the State Corporation Deposit Insurance Agency, of Russia, on behalf of International Bank of St. Petersburg, to take discovery from Standard Chartered Bank for use in "anticipated proceedings in Russia ... against Sergei Bazhanov (the former Chairman of the Management Board and majority shareholder of IBSP), Alexander Zuev (a former member of IBSP’s Board of Directors and Bazhanov's brother-in-law), and Hervet Investments Limited, a minority shareholder of IBSP" regarding "a series of fraudulent transactions", filed at the U. S. District Court for the Southern District of New York.

Ascentra Holdings Inc.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Graham Robinson and Ivy Chua, as the Foreign Representatives of Ascentra Holdings Inc. (in Official Liquidation), which "was an e-commerce company, selling health and beauty products to the Asian market via a network of members", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Grupo Posadas SAB de CV et al: Chapter 11 Petition

Chapter 11 Petition by Grupo Posadas S.A.B. de C.V. and Operadora del Golfo de Mexico, S.A. de C.V., collectively described as "the largest hotel operator in Mexico in terms of the number of hotels and number of rooms" which have "outstanding pre-petition debt obligations of approximately $405.6 million", at the U. S. Bankruptcy Court for the Southern District of New York.

Louisiana Sheriffs Pension & Relief Fund et al v. Luckin Coffee Inc.: Motion to Approve $175M Settlement

Motion to Approve Class Action Settlement in Louisiana Sheriffs Pension & Relief Fund et al v. Luckin Coffee Inc., a Cayman Islands company based in China; Charles Zhengyao Lu, Jenny Zhiya Qian, Jian Liu, Reinout Hendrik Schakel, Hui Li, Erhai Liu, Jinyi Guo, Sean Shao, Thomas P. Meier, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, China International Capital Corporation Hong Kong Securities Limited, Haitong International Securities Company Limited, KeyBanc Capital Markets Inc., and Needham & Company, LLP

Alpha Re Ltd.: License Revocation

Public Notice by the Cayman Islands Monetary Authority that it has revoked the insurer's license of Alpha Re Limited for regulatory breaches.

Kirkham Finance Ltd.: ‘Court Supervision’ Petition

Petition for Court Supervision of a Voluntary Liquidation in the matter of Kirkham Finance Limited (in Voluntary Liquidation), a Cayman Islands company that appears to be based in Singapore, at the Grand Court of the Cayman Islands.

Yestar Healthcare Holdings Company Ltd.: ‘Scheme of Arrangement’ Petition

Petition for the Court's sanction of a Scheme of Arrangement in the matter of Yestar Healthcare Holdings Company Limited, described as an insolvent "ultimate holding company of a group of companies that is one of the largest distributors and service providers of In Vitro Diagnostic products in the People's Republic of China", at the Grand Court of the Cayman Islands.

Universal Enterprises Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Eleanor Fisher, of the Cayman Islands, and Hani Bishara, of the United Arab Emirates, as Foreign Representatives of Universal Enterprises Ltd. (in Official Liquidation), described as "an investment vehicle for six brothers [from Kuwait] for the purpose of making investments in the United States", filed at the U. S. Bankruptcy Court for the Southern District of New York.

