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.
USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, A&O Shearman, Extraterritoriality, Title 11 of the US Code
Eurosail’s journey has come to an end: the Supreme Court rejects the “point of no return” test, returns to balance sheet basics.
John Houghton, European Head of Restructuring and Co-Global Chair of Bankruptcy and Restructuring remarks:
United Kingdom, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Liquidation, Balance sheet, Insolvency Act 1986 (UK)