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BVI Scales Back Stand-Alone InjunctionsJune 12, 2019

In 2009 in Black Swan Investment ISA v. Harvest View Limited BHVC (Com) 2009/399, the court established the principle that a court can act in aid of foreign proceedings where it can be shown that there is property situated in BVI which belongs to the defendant in the foreign proceedings and which may be enforced against in the event the…

Second Circuit in Madoff Enables Trustee To Recover Under Bankruptcy Code For Fraudulent Transfers Initially Sent Offshore from the U.S.February 28, 2019

On February 25, 2019, the Second Circuit in the Madoff liquidation decided that Sections 548 and 550 of the Bankruptcy Code can be applied extraterritorially to recover fraudulent transfers. There, offshore feeder funds were recipients of investors’ fraudulent transfers and contended that U.S. fraudulent transfer …

Mareva Injunctions in Aid of Foreign Proceedings in SingaporeFebruary 18, 2019

Singapore has become a financial and business center in Asia, which means that a number of foreign companies and individuals have assets there. Until now, the question of whether a Singapore court has the power when a dispute is being litigated in a foreign court …

Obtaining Jurisdiction Over a Foreign Corporation for Section 1782 Discovery is Becoming Extremely DifficultJanuary 7, 2019

Pursuant to 28 U.S.C. Section 1782, a party may apply to conduct discovery in the U.S. for use in foreign proceedings. In a recent decision from the U.S. District Court for the Southern District of New York, In re Ruiz, 2018 U.S. Dist. Lexis 180262, …

Canada Provides Helpful Guidelines When Mareva Injunction Can Be Granted Without NoticeOctober 8, 2018

Ontario’s Divisional Court in 2092280 Ontario Inc. v. Voralto Group Inc., 2018 ONSC 2305, confirmed the requirements in obtaining an injunction on the dissipation of assets without notice.

Bankruptcy Courts Have Authority to Compel Debtor to Sign Consent DirectivesJune 18, 2018

The Second Circuit is the first court of appeals to consider the holding in the United States Supreme Court?s decision in RJR Nabisco Inc. v. European Community, 136 S. Ct. 2090 (2016), which said that Section 1964 (c) of RICO does not apply extraterritorially for …

Creditor’s Ability to Recover in the UK From Debt Owed Under Letters of CreditMarch 29, 2018

Your client has a judgment or arbitral award and becomes aware of an unrelated contract where the judgment debtor is to be paid through letters of credit issued by a bank branch in the UK. Can you use that as a source of recovery? Judgment …

The Unique Quandaries Faced in Recovering International Cryptocurrency FraudsFebruary 1, 2018

Cryptocurrency itself is a string of computer-generated code. For asset protection purposes, a cryptocurrency account currently functions similarly to offshore banking prior to the IRS?s crackdown of anonymous personal foreign accounts. At the moment, creditors face obstacles of identifying potential defendants and the international nature …

Reaching Trust Assets in the UK- It Can Be DoneJanuary 16, 2018

English courts are developing ways to ensure that creditors are not thwarted by sophisticated and devious debtors using offshore structures that do not appear to be fictitious.

Second Circuit Explains Alleging a Domestic Injury in RICO Complaint for Extraterritorial ActionsNovember 6, 2017

The Second Circuit is the first court of appeals to consider the holding in the United States Supreme Court?s decision in RJR Nabisco Inc. v. European Community, 136 S. Ct. 2090 (2016), which said that Section 1964 (c) of RICO does not apply extraterritorially for …

Effectiveness of Foreign Remedies to Obtaining Internet Information and Enjoining Illegal ConductAugust 4, 2017

The Internet has become the common form of commerce. As such, illegal activity has migrated there. The Internet is frequently used to engage in illegal activity cloaked in anonymity. Claimants have few if any direct means of enforcing their rights and court orders against the …

U.S. Supreme Court Clarifies Service by Mail on Foreign Parties – International Asset RecoveryMay 26, 2017

On May 22, 2017, in Water Splash Inc. v. Menon, The United States Supreme Court addressed the issue whether under the Hague Service Convention service by mail was prohibited. At issue was Article 10 of the Convention that provided if the country of destination does …

British Virgin Islands Widens Scope of Pre-Action, Norwich Pharmacal Orders – International Asset RecoveryMay 18, 2017

A Norwich Pharmacal order enables an applicant to obtain discovery about a wrong that has been committed from a respondent who is not ?mixed-up? in it.

