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Obtaining foreign main proceeding status under chapter 15 becomes increasingly difficult

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • April 25 2008

As recently reported in our Fall 2007 issue, Judge Lifland’s decision in In re Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., limited the ability of offshore funds in financial distress to utilize chapter 15 of the Bankruptcy Code

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

US bankruptcy court denies recognition of Cayman insolvency proceedings concerning Bear Stearns funds

  • White & Case LLP
  • -
  • USA
  • -
  • November 14 2007

Can a United States bankruptcy court deny recognition of a foreign insolvency proceeding even if no one opposes such recognition?

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

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”

Is getting US recognition of an off-shore fund insolvency proceeding now almost impossible?

  • White & Case LLP
  • -
  • USA
  • -
  • July 14 2008

The NovemberDecember 2007 issue of Insolvency Notes featured an article highlighting a Manhattan-based federal bankruptcy court's refusal to officially recognize proceedings commenced in the Cayman Islands to liquidate two Bear Stearns-managed hedge funds that collapsed in June of that year

Tasarruf Meduati Ssigorta Fonu v Merrill Lynch (Cayman) Limited and others

  • Ogier
  • -
  • Cayman Islands
  • -
  • September 30 2009

As a matter of English and Cayman law, does the court have jurisdiction to appoint a receiver, at the behest of a judgement creditor, by way of equitable execution over a settlor’s power of revocation of a trust?

Finding the centre: COMI in a multi-jurisdictional world

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands, Cayman Islands, United Kingdom
  • -
  • September 30 2009

The facts behind Mr. Justice Lewison’s recent judgment in Stanford (STANFORD INTERNATIONAL BANK LIMITED 2009 EWHC 1441 (Ch)) have no direct connection with either the British Virgin or Cayman Islands but lawyers there do have particular reason to note the more general principles around the seemingly vexed but important issue of COMI in the context of multi-jurisdictional insolvency

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

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

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