Liquidations & Insolvencies

MIE Holdings Corporation: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Mei Liming, as the Foreign Representative of MIE Holdings Corporation (in Provisional Liquidation), described as being part of a group whose "principal business ... is to engage in the exploration, development, production and sale of crude oil and other petroleum products", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Hotel Portfolio II UK Ltd. v. Andrew Ruhan et al: Judgment

Judgment in Hotel Portfolio II UK Limited (in Liquidation) and Elizabeth Alexandra Aird-Brown, as Liquidator of Hotel Portfolio II UK Limited v. Andrew Joseph Ruhan and Anthony Edward Stevens at the High Court of Justice for England and Wales. In a press release announcing the judgment, representatives of the claimants stated: "The Claimants successfully proved a complex fraud perpetrated by the Defendants which began in December 2004 and early 2005, by establishing that Andrew Ruhan, a director of the First Claimant, used Anthony Stevens and companies ostensibly associated with him (known as “Cambulo Group”) to act as his secret nominees and to masquerade as independent purchasers of three large hotels owned by HPII, located near Hyde Park in London."

Gooee LLC: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Philip Watkins, as the Foreign Representative of Gooee LLC, whose ultimate parent was identified as Bermuda-domiciled Gooee Group Holdings Limited, filed at the U. S. Bankruptcy Court for the Middle District of Florida.
Stuart Brankin Profile

Circumference Group removes Stuart Brankin from website after $212M fraud allegation

Stuart Brankin appears to have left Cayman Islands corporate services provider Circumference FS after OffshoreAlert revealed allegations of fraud against one of their clients. All references to Brankin, including his name, photo, and profile, were removed from Circumference's website one day after we reported that Asia Momentum Fund, of which Brankin was a director and to which Circumference provided services, had been accused of swindling Malaysian citizens out of more than $212 million as part of a wider $4.5 billion fraud involving 1MDB.
Asia Momentum Fund

Cayman Fund ‘swindled Malaysian citizens out of $212M as part of 1MDB fraud’

A Cayman Islands fund allegedly swindled a British Virgin Islands investment vehicle whose ultimate investors were "citizens of Malaysia" out of more than $200 million as part of the 1MDB fraud, all while its directors, Stuart Brankin (pictured), Desmond Campbell, and Christine Godfrey, collectively received fees and expenses "totaling more than US$100,000", it has been claimed in a lawsuit.

SRC International (Malaysia) Ltd. et al: ‘Barbados Recognition’ Application

Originating Application by Angela Barkhouse, Carl Jackson, and Helen Janes, as Joint Official Liquidators of SRC International (Malaysia) Limited (in Liquidation) and Bright Oriande Limited (in Liquidation), regarding foreign recognition at the High Court of Barbados, filed at the British Virgin Islands High Court.

Income Collecting 1-3 Months T-Bills Mutual Fund: Chapter 15 Petition (2022)

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Igal Wizman and Keiran Hutchison, as the Joint Official Liquidators of Income Collecting 1-3 Months T-Bills Mutual Fund, of the Cayman Islands, filed at the U. S. Bankruptcy Court for the Southern District of New York.

RongXingDa Development (BVI) Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Jingrui Liu, of Hong Kong, as the Foreign Representative of RongXingDa Development (BVI) Limited, described as "a leading real estate developer in the People’s Republic of China", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Ainsbury Properties Ltd. v. CIVC Investment Ltd.: ‘Court Supervision’ Petition

Petition for Court Supervision of a voluntary liquidation in Ainsbury Properties Limited, of the British Virgin Islands v. CIVC Investment Limited (in Voluntary Liquidation), described as "an investment company to make investments in companies which have activity or potential activity in China and Chinese-related companies", at the Grand Court of the Cayman Islands.

Cassaforte Ltd. v. Jhonalyn Jhoiey Ramirez: Complaint

Complaint alleging fraud in Cassaforte Ltd., described as a Cyprus-domiciled "mezzanine lender specializing in real estate investments that involve the significant rehabilitation of single-family residences in New York City and Los Angeles" v. Jhonalyn Jhoiey Ramirez at the U. S. Bankruptcy Court for the Central District of California.

