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Commonwealth of the N. Mariana Islands v. Millard, No. 11 MC 99, 2012 U.S. Dist. LEXIS 127085 (S.D.N.Y. Apr. 12, 2012)

  • Baker & McKenzie
  • -
  • Cayman Islands, USA
  • -
  • March 25 2013

Plaintiff, the Commonwealth of the Northern Mariana Islands (the “Commonwealth”), had judgments against William and Patricia Millard (the “Millards”

Zais Investment Grade Limited VII CDO noteholders take advantage of Chapter 11

  • Schulte Roth & Zabel LLP
  • -
  • Cayman Islands, USA
  • -
  • October 3 2011

The U.S. Bankruptcy Court for the District of New Jersey recently held that a Cayman Islands collateralized-debt obligation issuer (“CDO”) could be a debtor under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) and declined to dismiss an involuntary case commenced against the CDO by certain noteholders on the grounds that the notes held by such noteholders were “non-recourse” notes

COMI: new developments for offshore liquidators

  • Ogier
  • -
  • Cayman Islands, USA
  • -
  • May 14 2010

National interests play a distinct part in the application of the UNCITRAL Model Law on Cross-Border Insolvency

Cayman investment company obtains Chapter 15 protection in the United States

  • Harney Westwood & Riegels
  • -
  • Cayman Islands, USA
  • -
  • February 19 2010

The United States' Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited ("SIFCO5") (an SPV established to operate as an investment company), as a "foreign main proceeding" under Chapter 15 of the United States' Bankruptcy Code

Delaware Bankruptcy Court grants Chapter 15 protection over U.S. assets of Cayman Islands fund in liquidation

  • Schulte Roth & Zabel LLP
  • -
  • Cayman Islands, USA
  • -
  • January 26 2010

In a recent decision, the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) granted protection over the U.S. assets of a Cayman Islands exempted company in liquidation

New York district court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands

  • Paul, Weiss, Rifkind, Wharton & Garrison LLP
  • -
  • Cayman Islands, USA
  • -
  • June 9 2008

In a recent decision, Judge Sweet of the United States District Court for the Southern District of New York affirmed a bankruptcy court decision and refused to recognize under chapter 15 of the Bankruptcy Code either as “foreign main proceedings” or as “foreign nonmain proceedings” the well-publicized liquidations brought in the Grand Court of the Cayman Islands by two Bear Stearns hedge funds (the “Funds”

District court affirms decision to deny Cayman Islands hedge funds access to U.S. bankruptcy court under Chapter 15

  • Schulte Roth & Zabel LLP
  • -
  • Cayman Islands, USA
  • -
  • June 5 2008

The United States District Court for the Southern District of New York recently affirmed a bankruptcy court’s denial of Chapter 15 protection for the U.S. assets of two Cayman Islands hedge funds

US court declines to recognise Cayman provisional liquidation proceedings

  • Freshfields Bruckhaus Deringer LLP
  • -
  • Cayman Islands, USA
  • -
  • October 31 2007

The US Bankruptcy Court has declined to recognise Cayman provisional liquidation proceedings (opened where the company was incorporated) as foreign main or non-main proceedings under Chapter 15 of the Bankruptcy Code (which replaced the regime under section 304 with which many will be familiar

Court restricts ability of offshore funds to access chapter 15 of the Bankruptcy Code

  • Cadwalader Wickersham & Taft LLP
  • -
  • Cayman Islands, USA
  • -
  • October 25 2007

In Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., the United States Bankruptcy Court for the Southern District of New York refused to allow the foreign representatives of two Bear Stearns funds to institute ancillary proceedings under new chapter 15 of the United States Bankruptcy Code

U.S. bankruptcy court denies failed hedge funds’ request for chapter 15 recognition

  • Jones Day
  • -
  • Cayman Islands, USA
  • -
  • October 1 2007

Two hedge funds affiliated with Bear Stearns & Co., Inc., the fifth-largest investment firm in the U.S., recently failed in a bid to obtain recognition under chapter 15 of the Bankruptcy Code of winding-up proceedings commenced in the Cayman Islands at the end of July for two of the firm’s hedge funds that were casualties of the sub-prime mortgage meltdown

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