Message from the Ministry of Tourism

Message from the Ministry of Tourism

It’s a mad mad Madoff world:

On 10 December 2008 Bernard Madoff’s sons told authorities their father had just confessed to them that the asset management arm of his firm was a massive Ponzi scheme, and quoted him as saying it was “one big lie”. Five days later Irving Picard was appointed the trustee over Bernard L. Madoff Investment Securities, LLC.

Chapter 15

Clearly when a Cayman Islands liquidator gets appointed by the shareholders or the Cayman Islands Court, he has a number of duties. He has a duty to identify, take control and protect the assets of the company pending the identification and agreement of creditor claims prior to a distribution.

Chapter 15 Update: “I’m in a New York state of mind”

Music legend Billy Joel never could have imagined that his song “New York state of mind” would be used in connection with an article discussing developments in case law interpreting the “Center of Main Interests” in Chapter 15 proceedings for hedge funds.

The quick march of modified universalism:

On 30 July 2010 the Court of Appeal in England and Wales handed down their decision in Rubin v Eurofinance SA and Others [2009] WLR (D) 282. The decision may have significant consequences for investment funds (or any other corporate entity) facing insolvency proceedings in a foreign jurisdiction.