Lau Chun Shun v. Seahawk China Dynamic Fund: Winding Up Petition

Winding Up Petition alleging "dishonest and deliberately concealed acts" by Hao Liang, a.k.a. Henry Liang, including an allegation that he "attempted to secretly strip approximately US$19,997,219", in Lau Chun Shun, of Hong Kong v. Seahawk China Dynamic Fund at the Grand Court of the Cayman Islands.

Pan Brothers Tbk: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Singapore by Geoffrey David Simms, as the Foreign Representative of PT Pan Brothers Tbk, described as "Indonesia's largest listed garment manufacturer, conducting business operations in Indonesia, Singapore, and other countries", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Golden Wheel Tiandi Holdings Company Ltd.: ‘Scheme of Arrangement’ Amended Petition

Amended Petition for the Court’s sanction of a Scheme of Arrangement in the matter of Golden Wheel Tiandi Holdings Company Limited, described as “the holding company” for a group that is “a leading integrated commercial and residential property developer, owner and operator with a presence primarily in the People’s Republic of China and Hong Kong”, at the Grand Court of the Cayman Islands.

Income Collecting 1-3 Months T-Bills Mutual Fund: Judgment (‘SEC Compromise’)

Judgment regarding an application by Keiran Hutchison and Igal Wizman, of EY Cayman Ltd. and EY Bahamas Ltd., respectively, as Joint Official Liquidators of Income Collecting 1-3 Months T-Bills Mutual Fund (in Official Liquidation), to enter into a "compromise and consent order with the Securities and Exchange Commission of the United States of America" and "an agreement with Mosaic Financial Limited" and to pay an interim dividend to creditors, filed at the Grand Court of the Cayman Islands.

FundPark Ltd. v. Secoo Holding Ltd.: Winding Up Petition (‘$2.8M Debt’)

Winding Up Petition in FundPark Ltd., of Hong Kong v. Secoo Holding Ltd., described as being "principally engaged in the business of an online integrated upscale goods and services platform, focusing on the People's Republic of China market", at the Grand Court of the Cayman Islands.

Dream Cruises Holding Ltd.: Winding Up Petition

Winding Up Petition for insolvency in the matter of Dream Cruises Holding Limited, which was described as "the ultimate holding company of a number of subsidiaries incorporated in, among others, Bermuda, the British Virgin Islands, the Isle of Man and Hong Kong", at Bermuda Supreme Court.

Dingway Investment Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Hong Kong by Russell Crumpler and Fergal Power, as the Foreign Representatives of Dingway Investment Limited, a British Virgin Islands-domiciled company based in Hong Kong, filed at the U. S. Bankruptcy Court for the Southern District of Florida.
MultiBank-Group

Mourant applies to liquidate MultiBank FX (BVI)

Mourant Ozannes law firm has applied to liquidate MultiBank FX International Corporation in the British Virgin Islands over alleged unpaid legal fees of $77,711. The alleged debtor is part of the MultiBank Group, which claims to have companies or offices in Australia, Austria, British Virgin Islands, Cayman Islands, China, Cyprus, Egypt, Germany, Hong Kong, Ireland, Kuwait, Malaysia, Mexico, Nigeria, Philippines, Spain, Turkey, USA, and Vietnam.

Golden Wheel Tiandi Holdings Company Ltd.: ‘Scheme of Arrangement’ Petition

Petition for the Court's sanction of a Scheme of Arrangement in the matter of Golden Wheel Tiandi Holdings Company Limited, described as "the holding company" for a group that is "a leading integrated commercial and residential property developer, owner and operator with a presence primarily in the People's Republic of China and Hong Kong", at the Grand Court of the Cayman Islands.

SRC International (Malaysia) Ltd. et al: Originating Application (‘Hong Kong Recognition’)

Application by Angela Barkhouse, of Quantuma (Cayman) Limited, of the Cayman Islands; Carl Jackson, of Quantuma Advisory Limited, in Southampton, England, and Helen Janes, of Hyperion Risk Solutions Limited, of the British Virgin Islands, as the Joint Liquidators of SRC International (Malaysia) Limited and SRC Strategic Resources Limited, at the British Virgin Islands High Court.

