Dealing a major blow to the trustee’s efforts to recover fraudulent transfers on behalf of the bankruptcy estate of the company run by Bernard Madoff, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York held in SIPC v. Bernard L. Madoff Investment Securities LLC1 that the Bankruptcy Code cannot be used to recover fraudulent transfers of funds that occur entirely outside the United States.
CMS Cameron McKenna has learned that Registrars at the Companies Court in London have indicated that they now require applications for the extension of an administration to be issued at least 6 weeks before the administration is due to expire, unless there are "unusual reasons" justifying a later application. It is not yet clear what "unusual reasons" might mean in practice.