Recent Decision in Ampal Confuses Issue Whether Bankruptcy Trustee Can Avoid Extraterritorial TransferApril 19, 2017

In a ruling recently decided by the U.S. Bankruptcy Court for the Southern District of New York, Spizz v. Goldfarb Seligman & Co. (In re Ampal-Am Israel Corp.), 562 B.R. 601 (Bankr. S.D.N.Y. 2017), that court disagreed with other courts both within and outside its …

How the Supreme Court’s Interpretation of Bank Fraud is Useful in Foreign RecoveriesFebruary 16, 2017

On 12/12/16, the U.S. Supreme Court held that the bank fraud statute does not require proof that the bank suffered a financial loss nor that there was intent for the bank to suffer a loss.

Substantial Activity Through Correspondent Bank in New York Creates Personal Jurisdiction Over Foreign Bank DefendantDecember 27, 2016

Substantial Activity Through Correspondent Bank in New York Creates Personal Jurisdiction Over Foreign Bank Defendant

Caution For Freezing Orders Obtained Without Full DisclosureNovember 10, 2016

A freezing order tying up a defendant?s assets is a powerful tool for claimants in English common law jurisdictions. But, they must be obtained with full and frank disclosure and come with serious ramifications when that does not occur. Typically, an applicant for freezing order …

The Availability of “Backward Tracing” in Jersey Offers Creditors Another Remedy OffshoreSeptember 16, 2016

One of the major offshore financial centers, Jersey, has been a jurisdiction of choice for those seeking to conceal their ill-gotten assets. But, developing case law offers solace for creditors to recover those illegitimately acquired assets.

The Challenges Of Enforcing Foreign Judgments: The Irish ExampleAugust 12, 2016

The enforcement of foreign judgments is a challenge, especially if they emanate from the US because there is no automatic recognition. How Ireland treats enforcement efforts of foreign judgments is an excellent example of the challenges faced by plaintiff?s counsel.

U.S. Supreme Court Finds RICO Statute Applies to Activity OffshoreJune 28, 2016

The U.S. Supreme Court on June 20, 2016, inRJR Nabisco Inc. v. European Community, 579 U.S. ___, addressed the application of the RICO statute 18 U.S.C. Section 1961 et seq., to activities outside the U.S. and the injury that must be suffered by private litigants …

Recent Trust Protector Issues Affecting The Enforcement of Trusts in the Channel IslandsMarch 31, 2016

The purpose of the appointment of a protector is to monitor the actions of a trustee and to ensure that appropriate action is taken to preserve the trust fund. Protectors are commonly given "positive" powers such as the power to appoint and remove trustees and "negative" powers such as the right to withhold consent to distributions to beneficiaries. The role…

Asset Protection Devices in the British Virgin Islands That Creditors Need to UnderstandDecember 30, 2015

There are approximately 800,000 companies registered in the British Virgin Islands ("BVI"). BVI entities are used as vehicles for investing in Hong Kong, Singapore and mainland China where anywhere from 40-50% of BVI entities are used. There are three types of funds that can be organized under BVI law-private, professional and public. High net worth individuals are most interested in…

Discovery Obtained Under Section 1782 Is Not Precluded From Use In Subsequent Litigation In the U.S.November 10, 2015

The Eleventh Circuit recently addressed an issue of first impression as to whether discovery obtained under 28 U.S.C. Section 1782 could later be used in civil litigation in the United States. InGlock v. Glock, Inc, 797 F. 3d 1002, plaintiff filed a proceeding under 28 …

Australian Freezing Orders Are Valuable Recovery DevicesOctober 27, 2015

A substantial portion of the world’s hard and soft commodities are sold and shipped from Australia. Many of the companies involved are based in foreign jurisdictions, but hold substantial assets in Australia in the form of mining licenses or commodity stockpiles. The ability to freeze …

Assessing the Risks of Pre-Suit Discovery in SwitzerlandSeptember 25, 2015

The new Civil Procedure Code (CPC) entitles a party to apply to the court to secure evidence that could later be lost, where a statutory rule provides for the taking of such evidence or where an applicant can demonstrate a legitimate interest. The intent of …

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