Liquidations & Insolvencies

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    BCCI v. Bank of America et al: Judicial Assistance

    Bank of Credit and Commerce International (in liquidation) v. Bank of America National Trust and Savings Association, BankAmerica International, and BankAmerica Corporation at the Grand Court of the Cayman Islands.

    British Trade & Commerce Bank’s claim of frozen assets not true, says adversary

    A claim by Dominica-based British Trade & Commerce Bank that its liquidity problem is substantially due to having its assets frozen by a Canadian court is in dispute. The Plaintiffs in the only known lawsuit against BTCB in Canada told Offshore Alert that no assets have been frozen as a result of the action, which contradicts BTCB's public stance.

    Isle of Man AG thanked by SEC for tracing bankrupt’s offshore assets

    The Isle of Man Attorney General has been publicly thanked by the US Securities & Exchange Commission for helping to track down the offshore assets of a massively bankrupt businessman. The praise came after a New York court issued an injunction preventing the transfer of ownership of a Florida gaming cruise ship apparently controlled by a bankrupt businessman through three offshore trusts.

    Offshore criminal activity continues unabated in Grenada

    Regulators in Grenada are continuing to allow banks belonging to the First International Bank of Grenada group to operate on the island despite FIBG's massive insolvency, we can reveal. The National Commercial Bank of St. Vincent, which is government-owned, is also continuing to provide banking services despite having its UK assets frozen recently over the FIBG fiasco.

    Bahamas-based Surety Bank to go into liquidation

    Bahamas-based Surety Bank & Trust is to go into voluntary liquidation after its banking license was suspended by the Central Bank of the Bahamas. The license was suspended on November 23, 2000 for a breach of Section 11 of the Banks and Trust Companies Regulations Act, which deals with capital adequacy and reporting requirements.  

    Bahamas fund group forced into receivership

    An unlicensed, unaudited mutual fund group into which over 550 investors invested approximately $13.2 million has been forced into Receivership by the Bahamas Securities Commission. It has triggered a bitter legal battle for control of the Hawthorne-Sterling family of funds between their Receiver, accountant Clifford Culmer, and their founder, American Ian L. Renert.

    Undischarged bankrupt linked with Grenada bank

    An undischarged bankrupt, whose debts include $4 million owed to a now-defunct Cayman Islands bank, has resurfaced as a director of Grenada-registered Sterling International Bank & Trust. Robert Leroy Bandfield Jr., 56, known as 'Bob Bandfield', went into voluntary bankruptcy in his home state of Oregon on October 30, 1992 with assets of $282,681 and liabilities of $8,610,000.

    First Cayman Bank Ltd. v. Jabor Bin Mohamed Al Thani et al: Writ of Summons

    Writ of Summons in First Cayman Bank Ltd. (in Liquidation) v. Jabor Bin Mohamed Al Thani, Khalifa Bin Jabor Al Thani, Khalid Bin Jabor Al Thani, Massood Hussain Khan, Gulf Converting Industries Company Ltd., and Syed Fayyad Hussain, all of Qatar, at the Grand Court of the Cayman Islands.

    ITMS Nominees Limited

    ITMS Nominees Limited -  Enforcement Actions - Isle of Man Financial Supervision Commission

    Italy: Eurocopes Society

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into the administrators of Eurocopes Society Coop. Arl for alleged bankruptcy fraud.

    Cheyne Securities Limited

    Cheyne Securities Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

    Opinion Piece: Bermuda Fire & Marine Insurance settlement

    The cave-in by the defendants in the Bermuda Fire & Marine Insurance Company trial brings to an end one of the most disgraceful episodes in the history of the island's offshore business sector. Although the standard 'nobody admits any wrongdoing' clause was built into the settlement, it does not take a genius to figure out who won the lawsuit and who lost it.

    Angelo J. Robles: Voluntary Petition

    Voluntary Petition by Angelo J. Robles, d.b.a. Northeast Investments, d.b.a. Northeast Insurance Co., at the U. S. Bankruptcy Court for the District of Connecticut.

