December 7, 2023

Liquidators seek Ch. 15 to track Cayman Islands firm’s cash

By Rick Archer From Law360

Law360 (September 19, 2018, 7:37 PM EDT) — The liquidators of a bankrupt Cayman Islands-based investment advisory firm Tuesday asked a New York bankruptcy court to begin Chapter 15 proceedings, saying they need to act to find and protect the U.S. assets they believe the firm has.

The liquidators say that a lack of cooperation by Madison Asset LLC’s director and former employees has left them uncertain what the firm’s U.S. assets are, but that they believe it has funds in U.S. accounts that they need the authority to discover and protect.

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