Liquidations & Insolvencies

Nisi (HK) Ltd.: Originating Application

Originating Application by Christopher Farmer and Lui Yee Man, as the Liquidators of Nisi (HK) Limited (in Liquidation), at the British Virgin Islands High Court.

Port Royal Reassurance Company SPC Ltd.: License Revocation

Decision Notice by the Cayman Islands Monetary Authority revoking the license of Port Royal Reassurance Company SPC Limited. on the grounds of insolvency. Editor's Note: Research by OffshoreAlert in the Cayman Islands General Registry showed that the sole director of Port Royal Reassurance Company SPC Limited was identified as Steven Fickes, who, according to CIMA's Decision Notice, resides in Bethesda, Maryland, USA. Port Royal Reassurance Company SPC is a defendant in a civil complaint filed at federal court in North Carolina in 2016 involving an allegedly fraudulent scheme, for which one of its business partners, Bradley Reifler, of New York, was criminally indicted.

Wireline Development Fund Ltd.: ‘Court Supervision’ Petition

Petition for Court Supervision of a Voluntary Liquidation by Graham F. Robinson, as Voluntary Liquidator of Wireline Development Fund Ltd. (in Voluntary Liquidation), which "entered voluntary liquidation after an Administrative Order by the United States Securities and Exchange Commission imposed a fine of US$650,000" on its parent, digital assets firm Wireline Inc., "for an unregistered securities offering and alleged fraud involving the Company", at the Grand Court of the Cayman Islands.

Sun Cheong Creative Development Holdings Ltd.: ‘Scheme of Arrangement’ Petition

Petition for the Court's sanction of a Scheme of Arrangement in the matter of Sun Cheong Creative Development Holdings Limited, described a Hong Kong-based company that "is principally engaged in the design, development, manufacturing and selling of plastic household products" and whose shares are listed on The Stock Exchange of Hong Kong, at the Grand Court of the Cayman Islands.

Unisource Holding Inc.: Chapter 7 Petition

Chapter 7 Petition by Unisource Holding Inc. (in Official Liquidation), a.k.a. Unisource Group, of the Bahamas, at the U. S. Bankruptcy Court for the Southern District of Florida.

Zenith Finance Ltd.: Administration

Public Notice by the Malta Financial Services Authority that an administrator has been appointed for Zenith Finance Limited. Editor's Note: Research by OffshoreAlert at the Malta Business Registry showed that Zenith Finance Limited, formerly known as MFSP Financial Management Limited, was incorporated in Malta on November 2nd, 2007, its directors are Lorraine Falzon and William Charles Van Buren, both citizens of Malta; its former directors include Matthew Pace, a citizen of Malta, who resigned effective March 8th, 2021, and André Micallef, who resigned effective August 24th, 2017, its shareholders are Matthew Pace and Lorraine Falzon, and its auditor, Nexia BT, resigned effective November 16th, 2020.

Bagir Group Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Israel by Ilan Shavit-Stricks, as the Foreign Representative of Bagir Group Limited, described as am Israeli apparent company that "had interests in five companies in foreign countries - Egypt, Ethiopia, the United States, England and the British Virgin Islands as well as a representative regional office in Vietnam" and whose shares are listed "on the Alternative Investment Market, a sub-market of the London Stock Exchange", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Ginger Capital Fund SPC: ‘Court Supervision’ Petition

Petition for Court Supervision of a Voluntary Liquidation by Jason Robinson and Jeffrey Stower, of KPMG, as Joint Voluntary Liquidators of Ginger Capital Fund SPC (in Voluntary Liquidation), at the Grand Court of the Cayman Islands.

Greensill Bank AG: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Germany by Dr. Michael C. Frege, as the Foreign Representative of Greensill Bank AG, of Germany, described as "a wholly-owned subsidiary of the Australian company Greensill Capital Pty Limited" that has wholly-owned subsidiaries in Australia, Cayman Islands, and United Kingdom, filed at the U. S. Bankruptcy Court for the Southern District of New York.

Greins Global Ltd.: Winding Up Notice

Public Notice by the Bermuda Monetary Authority that it "successfully petitioned the Supreme Court of Bermuda to wind up Greins Global Ltd.", which was described as "a Class 1 insurer". Editor's Note: The Directors Register section of the Government of Bermuda's website identified the sole director of Greins Global Limited as Randeep S. Grewal, of Hong Kong.

