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Chapter 15 Recognition: Fairfield Sentry Limited (in Liquidation)

November 2010 - Corporate & Commercial. Legal Developments by Ogier .

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As well as issuing claims in mistake and restitution in the BVI Commercial Court and the US State Supreme Court, the liquidators of Fairfield Sentry Limited (“the Fund”) also petitioned for and, on 22 July 2010 obtained, Chapter 15 recognition in the United States Bankruptcy Court for the Southern District of New York.

This is an interesting development and, as we understand the position from US Counsel, it means that the liquidators should now be able to seek Chapter 7 or Chapter 11 recognition with a view to bringing claw back claims against redeemed investors in the New York Bankruptcy Court pursuant to the Bankruptcy Code (“the Code”). As at the date of this article, the liquidators have yet to seek Chapter 7 or Chapter 11 recognition and no bankruptcy claims have yet been issued.

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