    Privy Council protects liquidators of Cayman firms from misguided debtors

    The Privy Council in London has issued a ruling that limits the rights of debtors of Cayman-registered entities to seek the removal of liquidators they do not approve of. The decision represents a victory for Christopher Johnson and John Dinan, of PricewaterhouseCoopers, and a defeat for rival accounting firm Deloitte & Touche.

    First Fuji Limited

    First Fuji Limited -  Enforcement Actions - Isle of Man Financial Supervisory Commission

    Atrium Trading Limited

    Atrium Trading Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

    ‘Nothing unusual’ about turn-over of Cayman bank records to US Receiver, say Cayman attorneys

    Although much has been made overseas of a decision by the Grand Court of the Cayman Islands to approve a request to hand over the bank records of Euro Bank Corporation client Kenneth Taves to his US-based Receiver, there is nothing unusual about such a move. The foreign press has been lauding the deal as a break with tradition by Cayman after comments to that effect by Robb Evans, the Receiver for Kenneth Taves, his wife, Teresa; and their businesses J. K. Publications Inc., MJD Service Corp., TAL Services Inc. and their affiliates and subsidiaries.

    First Cayman Bank Ltd. v. Cayman Overseas (Pinnacle) Ltd. et al: Writ of Summons

    Writ of Summons in First Cayman Bank Ltd. v. Cayman Overseas (Pinnacle) Ltd., Cayman Overseas (Park Place) Ltd., Cayman Overseas (Downtown) Ltd., Cayman Overseas Developments Ltd., Cayman Overseas Holdings Ltd., Cayman Overseas Investments Ltd., Cayman Overseas Purchasing Services Ltd., Cayman Overseas Realtors Ltd., Cayman Overseas Reinsurance Association Ltd., and The Cayman Overseas Group Ltd. at the Grand Court of the Cayman Islands.

    Liquidators of Telecheck group prepare to pay final dividend

    The liquidators of Televest Ltd. and Telecheck Holdings Ltd., which went bust on December 15, 1993, have announced they will soon pay a final dividend to creditors. Although accounting firm Kempe and Whittle have no amount for the dividend, creditors have been told in the past to expect a total payment of between 21 and 37 cents on the dollars.

    Worldwide International Bank goes into receivership

    Antigua-licensed Worldwide International Bank has officially been placed into receivership after the failure of a last-ditch bid to stop the process by the bank's owner, Antiguan Joan De Nully.

    Insolvent New Cap Re goes into provisional liquidation

    Accountant John McKenna, of Ernst & Young, was this month appointed provisional liquidator of New Cap Reinsurance Corporation (Bermuda) Limited.His appointment on April 22 followed a petition brought at Bermuda Supreme Court by the island's Registrar of Companies, Kymn Astwood.In

    Star Capital Fund investor criticizes Cayman Islands Monetary Authority

    A Canadian investor in the failed Star Capital Fund has criticized regulators in the Cayman Islands over their lack of interest in investigating apparent illegalities in the operation and liquidation of the mutual fund. Alan Hammaker, who lost US$20,000 in the fund, said his experience as a foreign investor in a Cayman mutual fund has left him disillusioned not only with the island but with the offshore world in general.

    Melvin Ford’s plan to buy American International Bank falls through

    A proposal to buy American International Bank Ltd. that was put forward by a businessman with a history of operating shady schemes has fallen through, we have been told. AIB's receiver, Edward St. Clair Smith, is now believed to be trying to sell the insolvent bank to other interested parties for $3.5 million, according to a source.

    FEDEBANK put into court-appointed administration

    Roy McTaggart and Frederico A. Golcher, of KPMG in the Cayman Islands and Costa Rica, respectively, have been appointed as controllers of the Cayman-registered Federated International Bank Limited or FEDEBANK, as it is known.

    Belvedere Insurance Company Ltd.: Section 304 Petition

    Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Malcolm Butterfield and Anthony McMahon, as the Foreign Representatives of Belvedere Insurance Company Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

    Ultimatum for bankrupt who hid assets offshore

    A former high-flying Wall Street options trader who fell on hard times has been given a difficult choice by a Miami bankruptcy judge: either hand over the estimated $7 million that he placed in an offshore trust to avoid paying his debts or never have his $20 million bankruptcy discharged. This novel approach to combating debtors who hide their money offshore rather to avoid paying their debts was adopted by Judge Thomas A. Utschig.

