Tracing USD Wire Transfers Via Intermediary Bank Discovery & Using 'Global' New York Attachment Orders to Seize Assets
This session will cover cutting-edge techniques and emerging trends in International Insolvency and Debt Enforcement. The speakers will cover the following hot and trending topics:
1. Intermediary Bank Discovery
The wire transfer records of any person or entity in the world can be obtained from Intermediary Banks via a technique we call "Intermediary Bank Discovery." These records are available in connection with virtually any international insolvency, debt enforcement or fraud matter. We explore the rise of Intermediary Bank Discovery and how it enables creditors and liquidators to recreate the financial history of virtually any target that does business in U.S. Dollars. Uses include: identifying voidable transfers, "following the money" from transferor to transferee, and identifying global counterparties and world-wide bank account details while avoiding the red-tape associated with cross-border discovery requests and bank secrecy.
2. "Global" Attachments in New York?
Recent New York Court of Appeals' Decisions have paved the way for trial courts to issue attachment and execution orders against Defendants and Garnishees subject to New York jurisdiction that purport to have global effect. We explore such orders' legal foundation and examine the outcome of first two (known) global attachment orders issued against offshore-incorporated entities this year. We further explore potential defenses to such orders that can be employed by defendants and other creditors.