Liquidations & Insolvencies

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Giftcraft Ltd. et al: Chapter 15 Petition (Canada)

May 20, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Pritesh Patel, of KPMG, as the Foreign Representative of Giftcraft Ltd., Giftcraft Holdings Inc., Giftcraft Holdings USA Inc., Giftcraft Inc., Giftcraft Midco Inc., Ripskirt Hawaii LLC, and Yosox USA Inc., which "comprise a group of companies operating as a supplier of gift items, including home decor, jewelry, and other novelties that are distributed primarily through retailers across North America, ranging from independent specialty retailers to national chains", filed at the U.S. Bankruptcy Court for the Southern District of New York.

Genesis Global Capital LLC et al v. Digital Currency Group Inc. et al: Complaint (‘$1.2B Fraudulent & Preferential Transfers’)

May 19, 2025
Complaint "to avoid and recover “in kind” preferential and fraudulent transfers of cryptocurrency and U.S. Dollars now worth more than one billion dollars" in Genesis Global Capital LLC and Genesis Asia Pacific Pte. Ltd., of Singapore v. Digital Currency Group Inc., Barry Silbert, DCG International Investments Ltd., of Bermuda; HQ Enhanced Yield Fund LP, formerly known as HQ Cash Management Fund LP; Grayscale Operating LLC, formerly known as Grayscale Investments LLC; Foundry Digital LLC, formerly known as Foundry LLC; Genesis Global Trading Inc., Luno Australia Pty Ltd., of Australia; Ducera LLC, Michael Kramer, Alan Silbert, and INX Limited, of Gibraltar, at the U.S. Bankruptcy Court for the Southern District of New York.

STS Renewables Ltd. et al: Chapter 15 Petition (Canada)

May 15, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Matthew Tokarik, as the Foreign Representative of STS Renewables Ltd., Earth Drilling Co. Ltd. (Canada), On Track Drilling Inc., Subterra Capital Partners Inc., Subterra Development Ltd., STS Renewables Earth USA Acquisition Co. Ltd., Earth Drilling Co. Ltd. (U.S.), Subterra Capital Partners US Inc., and Harris Exploration Drilling & Associates, Inc., collectively described as "a vertically integrated geothermal energy system developer that provides renewable heating and cooling to multi-residential building developers", filed at the U.S. Bankruptcy Court for the District of Delaware.

Li-Cycle Holdings Corp. et al: Chapter 15 Petition (Canada)

May 14, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by William E. Aziz, as the Foreign Representative of Li-Cycle Holdings Corp., Li-Cycle U.S. Inc., Li-Cycle Inc., and Li-Cycle North America Hub, Inc., collectively described as "a global lithium-ion battery resource recovery company", filed at the U.S. Bankruptcy Court for the Southern District of New York.

GS Capital AG: Public Warning (Switzerland)

May 13, 2025
Public Warning by the Swiss Financial Market Supervisory Authority that GS Capital AG (in Liquidation) “is suspected of conducting unauthorised activities in the financial market”.

Local First Media Group Inc. et al: Chapter 15 Petition (Canada)

May 13, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by FTI Consulting Inc., as the Foreign Representative of Local First Media Group Inc., Local First Properties Inc., BTC USA Holdings Management Inc., Local First Properties USA Inc., Alaska Broadcast Communications Inc., Broadcast 2 Podcast Inc., and Frontier Media LLC, collectively described as the operators of radio stations, filed at the U.S. Bankruptcy Court for the Eastern District of Texas.

Bankrupt Brazilian firm Indeal seeks Chapter 15 recognition in U.S. amid criminal investigation into ‘$200M+ crypto investment fraud’

May 12, 2025
Amid a criminal investigation into its principals on suspicion of swindling tens of thousands of Brazilians out of more than $200 million in a crypto-based investment scam, the administrator of bankrupt Brazilian crypto firm Indeal Consultoria em Mercados Digitais Ltda. has applied for Chapter 15 recognition in the United States as he seeks to recover assets for creditors.

Indeal Consultoria em Mercados Digitais Ltda.: Redacted Chapter 15 Petition (Brazil)

May 9, 2025
Redacted Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Brazil by Laurence Bica Medeiros, as the Foreign Representative of Indeal Consultoria em Mercados Digitais Ltda., described as "offering returns of around 15% per month “through the administration and management of cryptocurrencies"”, filed at the U.S. Bankruptcy Court for the District of Columbia.

U.S. investors in Cayman fund Charitable DAF call for investigation into ‘management misconduct’

May 8, 2025
Citing the need for "an investigation into allegations of misconduct on the part of management", four U.S. charities that invested in a Cayman Islands investment fund for philanthropists called Charitable DAF have applied to replace the voluntary liquidators of its limited partner and have the liquidation supervised by the local court. The limited partner's directors are Mark Patrick and Paul Murphy.

