Liquidations & Insolvencies

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Russia by Evgeniy Nikolaevich Ratnikov, as the Foreign Representative of Vitaly Ivanovich Smagin, described as a Russian debtor who, inter alia, "recently took actions in the country of Liechtenstein aimed at concealing his assets", filed at the U. S. Bankruptcy Court for the Central District of California.

Petition for Court Supervision of a Voluntary Liquidation by Russell Homer and Karen Scott, of Chris Johnson Associates, in the matter of Income Collecting 1-3 Months T-Bills Mutual Fund at the Grand Court of the Cayman Islands.

Public Notice by the United Kingdom's Financial Conduct Authority that Dolfin Financial (UK) Ltd., described as a "wealth management firm", has entered "Special Administration". Editor's Note: Research by OffshoreAlert at Companies House for England and Wales showed that the directors of Dolfin Financial (UK) Ltd. are Rodney Pennington Baker-Bates and Amir Mohammad Nabi, who are citizens of the United Kingdom, while former directors are Stephen Michael Kinglsey, a citizen of the U.K. and France, who resigned effective March 31st, 2021; Sanjay Maraj, a citizen of the U.K., who resigned effective September 30th, 2020; Denisz Andras Nagy, a citizen of Hungary, who resigned effective April 30th, 2020; Donald Dimitri Percival, a citizen of the U.K., who resigned effective October 25th, 2016; Henrik Segerberg, a citizen of Sweden, who resigned effective September 20th, 2013; Kai Yeu Tang, a citizen of the U.K., who resigned effective September 20th, 2013; Adrian van den Bok, a citizen of the U.K., who resigned effective February 10th, 2014, and Dr. Fadi Zaher, a citizen of Sweden, who resigned effective April 14th, 2016.

Chapter 11 Petition by Compañia Inmobiliaria y de Inversiones Saga SpA, of Chile, at the U. S. Bankruptcy Court for the District of Delaware.

Chapter 11 Petition by CG Financial Colombia S.A.S., of Colombia, at the U. S. Bankruptcy Court for the District of Colombia.

Chapter 11 Petition by CG Financial Chile SpA, of Chile, at the U. S. Bankruptcy Court for the District of Delaware.

Originating Application in Chow Wai Shing Daniel and Fok Hei Yu, as joint and several trustees of the Estate of Cheung Kwan (a bankrupt in Hong Kong) v. Elite Way Holdings Inc., Blooming Charm Co. Ltd., Internet Finance Investment Co. Ltd., Wealthy Capital Enterprises Inc., and Arias Fabrega & Fabrega Trust Co. BVI Limited at the British Virgin Islands High Court.

Chapter 11 Petition by Inversiones CG Financial Chile Dos S.P.A. and Corp Group Banking S.A., both of Chile, filed at the U. S. Bankruptcy Court for the District of Delaware.

Originating Application in Evo Digital Ltd. v. Lintrade Finance Ltd. at the British Virgin Islands High Court.

Chapter 15 Petition for Recognition of a Foreign Man Proceeding in England by Nicholas Wood, Colin Diss, and Michael Leeds, as the Foreign Representatives of Oceanroad Global Services Limited, which allegedly "took part in laundering the proceeds of a significant, complex, and multinational fraud believed to have been committed against SCB [Standard Chartered Bank] (and other banks) originating with one of its customers, Winsome Diamonds and Jewellery Limited" and, inter alia, involved activity in England, India, the United Arab Emirates, and the USA, filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Chapter 15 Petition for Recognition of a Foreign Man Proceeding in England by Nicholas Wood, Colin Diss, and Michael Leeds, as the Foreign Representatives of Holdwave Trading Limited, which allegedly "took part in laundering the proceeds of a significant, complex, and multinational fraud believed to have been committed against SCB [Standard Chartered Bank] (and other banks) originating with one of its customers, Winsome Diamonds and Jewellery Limited" and, inter alia, involved activity in England, India, the United Arab Emirates, and the USA,, filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Cosimo Borrelli and Philip Smith, of Cosimo Borrelli, as the Foreign Representatives of TZG Capital Limited (in Liquidation), described as "a holding company for investments in early-stage companies doing business in China", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Originating Application in EganaGoldpfeil (Holdings) Limited, of Hong Kong v. Glorious Concept Limited at the British Virgin Islands High Court.

