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Offshore Case Digest: Issue No. 9 - Bermuda, the British Virgin Islands and the Cayman Islands

The Offshore Case Digest offers readers a high level summary of the major commercial cases decided in Bermuda, the British Virgin Islands and the Cayman Islands between November 2014 and February 2015. Our goal is to provide a useful reference tool for c ...

Resource Article - abi_admin - 07/27/2015 - 16:07 - 0 comments - 0 attachments

Cayman Islands Mutual Funds – Cancellation of Licence or Certificate of Registration and changes to Audit Waivers

On 30 March 2015, the Cayman Islands Monetary Authority (“CIMA”) issued the Rule on Cancellation of Licence or Certificate of Registration of Regulated Mutual Funds (the “Rule”), click here for link to the Rule, and Regulatory Procedure for Cancellation ...

Resource Article - abi_admin - 07/27/2015 - 16:06 - 0 comments - 0 attachments

S.D.N.Y. Bankruptcy Court Grants Chapter 15 Recognition to Large Brazilian Bankruptcy Proceeding

On July 13, 2015, Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York issued a decision recognizing the Brazilian bankruptcy proceedings of OAS S.A. and certain of its affiliates as a foreign main proceeding under ...

Resource Article - abi_admin - 07/27/2015 - 16:04 - 0 comments - 0 attachments

Detroit Bankruptcy: The M&A Advisor Case Study

Despite their many financial challenges, local governments rarely seek solutions in bankruptcy court. In fact, there have been approximately 640 municipal bankruptcies in the U.S. since 1937, when the current law was enacted. As a result, the bankruptcy ...

Resource Article - abi_admin - 07/27/2015 - 14:58 - 0 comments - 0 attachments

AIFMD Update – New AIFMD Regime for Cayman Islands Investment Funds and Cayman Islands Investment Fund Managers

Cayman Islands based investment funds and investment managers are regulated by the Cayman Islands Monetary Authority ("CIMA") under the Mutual Funds Law ("MFL") and Securities Investment Business Law ("SIBL") respectively. T ...

Resource Article - abi_admin - 07/27/2015 - 14:52 - 0 comments - 0 attachments

Rights of trade creditors in the US

A trade creditor who supplies goods to a company that files for bankruptcy should seek to enforce certain rights in the Chapter 11 case. For instance, the Bankruptcy Code Section 546(c) preserves a creditor’s right of reclamation under state law. The a ...

Resource Article - abi_admin - 07/27/2015 - 14:49 - 0 comments - 1 attachment

First Circuit Affirms Unconstitutionality of Puerto Rico’s Recovery Act: First of Several Legal Roadblocks Ahead for Puerto Rico

Puerto Rico encountered another roadblock in its efforts to resolve its looming debt crisis on July 6, 2015, when the U.S. Court of Appeals for the First Circuit affirmed the decision of the District of Puerto Rico that Puerto Rico’s Debt Enforcement and ...

Resource Article - abi_admin - 07/27/2015 - 14:37 - 0 comments - 0 attachments

Seventh Circuit Affirms Dismissal of Bankruptcy Trustee Claims Against Auditor Based on In Pari Delicto Doctrine

On July 7, 2015, the United States Court of Appeals for the Seventh Circuit issued a decision affirming the dismissal of a bankruptcy trustee’s Illinois law accounting malpractice claims against the investment funds’ pre-bankruptcy auditor on the grounds ...

Resource Article - abi_admin - 07/27/2015 - 13:31 - 0 comments - 0 attachments

The BVI restricted purposes company

This briefing provides an overview of the British Virgin Islands (“BVI”) restricted purposes company, a vehicle specifically designed for securitizations and other transactions where an insolvency-remote vehicle is required. A key principle underpinn ...

Resource Article - abi_admin - 07/27/2015 - 12:49 - 0 comments - 0 attachments

Gayle Dunne Applies For Orders Permitting Her Lawyers To Cross-Examine A US Lawyer

The wife of bankrupt developer Sean Dunne wants orders permitting her lawyers to cross-examine a US lawyer about his sworn statements in support of Irish proceedings challenging the validity of transfers of valuable assets by Mr Dunne to his wife the I ...

Daily Headline - global.abi.org - 07/13/2015 - 20:54 - 0 comments

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