Liquidations & Insolvencies

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.

Frigorifico Margen Ltda et al: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Brazil by Capital Administradora Judicial Ltda. and Luis Claudio Montoro Mendes, as the Foreign Representatives of Frigorifico Margen Ltda and others which allegedly "used multiple shell companies incorporated throughout South America to transfer and hide assets and to defraud creditors", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Traded Life Policies Fund et al v. Jeremy Leach et al: Appeal Judgment (Security for Costs)

Judgment regarding "an appeal against an order for security for costs" in Traded Life Policies Fund (in Official Liquidation) and Michael Penner, as Joint Official Liquidator of Traded Life Policies Fund v. Jeremy Leach, Managing Partners Limited, Taurus Administration Services SL, MPL Asset Management SA, Praesidium Investment Fund, Sovereign High Security Fund SPC, Corinthian Growth Fund, and Traded Policies Fund at the Court of Appeal of the Cayman Islands.

Jitka Chvatik v. Nayoro International Ltd. et al: Restoration Application

Originating Application in Dr. Jitka Chvatik, who, OffshoreAlert understands, is the mother of Czech-born, Bahamas-based fugitive accused fraudster Viktor Kožený v. Nayoro International Ltd. and The Registrar of Corporate Affairs at the British Virgin Islands High Court.

Abdulhameed Dhia Jafar v. Abraaj Holdings et al: Judgment (Complaint Amendment)

Judgment regarding Plaintiff's application for leave to amend his Statement of Claim regarding an alleged $267 million fraud in Abdulhameed Dhia Jafar, of Sharjah, in the United Arab Emirates v. ABRAAJ Holdings (in Official Liquidation), GHF General Partner Limited, as General Partner of GHF Fund LP, formerly Abraaj Growth Markets Health Fund LP, and GHF Fund (B) LP, formerly Abraaj Growth Markets Health Fund (B) LP; The GHF Group Limited, formerly The Abraaj Healthcare Group Limited, and Abraaj General Partner VIII Limited, as General Partner of Neoma Private Equity Fund IV LP, formerly Abraaj Private Equity Fund IV LP, all of the Cayman Islands, at the Grand Court of the Cayman Islands.

TCI Integrity Commission v. Anthony Kikivarakis: ‘Financial Disclosure’ Appeal Judgment

Judgment regarding "whether the Integrity Commission of the Turks and Caicos Islands has the power under section 20 of the Integrity Commission Ordinance to issue a summons to a third party requiring them to produce documents as part of an informal investigation, or whether that power can be exercised only in connection with a formal inquiry under section 46 of the Ordinance" in the Integrity Commission of the Turks and Caicos Islands v. Anthony Kikivarakis, as Official Liquidator of TCI Bank Ltd. (in Liquidation), at the Privy Council for the United Kingdom.

Nordic Aviation Capital Designated Activity Company: Chapter 11 Petition

Chapter 11 Petition by Nordic Aviation Capital Designated Activity Company, of Ireland, part of a group that is "the world’s largest regional aircraft lessor and the sixth largest commercial aircraft lessor, offering leasing and lease management solutions to airlines and aircraft investors worldwide" and comprises companies in the British Virgin Islands, Cayman Islands, Cyprus, Denmark, England, France, Germany, Guernsey, Ireland, Luxembourg, Malta, Singapore, South Africa, Sweden, and United States, at the U. S. Bankruptcy Court for the Eastern District of Virginia.

First General Services (Winnipeg) Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by John Fritz, of Deloitte Restructuring Inc., as the Foreign Representative of First General Services (Winnipeg) Ltd., filed at the U. S. Bankruptcy Court for the Middle District of Florida.

Zhou Zheng: Bankruptcy Recognition

Originating Application in the matter of Zhou Zheng (a bankrupt), of Hong Kong, at the British Virgin Islands High Court.

IIG Global Trade Finance Fund Ltd. et al v. Chaffetz Lindsey LLP et al: $23M Complaint

Complaint "to obtain the proceeds from a settlement following arbitration" 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. Chaffetz Lindsey LLP, a law firm in New York; IIG TOF B.V., of the Netherlands; Trade Finance Trust, of Delaware; IIG Bank (Malta) Ltd., of Malta, and TriLinc Global Impact Fund - Trade Finance Ltd., of the Cayman Islands, at the U. S. Bankruptcy Court for the Southern District of New York.

