Category: Press

By Neil Hartnell (Business BVI)–Liquidators for Owen Bethel’s Montaque Capital Partners have been recognised by the Ontario Superior Court of Justice through a ruling given “full force and effect” throughout Canada, a move critical to enabling them to freeze and gain control over the company’s multi-million dollar assets. Bahamas-based accountant, Ed Rahming, who together with […]

Crime survey reveals high prevalence of stealing company assets by Travis Cartwright-Carroll (Nassau Guardian)–The most prevalent type of internal fraud within business organizations in The Bahamas is the stealing of company assets and inventory, according to an economic crime survey conducted by the Bahamas Chamber of Commerce and the Employers Confederation. A significant number of […]

By Dana Hall (Weil Bankruptcy)–Although Stern v. Marshall, chapter 15 of the Bankruptcy Code, and the Madoff SIPA liquidations have each, independently, led to a substantial degree of speculation, a large number of lengthy legal opinions, and, in some instances, a general state of confusion in the legal profession, In re Fairfield Sentry Ltd. impressively manages to combine […]

By Neil Hartnell (Business BVI)–A Bahamas-based broker/dealer could not renew its Business Licence because it had allegedly breached the Companies Act by failing to file audited financial statements and annual returns, its auditors having warned regulators about “certain irregularities” for the 2009 financial year. While unable to put a figure on the possible loss suffered […]

The Bahamas Investor–Recent upheavals in US case law could have far-reaching implications for offshore financial centres, according to civil litigation expert Thomas L Long. Long, a lawyer with leading US law firm Baker Hostetler, warned that the law in the US relating to securities and asset recovery is changing. “It is a global economy. Increasingly the […]

By Neil Hartnell (Business BVI)–The liquidation of Owen Bethel’s Montaque Capital Partners is set to become court-supervised, Tribune Business has confirmed, the winding-up having resulted from the company becoming insolvent. Documents obtained by this newspaper disclosed that Montaque Capital Partners’ voluntary liquidation, initiated by a shareholder/Board resolution on September 30, 2011, was approved by its […]

Bloomberg Businessweek–Fairfield Sentry Ltd., which describes itself as the largest victim of Bernard Madoff’s Ponzi scheme, is seeking to recover $919 million in fees from its former investment manager, Fairfield Greenwich Ltd., according to a court filing. The fund, which is being liquidated in the British Virgin Islands, said in an amended complaint yesterday that […]

Bloomberg Businessweek–September showed the first sign of an increase in liquidity-squeezed companies as junk debt continued to be difficult to sell in early October. The percentage of junk-rated companies with the lowest liquidity ratings inched up in September to 4.1 percent after being stable at 3.9 percent from June through August, Moody’s Investors Service said […]

Press Release–KRyS Global, a firm dedicated to corporate recovery, insolvency, forensic accounting and business advisory services, recently welcomed Alyson Reilly and Christopher Smith as Senior Managers in its Cayman office. Ms. Reilly was admitted as a solicitor in England and Wales in October 2006 and worked for a large UK law firm specializing in all […]

Citigroup Global Markets Ltd. is facing a lawsuit seeking to claw back $130 million in redemption payments it received from Fairfield Sentry Ltd., the biggest feeder of investor funds into Bernard Madoff’s massive Ponzi scheme. Fairfield Sentry’s liquidators on Thursday filed the lawsuit in the U.S. Bankruptcy Court in Manhattan, seeking to recover the redemption […]