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Prejudgment Freezing Orders in the US To Combat Evasive Debtors in the Current Pandemic Environment01/14/2021

The 2021 pandemic environment is showing trends toward evasive debtors trying to protect their wealth by moving assets fluidly around the world as creditors evaluate the value of assets and the ability to recover claims and debts.

Current Trends to Hide Assets01/07/2021

With the economy on troubling grounds, there is a greater desire to protect assets. But, there is a difference between hiding and protecting assets. Hiding assets is a form of protection, but done for illicit purposes to keep away from current creditors.

Consideration for Creditors During Current Economic Upheaval When Confronting Cayman Islands Trusts and Foundation Companies12/18/2020

The economic upheaval caused by the pandemic has forced persons to focus on asset preservation. The desire to protect wealth and business assets in a well-run, regulated and safe jurisdiction has led to a marked increase in business for the financial sector in places such …

Current Treatment of Mareva Injunctions in Canada01/29/2020

A Mareva injunction freezes a defendant’s assets to avoid their dissipation and to enable a judgment to be later satisfied. 

Developments Offshore In Third Party Disclosures in Wrongdoings (Norwich Pharmacal Relief)01/06/2020

In the last several years to assist tracing of assets and discovery of perpetrators, courts in English common law countries have shown a willingness to assist victims by ordering third parties to disclose information through discovery about wrongdoings under Norwich Pharmacal relief.

Recent Circuit Court Decisions Extend The Breadth of Section 1782 U.S. Discovery in Foreign Proceedings10/31/2019

A federal district court may order discovery under 28 U.S.C. Section 1782 “for use in a proceeding in a foreign or international tribunal” upon application by any “interested person”.

BVI Scales Back Stand-Alone Injunctions06/12/2019

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 …

Second Circuit in Madoff Enables Trustee To Recover Under Bankruptcy Code For Fraudulent Transfers Initially Sent Offshore from the U.S.02/28/2019

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 Singapore02/18/2019

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 Difficult01/07/2019

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 Notice10/08/2018

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 Directives06/18/2018

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 Credit03/29/2018

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 Frauds02/01/2018

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 Done01/16/2018

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 Actions11/06/2017

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 Conduct08/04/2017

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 Recovery05/26/2017

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 Recovery05/18/2017

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 Transfer04/19/2017

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 Recoveries02/16/2017

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 Defendant12/27/2016

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

Caution For Freezing Orders Obtained Without Full Disclosure11/10/2016

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 Offshore09/16/2016

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 Example08/12/2016

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.

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