Blackrock Medical Partners Ltd. v. James Sheehan, Sr. et al: Discovery Application

Application by Myles Kirby, as Liquidator of Blackrock Medical Partners Limited, of Ireland, to take discovery from Dr. James Sheehan, Sr., Norah Sheehan, Frances Crowley, First American Bank, and JPMorgan Chase Bank for use in legal proceedings in Irelands, filed at the U. S. District Court for the Northern District of Illinois.

Jeremy Beck v. MV Cayman Ltd.: Winding Up Petition

Winding Up Petition in Jeremy Beck v. MV Cayman Ltd., whose "main asset is the lands and premises" on which there is " a strata condominium and hotel resort formerly known as the Margaritaville Beach Resort and Spa, West Bay Road, Grand Cayman, Cayman Islands", at the Grand Court of the Cayman Islands.

Moby SpA: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding by Achille Onorato, as the Foreign Representative of Moby SpA, of Italy, which together with other Moby Group companies are "successful Italian ferry and cruise operators maintaining routes in both the Mediterranean and Baltic Seas", filed at the U. S. Bankruptcy Court for the Southern District of Florida.

SRC International (Malaysia) Ltd. v. Asia Momentum Fund (SPC) Ltd.: ‘Court Supervision’ Petition (‘1MDB Fraud’)

Petition for Court Supervision of a Voluntary Liquidation in SRC International (Malaysia) Limited (in Liquidation), a British Virgin Islands-domiciled company whose ultimate parent was 1Malaysia Development Berhad, a.k.a. 1MDB, until 2012, when its ownership was transferred to "the Malaysian Ministry of Finance" v. Asia Momentum Fund (SPC) Ltd. (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

Seadrill New Finance Ltd. et al: Chapter 11 Petition

Chapter 11 Petition by Seadrill New Finance Limited, of Bermuda; Seadrill Mobile Units UK Limited, of England; Seadrill SKR Holdco Limited, of Bermuda; Seadrill JU Newco Bermuda Limited, of Bermuda; Seadrill Partners LLC Holdco Limited, of Bermuda; Seadrill Member LLC, of Bermuda; Seadrill Seadragon UK Limited, of England; Seadrill SeaMex 2 de Mexico S. de R.L. de C.V., of Mexico; Seabras SP UK Limited, of England; Sevan Drilling Rig VI AS, of Norway; Sevan Drilling Rig VI Pte. Ltd., of Singapore, and Seadrill SeaMex SC Holdco Limited, of Bermuda, at the U. S. Bankruptcy Court for the Southern District of Texas.

Comfort Jet Aviation Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Isle of Man by Andrew Paul Shimmin, as the Foreign Representative of Comfort Jet Aviation Ltd. (in Liquidation) at the U. S. Bankruptcy Court for the Western District of Oklahoma.

Huachen Energy Co., Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in China by Minhai Liang, of Ernst & Young Hua Ming LLP, as the Foreign Representative of Huachen Energy Co. Ltd., filed at the U. S. Bankruptcy Court for the Southern District of New York.

Jiangsu Dewei Advanced Materials Co. Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding by Xu Yu, as the Foreign Representative of Jiangsu Dewei Advanced Materials Co. Ltd., described as a China-based, publicly-listed company which is "primarily involved in the research, development, manufacture, and sale of polymer materials for cables, insulation materials, shielding materials and sheathing materials", filed at the U. S. Bankruptcy Court for the Central District of California.

Anatoly Motylev v. Bank of America et al: Discovery Application

Application by Kevin Hellard and Jonathan Thielmann, as Joint Trustees in the English bankruptcy proceedings of Anatoly Leonidovich Motylev, who "is responsible for the collapse of several Russian banks and pension funds that he controlled and has been held liable for these institutions’ debts as a result of the fraud he and his associates perpetrated", to take discovery from Bank of America NA, Citigroup Inc., JPMorgan Chase Bank N.A., HSBC Bank, Bank of New York Mellon Corporation, Standard Chartered Bank, Deutsche Bank Trust Company Americas, and Commerzbank AG, filed at the U. S. District Court for the Southern District of New York. The alleged fraud and money laundering scheme involves entities and accounts in several jurisdictions, including Austria, Belize, British Virgin Islands, Cayman Islands, Cyprus, England, Germany, Latvia, Liechtenstein, Luxembourg, Marshall Islands, Panama, Russia, Scotland, Seychelles, Switzerland, Turkey, United Arab Emirates, and USA, it was stated in the application.