Millo Group: Petition to Recognize Brazil Liquidation

Petition for Recognition of a Foreign Liquidation in Brazil in the matter of Atelier Design e Planejamento de Moveis Ltda, Colezzi lndustrja e Comercio de Moveis Ltda, Diamante Duna Participacoes Ltda, EMP Montagem e Instalacao de Moveis Ltda, Euromobile Montagem de Moveis Planejados Ltda, Indian Ebony Comercio de Moveis do Brasil Ltda, Italian Comercio de Moveis Ltda, Libia Comercio de Moveis Ltda Epp., Madagascar Administracao e Participao Ltda, Nogueira Alva Participacoes Ltda, Palladio Tee Comercio de Moveis e Eletrodomesticos Ltda, SIM Sistema Integrado de Moveis Ltda, and Via Movel Comercio de Moveis Ltda, all of Brazil, collectively the Millo Group (in Official Liquidation), at Bahamas Supreme Court.

Direct Lending Income Fund LP v. EisnerAmper LLP: Complaint

Complaint alleging "a spectacular multi-year fraud" by Direct Lending Income Fund LP in Bradley D. Sharp, as the Permanent Receiver for the Estate of Direct Lending Income Fund LP v. EisnerAmper LLP at the Supreme Court of the State of New York, County of New York.

SPS Corp I v. Cesar Parra et al: Discovery Application

Ex Parte Application by SPS Corp I - Fundo de Investimento em Direitos Creditorios não Padronizados to take discovery from Cesar Parra and Piaffe Performance Inc. for use in "three enforcement proceedings" in Brazil against Eduardo Fischer, described as "a well-known figure of the Brazilian advertising industry" who "is now seemingly insolvent but still maintains a wealthy lifestyle" and suspected of defrauding his creditors, and his companies, which were identified as Totalcom Comunicações e Participações Ltda., Green Tree Participações Ltda, D+ Brasil Entretenimento, and Conteúdo e Comunicação Total Ltda., filed at the U. S. District Court for the District of New Jersey.

Reyl Prime Solutions SA: Reprimand

Public Notice by the Luxembourg CSSF that it has issued a reprimand to Reyl Prime Solutions S.A. (in Voluntary Liquidation) for a regulatory breach.

Cuda Energy Inc. et al: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Deryck Helkaa, of FTI Consulting Canada Inc., as the Foreign Representative of Cuda Energy Inc., Cuda Oil and Gas Inc., Cuda Energy LLC, and Junex Inc., all of Canada, filed at the U. S. Bankruptcy Court for the District of Wyoming.

Direct Lending Investments LLC et al v. Shinhan Bank Co. Ltd. et al: Complaint

Complaint to avoid a "fraudulent transfer" of $166 million regarding an allegedly fraudulent investment schemes involving, inter alia, funds in the Cayman Islands, Delaware, and Nevada in Bradley D. 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 v. Shinhan Bank Co. Ltd., Kookmin Bank Co. Ltd., Korea Securities Finance Corporation, Goldenbridge Asset Management Co. Ltd., JB Asset Management Co., Ltd., Korea Alternative Investment Asset Management Corporation, all of South Korea, and 33 Fund Defendants at the U. S. District Court for the Central District of California.

Direct Lending Investments LLC et al v. Daishin Securities Co. Ltd.: Complaint

Complaint to avoid a "fraudulent transfer" of $49.7 million regarding an allegedly fraudulent investment schemes involving, inter alia, funds in the Cayman Islands, Delaware, and Nevada in Bradley D. 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 v. Daishin Securities Co. Ltd., of South Korea, at the U. S. District Court for the Central District of California.

IMOF LT Investors Ltd.: Petition

Petition in the matter of IMOF LT Investors Ltd. (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

The Timeless Uranium Fund SICAV Plc: ‘New Liquidator’ Directive

Public Notice by the Malta Financial Services Authority that it has "directed" The Timeless Uranium Fund SICAV Plc, described as "a collective investment scheme targeting retail investors", to "take all the necessary steps to ensure that a new liquidator is appointed within one month".