ASHINC Corp. v. Yucaipa American Alliance Fund I LLC et al: Complaint

Complaint seeking damages "in excess of $300 million" against entities in Guernsey, Luxembourg, Qatar, and the USA in Catherine E. Youngman, Litigation Trustee for ASHINC Corporation et al, as successor to the Official Committee of Unsecured Creditors of ASHINC Corporation and its Affiliated Debtors v. Yucaipa American Alliance Fund I LLC, Yucaipa American Management LLC, American Airlines Master Fixed Benefit Pension Plan Trust, American Private Equity Partners II LP, Automotive Machinists Pension Trust, Board of Fire and Police Pension Commissioners of the City of Los Angeles, California Public Employees’ Retirement System, Carpenters Pension Trust Fund for Northern California, Coller Partners 702 LP Inc., Clouse S.A., Consolidated Retirement Fund, Lam Private Equity LLC, ILGWU Death Benefit Fund 4, International SIF SICAV SA, Locals 302 & 612 of The International Union of Operating Engineers - Employers Construction Industry Retirement Trust, Los Angeles City Employees’ Retirement System, National Retirement Fund, New Mexico State Investment Council, New Mexico State Investment Council Land Grant Permanent Fund, New Mexico State Investment Council Severance Tax Permanent Fund, New York City Employees’ Retirement System, New York City Fire Department Pension Fund, New York City Police Pension Fund, Northeast Carpenters Pension Fund, Pacific Coast Roofers Pension Plan, Sanba II Investment Company, State Street Bank and Trust Company (as Trustee on behalf of American Airlines Master Fixed Benefit Pension Plan Trust), Steamship Trade Association of Baltimore Inc. - International Longshoremen’s Association (AFL-CIO) Pension Fund, Teachers’ Retirement System of the City of New York, United Food and Commercial Workers International Union Pension Plan for Employees, and Western Conference of Teamsters Pension Trust at the U. S. District Court for the District of Delaware.

Itaú Unibanco v. TOG Brazil Holdings Inc. et al: Discovery Application

Application by Itaú Unibanco SA to take discovery from TOG Brazil Holdings, Inc., Ten Oaks Management, LLC, Ten Oaks Friar Common Investors, LLC, and Ten Oaks Friar Series B Investors, LLC for use in bankruptcy proceedings in Brazil involving Brazil Holdings Ltda, Rakuten Brasil Internet Service Ltda, Rakuten Brasil Financial Services Ltda, and Rakuten Brasil Logistics Ltda., filed at the U. S. District Court for the District of Columbia.

Markel CATCo Reinsurance Fund Ltd. et al: Chapter 15 Petition

Petition for Recognition of a Foreign Main Proceeding in Bermuda by Simon Appell, of England, and John McKenna, of Bermuda, as the Foreign Representatives of Markel CATCo Reinsurance Fund Ltd., CATCo Reinsurance Opportunities Fund Ltd., Markel CATCo Investment Management Ltd., and Markel CATCo Re Ltd., filed at the U. S. Bankruptcy Court for the Southern District of New York.

Gerobin Finances Pty Ltd. et al: Chapter 15 Petition

Petition for Recognition of a Foreign Main Proceeding in Australia by Sheahan and Lock, as the Foreign Representatives of Gerobin Finances Pty Ltd., Erbin Finances Pty Limited, Rawbin Finances Pty Limited, Marbin Finances Pty Limited, Erma Nominees Pty Limited, and Ligon 158 Pty Limited, described as members of "a remarkably complex group of companies controlled and operated by, and used for the personal benefit of, the Binetter family, many of which companies have been the subject of a far-ranging tax investigation by the Australian Taxation Office", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Chia Hsing Wang v. Credit Suisse AG et al: Judgment

Judgment involving "very serious allegations of wrongdoing" regarding an alleged $500 million investment by the Plaintiff in funds domiciled in the British Virgin Islands and Cayman Islands that were established by the British group Floreat Merchant Banking in Chia Hsing Wang v. Credit Suisse AG and Credit Suisse London Nominees Limited at the Grand Court of the Cayman Islands.

Colin Diss et al v. Talal Qais Abdulmunem Al Zawawi et al: Complaint

Complaint in Colin Diss, Hannah Davie, and Michael Leeds, of Grant Thornton, as Foreign Representatives of the Bankruptcy Estate of Talal Qais Abdulmunem Al Zawawi, who was adjudged bankrupt in England v. Talal Qais Abdulmunem Al Zawawi and Azzan Qais Abdulminem Al Zawawi at the U. S. Bankruptcy Court for the Middle District of Florida.

Luckin Coffee Inc.: ‘Scheme of Arrangement’ Petition

Petition for the Court's sanction of a Scheme of Arrangement in the matter of Luckin Coffee Inc. (in Provisional Liquidation), described as "an investment holding company with its direct and indirect subsidiaries located in the British Virgin Islands, Hong Kong, the United States and the PRC", at the Grand Court of the Cayman Islands.