Money + Card Payment Institution Ltd.: €404K Fine

Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €403,947 on Money + Card Payment Institution Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Money + Card Payment Institution Limited was incorporated in Malta on July 27th, 2015, went into liquidation on June 13th, 2019, has no current directors, its former directors include Zoltan Bota, who resigned effective May 11th, 2019; Terry Galea, of Malta, who resigned effective May 14th, 2019; Franco Falzan, of Malta, who resigned effective May 9th, 2019, and Dmitrij Kozelkin, of Hungary, who resigned effective August 9th, 2018, and its shareholders are Viktor Hujber, a citizen and resident of Hungary, and Prifolio Holding Limited, which was incorporated in Malta on September 16th, 2010, whose sole director is Otto Hujber, and whose shareholders are Otto Hujber and Viktor Hujber,

Samarco Mineração SA: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Brazil by Cristina Morgan Cavalcanti, as the Foreign Representation of Samarco Mineração S.A., of Belo Horizonte, described as "a privately held Brazilian mining company that started its operations in 1977", filed at the U. S. Bankruptcy Court for the Southern District of New York.

DTEK Finance Plc: Chapter 15 Petition (2021)

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Johan Bastin, as the Foreign Representative of DTEK Finance Plc, of England, described as being part of a group that "operates the largest privately-owned energy business in Ukraine, as measured by metric tons of coal produced and net output of electricity", for use in legal proceedings in England, filed at the U. S. Bankruptcy Court for the Southern District of New York.

VR Global Partners LP v. Stuart Newberger: Discovery Application

Application by VR Global Partners LP, of the Cayman Islands, to take discovery from Stuart Newberger, described as "a partner in the law firm of Crowell & Moring", for legal proceedings in the Isle of Man involving Broadsheet LLC (in Liquidation) and claims against the Government of Pakistan, filed at the U. S. District Court for the District of Columbia.

VL Assurance (Bermuda) Ltd. et al: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Michael Morrison and Mark Allitt, of KPMG Advisory, as the Foreign Representatives of VL Assurance (Bermuda) Ltd., Valor Group Ltd., and Valor Management Ltd., described as Bermuda companies that are part of a group that also includes companies in Barbados, Ireland, Liechtenstein, and the United States and which are "victims of activity perpetrated between 2013 and 2016 by Jason Sugarman - a former director of the VL Bermuda Debtor - and others, including Jason Galanis, that ultimately led to the insolvency of the VL Bermuda Debtors", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Automotores Gildemeister SpA et al: Chapter 11 Petition

Chapter 11 Petition by Automotores Gildemeister SpA, Marc Leasing S.A., Comercial Gildemeister S.A., Maquinarias Gildemeister S.A., Fortaleza S.A., RTC S.A., Maquinaria Nacional S.A., Carmeister S.A., AG Créditos SpA, Fonedar S.A., all of Chile; Lodinem S.A., Camur S.A., both of Uruguay, and Bramont Montadora Industrial e Comercial de Veículos S.A., of Brazil, collectively described as "a vehicle importer and distributor primarily operating in Chile and Peru, as well as in Uruguay, Costa Rica and Brazil", at the U. S. Bankruptcy Court for the Southern District of New York.

Direct Lending Investments et al v. Duff & Phelps: Complaint

Complaint alleging professional negligence, gross negligence, aiding and abetting breach of fiduciary duty, negligent misrepresentation, and breach of contract in Bradley 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, and Bradley Sharp and Christopher Johnson, as Joint Official Liquidators of Direct Lending Income Feeder Fund Ltd. (in Official Liquidation), of the Cayman Islands v. Duff & Phelps LLC at the Supreme Court of the State of New York, County of New York.

Wirecard AG: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Germany by Dr. Michael Jaffé, as the Foreign Representative of Wirecard AG, a former "multinational payment processor and financial services provider specializing in digital payment solutions for both business and retail customers around the globe" that collapsed after allegations of "material misstatements in its financial reports and other accounting improprieties", at the U. S. Bankruptcy Court for the Eastern District of Pennsylvania.

Bank Leumi USA v. Trade Finance Trust et al: Complaint

Complaint for Interpleader regarding "the remainder of what was at one time several dozen accounts at the Bank opened by an affiliate of International Investment Group, LLC, a now defunct investment advisor accused by the Securities and Exchange Committee of perpetrating a fraud akin to a Ponzi scheme" in Bank Leumi USA v. Trade Finance Trust, described as "a Delaware Statutory Trust"; IIG Trade Finance LLC, of New York, as Administrator of Trade Finance Trust; IIG Bank (Malta) Ltd., of Malta; Girobank International N.V., of Curaçao; Girobank N.V., of Curaçao; Valerie P. Maria, of Curaçao, as the Foreign Representative of IIG Trade Opportunities Fund Ltd.; Christopher Kennedy and Alexander Lawson, both of the Cayman Islands, as Joint Liquidators of IIG Global Trade Finance Fund Ltd. and IIG Structured Trade Finance Fund Ltd.; TriLinc Global Impact Fund LLC, of Delaware, and TriLinc Global Impact Fund - Trade Finance Ltd., of the Cayman Islands, at the U. S. District Court for the Southern District of New York.