Complaint "to establish the validity and enforceability of Tor's claims, establish the validity of Tor's first priority liens on the Debtors' property, clear title over such property, and resolve related claims that Lam, a personal guarantor of the debts owed to Tor, has raised in pending state court litigation" in Tor Asia Credit Master Fund LP, described as "an investment fund registered with the Cayman Islands Monetary Authority", and Andrew Oksner, of Texas v. Guy Kwok-Hung Lam, described as a resident of Hong Kong; CP Global, Inc., of the Cayman Islands; CP Assets Limited, of the Cayman Islands; PCII Holdings LLC, of Delaware; CP Holdings LLC, of Delaware; Pacrim U.S. LLC, of Delaware; Pacrim US (AL) LLC, of Alabama; CP 19 (AL) LLC, of Alabama; CPSL Property Holdings LLC, of Texas; CP Assisted Living 3, Inc., of Alabama; CP 1 (AL), Inc., CP 2 (AL), Inc., CP 4 (AL), Inc., CP 5 (AL), Inc., CP 6 (AL), Inc., CP 7 (AL), Inc., CP 8 (AL), Inc., CP 9 (AL) Inc., CP 12 (AL), Inc., CP 13 (AL), Inc., CP 14 (AL), Inc., CP 15 (AL), Inc., CP 17 (AL), LLC, CP 21 (AL), LLC, all of Alabama; CP 2 (TX) LLC, CP 3 (TX) LLC, CP 6 (TX) LLC, CP 7 (TX) LLC, CP 9 (TX) LLC, CP 11 (TX) LLC, CP 12 (TX) LLC, and CP 15 (TX) LLC, all of Texas, at the U. S. Bankruptcy Court for the District of Delaware.

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.

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.

Writ of Summons in Asia Private Credit Fund Limited (in Official Liquidation) v. Barry Lau Wang Chi, of Hong Kong, at the Grand Court of the Cayman Islands.

Petition for Court Supervision of a Voluntary Liquidation by Margot MacInniss and John Henry, of Grant Thornton, in the matter of Eridamis II  (in Voluntary Liquidation), described as "a holding company for a yacht" whose shares are held by Emil Pirumov and whose "liabilities exceed its assets by approximately €5.6 million", at the Grand Court of the Cayman Islands.

Petition for Court Supervision of a Voluntary Liquidation in the matter of Global Fidelity Bank, Ltd. (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

Claim Form in Scanty Investment Company, of Liberia, and Good Regal Development Limited, of Hong Kong v. Lo Chi Keung Terry, Chan Chun Chung Wyman, Tso Wing Chun Bingo, Brilliant Functions Limited, Rickthorn Limited, First Prime Limited, Ace International (B.V.I.) Limited at the British Virgin Islands High Court.

Originating Application in F2 Elite Opportunities (SPC) Limited, of the Cayman Islands v. Striker Fund Limited, described as a British Virgin Islands-domiciled fund whose funds were ultimately invested into Bernard L. Madoff Investment Securities, at the British Virgin Islands High Court.

Winding Up Petition in Dr. Xiaohu Fan, of China v. Aquapoint L.P. at the Grand Court of the Cayman Islands.

Originating Application in Baosteel Resources International Company Limited, of China v. Shining Leader International Limited at the British Virgin Islands High Court.

Originating Application in Baosteel Resources International Company Limited, of China v. Golden Flourish Holdings Limited at the British Virgin Islands High Court.

Winding Up Petition in the matter of KrisEnergy Ltd., described as "an upstream oil and gas company whose principal business activity is acting as the holding company of an international group of companies with operating subsidiaries variously incorporated in Singapore, the Cayman Islands, Thailand, Jersey, the Netherlands, the British Virgin Islands, Cambodia and Bermuda" whose estimated net insolvency is more than $500 million, at the Grand Court of the Cayman Islands.