JGC Ventures Pte. Ltd. et al: Chapter 15 Petition

Application for Recognition of a Foreign Main Proceeding in Singapore by William Honoris, as the Foreign Representative of JGC Ventures Pte. Ltd. and Modernland Overseas Pte. Ltd., both of Singapore and part of "one of Indonesia’s largest and most prominent property developers, with various high-profile projects", filed at the U. S. Bankruptcy Court for the Southern District of New York.

HQP Corporation Ltd.: ‘Letter of Request’ Order

Order for the issuance of a Letter of Request to the High Court of the Hong Kong Special Administrative Region in JenCap Helmet, of the Cayman Islands; DCM Ventures China Fund (DCM VIII), L.P., DCM VIII, L.P., and DCM Affiliates Fund VIII, L.P., all of Menlo Park, California v. HQP Corporation Limited (in Provisional Liquidation), described as "the principal entity of a group of companies founded in Shanghai, Mainland China by Alex Chen Xi", at the Grand Court of the Cayman Islands.

Honghua Investment Fund Ltd.: Letter of Request Order

Order for issuance of letter of request to the High Court of the Hong Kong Special Administrative Region in the matter of Honghua Investment Fund Limited, filed at the Grand Court of the Cayman Islands.

Oak Trust (Guernsey) Ltd. v. William Dewsall: Re-Amended Complaint

Re-Amended Complaint alleging fraud involving Gable Holdings Inc., of the Cayman Islands, and Gable Insurance AG, of Liechtenstein, in Kevin Alcock, Corita Metelerkamp, both of Surrey, England; Oak Trust (Guernsey) Limited, of Guernsey; Baytree Group Holdings Limited, Morvale Company Limited, Aggaris Investments Limited, all of the British Virgin Islands; Christopher Lawrance, Roy Campbell, both of South Africa, and CriSeren Investments Limited, of Wales v. William Dewsall, of London, England, at the High Court for England and Wales.

Enigma Diagnostics Ltd. v. Harvey Boulter et al: Amended Complaint

Amended Complaint alleging fraud and dishonest assistance involving the Cayman Islands-domiciled "Porton Group" in Enigma Diagnostics Limited (in Liquidation), Paul David Allen, and Geoffrey Lambert Carton-Kelly, as Liquidators of Enigma Diagnostics Limited, all of England v. Harvey Boulter, DLA Piper UK LLP, a law firm, and Charles Cook, a lawyer, all of England, at High Court of Justice for England and Wales.

D&V Pegasus Real Estate AIF VCIC Plc: License Revocation

Public Notice by the Cyprus Securities and Exchange Commission that it has revoked the license of D&V Pegasus Real Estate AIF VCIC Plc. Editor's Note: Research by OffshoreAlert at the Cyprus Registrar of Companies showed that the directors of D&V Pegasus Real Estate AIF VCIC Plc were identified as Gunther Glatzel, Gunter Jurgen Vorbauer, and Andreas Dimitriou, while the company's website at pegasusfm.com identified its "Board of Directors" as "Gunter J Vorbauer - Chairman; Andreas Demetriou - Vice Chairman; Christos Vakis - Member; Dr. Gunther Glatzel - Member", "External Manager" as MFO Asset Management Ltd., "Depositary" as Eurobank Cyprus Ltd., "External Auditors" as KPMG Ltd., "Legal Advisor" as Clerides Anastassiou Neophytou LLC, and "Investment Advisors" as Planet Properties (London) Ltd. and PPM Valuations LLC.

Best Meridian Insurance Company et al v. Lake Cecile Resort Inc. et al: Complaint

Complaint in Best Meridian Insurance Company and Best Meridian International Insurance Company SPC, of the Cayman Islands v. Lake Cecile Resort Inc., CCH FL 2 LLC, Citrus Capital Holdings LLC, Florida Department of Revenue, Keys Funding LLC – 1019, Keys Tax Funding LLC – 19, Kissimmee Utility Authority, Osceola County, a political subdivision of the State of Florida; Bruce Vickers, Osceola County Tax Collector, Premier Elevator Company Inc., Sunbelt Rentals, Inc., TLGFY, LLC, J.T. Shaw, Inc., and Tohopekaliga Water Authority at the U. S. Bankruptcy Court for the Middle District of Florida.