PB Investment Holdings Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Rachelle Frisby and John Johnston, both of Deloitte (Bermuda), as the Foreign Representatives of PB Investment Holdings Ltd., whose owner Greg Lindberg was convicted of "conspiracy to commit honest services wire fraud and bribery concerning programs receiving federal funds" last year in the United States, at the U. S. Bankruptcy Court for the Southern District of New York.

China Oil Gangran Energy Group Holdings Ltd.: ‘Scheme of Arrangement’ Petition

Petition for Court sanction of a Scheme of Arrangement in the matter of China Oil Gangran Energy Group Holdings Limited (in Provisional Liquidation), described as "an investment holding company of a group of subsidiaries which are principally located in Hong Kong, the People's Republic of China, and the British Virgin Islands", at the Grand Court of the Cayman Islands.

Roee Rachagmim v. Tsurel Yazamut Ltd.: Discovery Application

Application for the appointment of a Commissioner to take discovery from JPMorgan Chase Bank - pursuant to a request for judicial assistance from the District Court in Jerusalem, Israel - for use in legal proceedings in Israel styled as "Roee Rachagmim v. Tsurel Yazamut Ltd." that involve allegations of investment fraud, filed at the U. S. District Court for the Southern District of Indiana.

Banco Privado Portugues (Cayman) Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Simon Conway and Jess Shakespeare, as the Foreign Representatives of Banco Privado Portugues (Cayman) Ltd., filed at the U. S. Bankruptcy Court for the Southern District of New York.

Greensill Capital Inc.: Chapter 11 Petition

Chapter 11 Petition by Greensill Capital Inc., a Delaware-domiciled "financial services company" that "arranged factoring and reverse factoring programs for clients globally" and which is directly owned by Greensill Capital Management (UK) Limited, of the United Kingdom, and indirectly owned by Greensill Capital Pty Limited, of Australia, and is part of a group that includes companies in Australia, Brazil, Cayman Islands, Germany, India, Isle of Man, Netherlands, Singapore, Switzerland, South Africa, United Arab Emirates, and United Kingdom, at the U. S. Bankruptcy Court for the Southern District of New York.

Sheng Lu v. BVCF Management Ltd.: Winding Up Petition

Winding Up Petition in Sheng Lu, described as "a former employee of BVCF Management Ltd." v. BVCF Management Ltd., described as being "in the business of managing investments in growth stage companies in the life sciences industry and healthcare services in the People's Republic of China ", at the Grand Court of the Cayman Islands.

Talal Al Zawawi: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Colin Diss, Hannah Davie, and Michael Leeds, of Grant Thornton, as the Foreign Representatives of Talal Qais Abdulmunem Al Zawawi, described as a citizen of Oman residing in the U.K. who was ordered to pay £24 million in spousal and child support to his former wife in 2019 and "was adjudicated bankrupt on June 29, 2020", filed at the U. S. Bankruptcy Court for the Middle District of Florida.