Asbestos Corporation Ltd.: Chapter 15 Petition (Canada)

May 6, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Ayman Chaaban, of Raymond Chabot Inc., as the Foreign Representative of Asbestos Corporation Limited, which "owns eight mines, all of which are located in Quebec", filed at the U.S. Bankruptcy Court for the Southern District of New York.

Indeal Consultoria em Mercados Digitais Ltda.: Chapter 15 Petition (Brazil)

May 6, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Brazil by Laurence Bica Medeiros, as the Foreign Representative of Indeal Consultoria em Mercados Digitais Ltda., which operates "in the field of purchase, sale and brokerage for acquisition of crypto financial assets", filed at the U.S. Bankruptcy Court for the District of Columbia.

Global Fidelity Bank: Chapter 15 Petition (Cayman Islands)

April 29, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Michael Pearson and Nicola Cowan, as the Foreign Representatives of Global Fidelity Bank (in Liquidation), filed at the U.S. Bankruptcy Court for the Southern District of Florida.

Geden Holdings Ltd.: Chapter 15 Petition (Malta)

April 28, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Malta by Dr. Reuben Balzan, as the Foreign Representative of Geden Holdings Ltd., filed at the U.S. Bankruptcy Court for the Southern District of New York.

Sam Mitchell: Chapter 15 Petition (Australia)

April 23, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Australia by Matthew Vines and John Shanahan, as the Foreign Representatives of Sam Alexander Mitchell, against whom there is "a judgment ... for a sum of US$36,194,864.39", filed at the U.S. Bankruptcy Court for the Southern District of California.

Gryphon Digital Mining Inc. v. K&L Gates LLP et al: Complaint (‘Legal Malpractice’)

April 14, 2025
Complaint alleging "improper billing practices" that "resulted in Gryphon being overcharged by more than one million dollars" in Gryphon Digital Mining Inc., described as a "bitcoin mining company and industry leader in environmentally responsible bitcoin mining" v. K&L Gates LLP and Robert Honeywell at the U.S. District Court for the Southern District of New York.

Chiaro Technology Ltd.: Chapter 15 Petition (England)

April 11, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Lindsay Hallam, Matthew Boyd Callaghan, and Oliver Wright, of FTI Consulting, as the Foreign Representatives of Chiaro Technology Limited (in Administration), "that was a leading producer of innovative “femtech” products, including app-controlled, silent, wearable breast pumps and smart pelvic floor trainers sold under the trade name “Elvie"", filed at the U.S. Bankruptcy Court for the District of Delaware.

Boston Air Ltd.: ‘Court Supervision’ Petition (Cayman Islands)

April 9, 2025
Petition for Court Supervision of a Voluntary Liquidation in the matter of Boston Air Limited (in Voluntary Liquidation), which "is part of a group of companies which operated in order to purchase and hold aircraft", at the Grand Court of the Cayman Islands.

Virgolino de Oliveira S.A. Açúcar e Álcool et al: Chapter 15 Petition (Brazil)

April 9, 2025
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Brazil by Marcos Roberto dos Santos, as the Foreign Representative of Virgolino de Oliveira S.A. Açúcar e Álcool, Agropecuária Nossa Senhora do Carmo S.A., Açucareira Virgolino de Oliveira S.A., Agropecuaria Terras Novas S.A., Usina Catanduva S.A. Açúcar e Alcoo, RO Servicos Agrcolas S.A., Estate of Carmen Ruete de Oliveira, Carmen Aparecida Ruete de Oliveira, and Virgolino de Oliveira Filho, filed at the U.S. Bankruptcy Court for the Southern District of New York.

Oil Services HoldCo Ltd.: ‘Court Supervision’ Petition (Cayman Islands)

April 8, 2025
Petition for Court Supervision of a Voluntary Liquidation in the matter of Oil Services HoldCo Ltd. (in Voluntary Liquidation), which "was an intermediate holding company for Latin America’s leading oil and gas field services corporate group, which was headquartered in Buenos Aires, Argentina", at the Grand Court of the Cayman Islands.

‘Dishonest’ Bank of Asia founder Carson Wen fails to have asset freeze order discharged in BVI

April 2, 2025
Hong Kong-based, Bank of Asia founder Carson Wen and his wife, Julia Yuet Shan Fung, have failed to overturn a worldwide asset freeze order against them in the British Virgin Islands, where they were declared bankrupt in January and a judge determined they had acted dishonestly and taken extreme measures to avoid satisfying a judgment in favor of U.S. businessman Chad Holm.