Fixed Date Claim Form regarding Castleguard Properties Inc. in Cordico Management AG v. Registrar of Corporate Affairs at the British Virgin Islands High Court.

Originating Application in Zica S.A., of Switzerland v. Sumner Group Recruitment Limited at the British Virgin Islands High Court.

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.

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.

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.

Winding Up Petition in Chong Chin and Yai Sze Ling, both of Hong Kong v. Guoan International Limited at the Grand Court of the Cayman Islands.

Winding Up Petition in the matter of CAA Resources Limited, described as a Cayman Islands-domiciled, Hong Kong-based company whose shares are listed on the Hong Kong Stock Exchange and which is "unable to pay" debts of US$182 million, at the Grand Court of the Cayman Islands.

Winding Up Petition in Andrew Charles Main, of England v. Adamas Heracles Multi Strategy Fund at the Grand Court of the Cayman Islands.

Winding Up Petition in the matter of Adamas Asian Origin Fund SPC at the Grand Court of the Cayman Islands.

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.

Originating Application alleging fraud by Guosheng Xu, "founder of the Zhaoheng Group", which is "involved in the energy business, owning and controlling a number of hydroelectric power plants across the People's Republic of China", in Hydro Energy Holdings B.V., described as a Netherlands-domiciled "corporate vehicle used by Morgan Stanley Infrastructure Partners" v. Zhaoheng (BVI) Limited at the British Virgin Islands High Court.

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.

Fixed Date Claim Form in Paul Pretlove and Charlotte Caulfield, as Joint Liquidators of Barrington International Trading Limited v. Barrington International Trading Limited (in Liquidation) at the British Virgin Islands High Court.

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.

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

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.

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.

Complaint in John Johnston and Rachelle Frisby, as Joint Provisional Liquidators of PB Life and Annuity Co. Ltd., of Bermuda v. Erie Properties LLC, Global Growth, formerly Eli Global LLC; Greg E. Lindberg, and Century 21 Riverstone at the U. S. Bankruptcy Court for the Southern District of New York.

Second Amended Complaint "against Deutsche for its role in aiding a fraudulent trading scheme orchestrated by Madison's former principals and principals of related entities between 2014 and 2017 that caused Madison to suffer more than $200 million in damages" in Martin Trott and Christopher Smith, as Joint Official Liquidators of Madison Asset LLC (in Official Liquidation), of the Cayman Islands v. Deutsche Bank AG, of New York, at the U. S. District Court for the Southern District of New York.

Writ of Summons in Asia Private Credit Fund Limited (in Official Liquidation) v. Adamas Global Alternative Investment Management Inc. at the Grand Court of the Cayman Islands.

Writ of Summons in Asia Private Credit Fund Limited (in Official Liquidation) v. Barry Lau Wang Chi, of Hong Kong, at the Grand Court of the Cayman Islands.

A British Virgin Islands company that is part of the Dubai-based Exential Group of forex trading companies that perpetrated a $200 million Ponzi scheme has applied for Chapter 15 bankruptcy recognition in the United States.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Paul Pretlove, of Kalo (BVI) Limited, as the Foreign Representatives of FCI Markets Inc., described as part of "a group of Dubai-based forex trading companies ... known as Exential Group" that was found by a Dubai court to be "a Ponzi scheme disguised as a forex trading program" that defrauded investors out of more than $200 million, filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Complaint for $446,186 in IIG Global Trade Finance Fund Ltd. (in Official Liquidation) and IIG Structured Trade Finance Fund Ltd. (in Official Liquidation), both of the Cayman Islands v. Bank Leumi USA at the U. S. Bankruptcy Court for the Southern District of New York.

Originating Application by Nathan Mills and Frank Yuen, as Liquidators of Bintan Mining Corporation, at the British Virgin Islands High Court.