Amia Capital Macro Master Fund Ltd. et al v. Buenos Aires: Complaint

Complaint for damages of $336 million alleging the default of bonds in Amia Capital Macro Master Fund Limited, of the Cayman Islands; Amundi Funds - Emerging Markets Bond, of Luxembourg; Amundi Fondi Italia - Amundi Obbligazionario Paesi Emergenti a distribuzione, of Italy; Amundi Funds - Emerging Markets Blended Bond, of Luxembourg; Amundi Funds - Emerging Markets Hard Currency Bond, of Luxembourg; Amundi Funds - Emerging Markets Short Term Bond, of Luxembourg; Amundi Funds - Strategic Bond, of Luxembourg; Fondi Amundi - Amundi Obbligazionario Dinamico, of Italy; Amundi Funds - Optimal Yield Short Term, of Luxembourg; Amundi S.F. - Emerging Markets Bond 2024, of Luxembourg; Amundi S.F. - Emerging Markets Bond 2025, of Luxembourg; Caius Capital Master Fund, of the Cayman Islands; Callaway Strategic Opportunity Fund I, LP, of the Cayman Islands; BayernInvest Alternative Loan Fonds-Segment GoldenTree 2, of Luxembourg; Corbin ERISA Opportunity Fund, Ltd., of the Cayman Islands; Crown Managed Accounts SPC - Crown/GT Segregated Portfolio, of the Cayman Islands; FS Credit Income Fund, of Delaware; Ginkgo Tree, LLC, of Delaware; GN3 SIP Limited, of Jersey, in the Channel Islands; GoldenTree Co-Invest Master Fund II Ltd., of the Cayman Islands; GoldenTree Distressed Master Fund III Ltd., of the Cayman Islands; GoldenTree Distressed Onshore Master Fund III LP, of Delaware; GoldenTree Emerging Markets Master Fund ICAV, of Ireland; GoldenTree Insurance Fund Series Interests of the SALI Multi-Series Fund, L.P., of Delaware; GoldenTree Master Fund, Ltd., of the Cayman Islands; GoldenTree Multi Sector-C LP, of Delaware; GoldenTree NJ Distressed Fund 2015 LP, of Delaware; GoldenTree Vl Master Fund, L.P., of the Cayman Islands; GT Credit Fund LP, of the Cayman Islands; GT G Distressed Fund 2020 LP, of Delaware; GT NM, LP, of Delaware; Guadalupe Fund, LP, of Texas; High Yield and Bank Loan Series Trust, of the Cayman Islands; Kapitalforeningen Industriens Pension Portfolio - Emerging Markets Obligationer I, of Denmark; Louisiana State Employees Retirement System, of Louisiana; MA Multi-Sector Opportunistic Fund, LP, of Delaware; Pinehurst Partners, L.P., of Delaware; San Bernardino County Employees Retirement Association, of California; Greylock Global Opportunity Master Fund, Ltd., of the British Virgin Islands; Greylock Global Focus Master Fund, Ltd., of the Cayman Islands; Beauregarde Holdings LLP, of England; Beauregarde Holdings II LLP, of England, and Mandrake Holdings, LLC, of Delaware v. The Province of Buenos Aires, in Argentina, at the U. S. District Court for the Southern District of New York.

Splash News & Picture Agency LLC: Chapter 11 Petition

Chapter 11 Petition by Splash News & Picture Agency LLC, of Los Angeles, California, at the U. S. Bankruptcy Court for the District of Nevada. The 20 largest unsecured creditors include companies and individuals in Australia, England, France, India, Italy, and Russia.

Beauregarde Holdings LLP et al v. Buenos Aires: Complaint

Complaint for damages of $30 million alleging the default of bonds in Amia Capital Macro Master Fund Limited, of the Cayman Islands; Amundi Funds - Emerging Markets Bond, of Luxembourg; Amundi Investment Funds - Emerging Markets Sovereign Bond, of Luxembourg; Caius Capital Master Fund, of the Cayman Islands; Corbin ERISA Opportunity Fund, Ltd., of the Cayman Islands; Crown Managed Accounts SPC - Crown/GT Segregated Portfolio, of the Cayman Islands; FS Credit Income Fund, of Delaware; GN3 SIP Limited, of Jersey, in the Channel Islands; GoldenTree Co-Invest Master Fund II Ltd., of the Cayman Islands; GoldenTree Distressed Master Fund III Ltd., of the Cayman Islands; GoldenTree Distressed Onshore Master Fund III LP, of Delaware; GoldenTree Emerging Markets Master Fund ICAV, of Ireland; GoldenTree Insurance Fund Series Interests of the SALI Multi-Series Fund, L.P., of Delaware; GoldenTree Master Fund, Ltd., of the Cayman Islands; GoldenTree Multi Sector-C LP, of Delaware; GoldenTree NJ Distressed Fund 2015 LP, of Delaware; GoldenTree VI Master Fund, L.P., of the Cayman Islands; GT Credit Fund LP, of the Cayman Islands; GT G Distressed Fund 2020 LP, of Delaware; GT NM, LP, of Delaware; Guadalupe Fund, LP, of Texas; High Yield and Bank Loan Series Trust, of the Cayman Islands; Kapitalforeningen Industriens Pension Portfolio - Emerging Markets Obligationer I, of Denmark; Louisiana State Employees Retirement System, of Louisiana; MA Multi-Sector Opportunistic Fund, LP, of Delaware; Pinehurst Partners, L.P., of Delaware; San Bernardino County Employees Retirement Association, of California, and Beauregarde Holdings LLP, of England v. The Province of Buenos Aires, in Argentina, at the U. S. District Court for the Southern District of New York.

Buenos Aires sued by investors for ‘$366M bonds default’

The Province of Buenos Aires, in Argentina, is being sued for allegedly defaulting on bonds totaling $366 million by investment vehicles in the British Virgin Islands, Cayman Islands, Delaware, Denmark, England, Ireland, Italy, Jersey, and Luxembourg.