    GTE Re applies to wind-up Belvedere Insurance in dispute over $9M fee

    A dispute between Belvedere Insurance and GTE Reinsurance Company, which are both based on the island, turned ugly this month when the latter applied to Bermuda Supreme Court to have the former wound up. The irony of GTE Re's application is that the company is believed to be a net debtor of Belvedere's, rather than a net creditor.

    Court rejects Price Waterhouse bill of $76 m for 63 days of liquidation work

    A Hong Kong judge has hit out at the provisional liquidators of the Bermuda-registered Peregrine Group after they and their legal advisers charged fees of $76 million for just 63 days of work. Doreen Le Pichon, Judge of the Court of First Instance High Court, said she was "greatly troubled by the amount involved" and refused to accept the charges of accounting firm Price Waterhouse and its legal advisers unless they could prove the work was reasonable and necessary.

    Bermuda Fire & Marine liquidators rejected $10-$15 m offer to settle lawsuit

    Defendants in a fraud lawsuit involving Bermuda Fire & Marine Insurance Company made an offer last year of between $10 million and $15 million to settle the case, OffshoreAlert can reveal. However, Bermuda Fire's liquidators, Ernst & Young, rejected the offer on the grounds that it fell substantially short of what was acceptable, said a source whose company is owed money by Bermuda Fire.

    Mark Hardy’s bankruptcy annulled in the UK

    The bankruptcy of former Bermuda-based businessman Mark Hardy has been annulled in London, OffshoreAlert can reveal. Creditors of seven failed Hardy companies, including Forum, Focus and Aneco, which were all based in Bermuda, agreed to the annulment three months ago in return for Hardy signing over various assets and debt recovery rights relating to his failed business empire.

    Investors Security Limited

    Investors Security Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

    Kemper Re settles with EMLICO liquidators

    Kemper Reinsurance and the Bermuda-based joint liquidators of Electric Mutual Liability Insurance Company have announced a settlement of their long and acrimonious dispute over EMLICO's insolvency.

    Gulf Union (Bahamas) finally goes into permanent liquidation

    After a hearing that lasted half a day, the Bahamas Supreme Court officially placed Gulf Union Bank (Bahamas) into liquidation on March 26 but deferred a decision on whether to appoint the current provisional liquidators as permanent liquidators. The court first ruled on two preliminary legal issues regarding the competence and appropriateness of the National Insurance Board, which is a government agency, in being allowed to petition for the winding-up of the bank.

    BCCI liquidator wins High Court judgment

    The liquidator of the Bank of Credit & Commerce International has won a High Court judgment in London for £17 million ($28 million) against former employees and relatives of a loans officer at the bank, which was closed in 1991. Two million pounds of the total, representing the value of four residential properties and a unit on an industrial estate in London, will be available immediately to the liquidator, Deloitte & Touche, reported the Financial Times newspaper.

    FCO announces end of bank secrecy in overseas territories

    The clearest indication yet that the UK government will force its Overseas Territories to co-operate with foreign regulators investigating both fiscal and regulatory offences was given this week to Offshore Alert.Offshore centres like Bermuda, the Cayman Islands, the Turks & Caicos Islands and the British Virgin Islands are being told by the UK government to introduce within two years legislation that will be virtually identical to the UK Criminal Justice (International Co-operation) Act 1990.

    EMLICO battle goes to Privy Council

    The complicated legal battle over whether General Electric-subsidiary Electric Mutual Liability Insurance Company Limited should be liquidated in Massachusetts or Bermuda is scheduled to be heard by the Privy Council in London - the highest court in Bermuda's judicial system - next month.In an added twist to a drama whose circumstances change on a regular basis, Kemper Re brought, on February 20, its second lawsuit at Bermuda Supreme Court challenging the decision to allow EMLICO to redomicile to Bermuda.