Category: Press

Sabrina Gordon (Business Reporter, Jamaica Gleaner)–Dyoll Insurance Company liquidation team, Kenneth Krys and John Lee, will make a fifth and final dividend payment to creditors, inclusive of a settlement from Dyoll Group. The size of the pending payment has not been disclosed. At their last report two years ago, the liquidators disclosed payouts amounting to […]

Neil Hartnell (www.Tribune242.com)–The sums owed to Owen Bethel’s insolvent Montaque Capital Partners by affiliated companies “could differ significantly” from the initial $2.76 million estimate, liquidators for the Bahamian broker/dealer have warned, as they continue to also probe deals linked to Mr Bethel’s family. Ed Rahming and Kenneth Krys, of the KRyS Global accounting firm, in […]

www.seekingalpha.com–On June 15th, the bondholders finally pushed China Medical Technologies (CMEDY.OB) into involuntary liquidation proceedings in the Cayman Islands. The petitions and affidavits of the winding up process, which is the Cayman Islands equivalent to a Chapter 7 bankruptcy liquidation process in the United States, make for an interesting read. China Medical is a Cayman-based […]

Neil Hartnell (www.Tribune242.com)–Changes to Bahamian insolvency law will prevent directors/shareholders from putting companies into voluntary liquidation for “sinister reasons”, a leading accountant yesterday arguing that the amendments bring this nation “into line with model international law”. Ed Rahming, managing director of KRyS Global (Bahamas), told Tribune Business that the Companies (Winding Up Amendment) Act had […]

By Neil Hartnell (Bahamas Tribune)–A second arm of Owen Bethel’s Montaque Group is being wound up, one of its liquidators telling Tribune Business that this company, too, is “insolvent”. Ed Rahming, accountant and managing director of KRyS Global (Bahamas), told Tribune Business that the liquidation of Montaque Corporate Partners would help to “facilitate” the winding-up […]

By Jonathan Stempel (Reuters)–The trustee seeking money for Bernard Madoff’s victims on Wednesday filed many new lawsuits to recover several hundred millions of dollars derived from investments by “feeder” funds in the imprisoned swindler’s former firm. Irving Picard, the trustee, filed complaints seeking a respective $354.9 million and $179.4 million from Swiss private banks EFG […]

By Brian Mahoney (Law360)– The foreign representative tasked with liquidating Bernard L. Madoff feeder fund Fairfield Sentry Ltd. launched three more clawback suits in New York bankruptcy court Wednesday, seeking to recover some $7 million from financial institutions like Barclays Private Bank and Trust Ltd. Kenneth Krys, who is in charge of winding down Fairfield […]

Press Release–On 30 April 2012, the insolvency laws in the Bahamas were updated with the commencement of the Companies (Winding up Amendment) Act, 2011 and the International Business Companies (Winding up Amendment) Act, 2011. Given the increasingly active insolvency market in the Bahamas, the new laws are timely. The improvements will provide insolvency practitioners with […]

Business BVI–Local insolvency practitioner Kenneth M. Krys provided law students at New York University Law School with a foreign representative‟s perspective on Chapter 15 of the US Bankruptcy Code and the US Bankruptcy Court‟s interpretation of the UNCITRAL Model Law, with specific insight into two of the leading cases, SPhinX and Fairfield. Krys, who recently […]

Law360–Kenneth Krys, the trustee charged with liquidating Bernard Madoff feeder fund Fairfield Sentry Ltd., fired off a new round of clawback suits Friday, this time seeking nearly $130 million in five suits, including $115 million from Atlantic Security Bank. Besides ASB, Krys — Sentry’s foreign representative overseeing the recovery of allegedly fraudulent transfers to Bernard […]