The Timeless Precious Metals Fund SICAV Plc: ‘New Liquidator’ Directive

Public Notice by the Malta Financial services Authority that it has "directed" The Timeless Precious Metals Fund SICAV Plc, described as "a collective investment scheme targeting retail investors", to "take all the necessary steps to ensure that a new liquidator is appointed within one month"

AJ Ruiz Consultoria Empresarial SA v. Bank of China Ltd. et al: Amended Complaint

Amended Complaint “for unjust enrichment on behalf of thousands of creditors of the Schahin Group – a Brazilian oil and gas conglomerate with subsidiaries around the world, including in the United States – to recover more than $310 million that Defendants unlawfully obtained at those creditors’ expense” in AJ Ruiz Consultoria Empresarial S.A., solely as Judicial Administrator and foreign representative of Schahin Holding S/A, Agropecuária Alto do Turiassú Ltda, Agropecuária Maranhense S/A, Âmbar Empreendimentos e Participações S/C Ltda, Aquática Comunicações Ltda, Base Engenharia e Serviços De Petróleo e Gás S/A, Base Petróleo e Gas S/A, Companhia Ms De Participações, Companhia Schahin de Ativos, Companhia Schahin Securitizadora de Créditos Financeiros S/S Ltda, Construtora Mogno Ltda, Deep Black Drilling LLP, Foxborough Participações Ltda, Habitécnica Participações S/A, Habitécnica S/A Empreendimentos Imobiliários, Administração E Planejamento, HBF Participações Ltda, HHS Participações S/A, Intelis Automação e Controle Ltda, MTS Participações Ltda, S&S Holding Elétrica S/A, S2 Participações Ltda, Satasch Participações Ltda, SCH 14 Sondas de Produções Marítimas S/A, SCH07 Participações Ltda, SCH08 Participações Ltda, SCH13 Participações Ltda, SCH15 Participações Ltda, Schahin Administração e Informática Ltda, Schahin Ativos Companhia Schahin Securitizadora de Créditos Financeiros S/A, Schahin Capital SPE 1 S/A, Schahin Capital SPE 2 S/A, Schahin Desenolvimento Imobiliário S/A, Schahin Empreendimentos Imobiliários Ltda, Schahin Energia S/A, Schahin Participações Ltda, Schahin Securitizadora De Créditos Financeiros S/A, and SM Participações S/A v. Bank of China Limited, of China; China Development Bank, of China; Dexia Crédit Local SA, New York Branch; International Finance Corporation, of Washington, D.C.; KFW, of Germany, and Portigon AG, New York Branch, at the U. S. District Court for the Southern District of New York.

Silver Base Group Holdings Ltd.: Winding Up Petition

Winding Up Petition in the matter of Silver Base Group Holdings Limited, which is part of a group that is "is primarily engaged in the distribution of liquor products", at the Grand Court of the Cayman Islands.

Spanish Steps Holdings Ltd. v. Point Investments Ltd.: Judgment (Robert Brockman case)

Judgment setting out the Court's reasons for the appointment of Joint Provisional Liquidators for Point Investments Ltd. in Spanish Steps Holdings Ltd., described as being "ultimately wholly owned by the trustee of the A. Eugene Brockman Charitable Trust v. Point Investments Ltd., described as a Bermuda company that began life in the British Virgin Islands and has assets of $1.8 billion, "the vast majority of which are represented by investments in Cayman Islands funds", at Bermuda Supreme Court.

Shine Honour Opportunity VI Ltd. v. Puxin Ltd.: Winding Up Petition

Winding Up Petition in Shine Honour Opportunity VI Limited, of the British Virgin Islands v. Puxin Limited, described as a Cayman Islands-domiciled, China0-based company that is part of a group that provides "after-school education services in the PRC", at the Grand Court of the Cayman Islands.

LAVLE Holdings Inc.: ‘Court Supervision’ Petition

Petition for Court Supervision of a Voluntary Liquidation in the matter of LAVLE Holdings Inc. (in Voluntary Liquidation), described as a Cayman Islands-domiciled holding company with subsidiaries in Delaware, at the Grand Court of the Cayman Islands.

Reebonz Holding Ltd.: ‘Court Supervision’ Petition

Petition for Court Supervision of a Voluntary Liquidation in the matter of Reebonz Holding Limited, which "operates an online platform for buying and selling luxury products to a global market", at the Grand Court of the Cayman Islands.

Universal Enterprises Ltd.: Chapter 15 Recognition Order

Order granting a Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Eleanor Fisher, of the Cayman Islands, and Hani Bishara, of the United Arab Emirates, as the Foreign Representatives of Universal Enterprises Ltd. (in Official Liquidation), described in the petition as "an investment vehicle for six brothers [from Kuwait] for the purpose of making investments in the United States", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Universal Enterprises Ltd.: Discovery Order

Order granting a motion by Eleanor Fisher, of the Cayman Islands, and Hani Bishara, of the United Arab Emirates, as the Foreign Representatives of Universal Enterprises Ltd. (in Official Liquidation), for the issuance of subpoenas to Fawzi Musaed Al Saleh, Ahmad Fawzi Al Saleh, Yasmine Al Saleh, John I. Snow, III, Steve Leese, Quabbin Capital Inc., Shields & Company, Inc., Wilmer Cutler Pickering Hale and Dorr LLP, Loeb, Block & Partners LLP, KPMG LLP, Citibank, Credit Suisse, Bank of America, Royal Bank of Canada, Morgan Stanley, and Société Générale to conduct discovery for use in legal proceedings at the Grand Court of the Cayman Islands, filed at the U. S. Bankruptcy Court for the Southern District of New York.

State Corporation Deposit Insurance Agency v. Standard Chartered Bank: Discovery Application

Application by the State Corporation Deposit Insurance Agency, of Russia, on behalf of International Bank of St. Petersburg, to take discovery from Standard Chartered Bank for use in "anticipated proceedings in Russia ... against Sergei Bazhanov (the former Chairman of the Management Board and majority shareholder of IBSP), Alexander Zuev (a former member of IBSP’s Board of Directors and Bazhanov's brother-in-law), and Hervet Investments Limited, a minority shareholder of IBSP" regarding "a series of fraudulent transactions", filed at the U. S. District Court for the Southern District of New York.

Ascentra Holdings Inc.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Graham Robinson and Ivy Chua, as the Foreign Representatives of Ascentra Holdings Inc. (in Official Liquidation), which "was an e-commerce company, selling health and beauty products to the Asian market via a network of members", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Grupo Posadas SAB de CV et al: Chapter 11 Petition

Chapter 11 Petition by Grupo Posadas S.A.B. de C.V. and Operadora del Golfo de Mexico, S.A. de C.V., collectively described as "the largest hotel operator in Mexico in terms of the number of hotels and number of rooms" which have "outstanding pre-petition debt obligations of approximately $405.6 million", at the U. S. Bankruptcy Court for the Southern District of New York.

Louisiana Sheriffs Pension & Relief Fund et al v. Luckin Coffee Inc.: Motion to Approve $175M Settlement

Motion to Approve Class Action Settlement in Louisiana Sheriffs Pension & Relief Fund et al v. Luckin Coffee Inc., a Cayman Islands company based in China; Charles Zhengyao Lu, Jenny Zhiya Qian, Jian Liu, Reinout Hendrik Schakel, Hui Li, Erhai Liu, Jinyi Guo, Sean Shao, Thomas P. Meier, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, China International Capital Corporation Hong Kong Securities Limited, Haitong International Securities Company Limited, KeyBanc Capital Markets Inc., and Needham & Company, LLP

Signet Bank AS v. Paradiso Finance Ltd.: Liquidation Application

Originating Application involving an "Arbitral Award of the Court of Arbitration of the Association of Latvian Commercial Banks" in Signet Bank AS, of Latvia v. Paradiso Finance Limited, of the British Virgin Islands, at the British Virgin Islands High Court.