Engagements

With decades of our experience comes a true demonstration of our leadership and expertise across the spectrum of liquidation, restructuring, advisory, and forensic investigation services. Discover how we work and what we have accomplished. In every case, we identify the circumstances, approach them thinking differently, then lead the path to the right outcome. Here are some ongoing and recent examples.

Restructuring

Restructuring of leading financial institution

Type of Engagement

Provisional liquidators

Situation

A leading financial institution in the Gulf Cooperation Council region which was significantly impacted by the global financial crisis, affecting its ability to obtain liquidity from the capital markets and to commit significant funds to new investments

Key Facts

US$2.7billion debt

Outcome

Restructuring plan approved by the requisite majority of creditors, sanctioned by the Cayman Court and confirmed by the US Court.

Featured Service

Restructuring

Project Code: 4550

First judicially approved, multi-jurisdictional debt restructuring of China-based entity

Type of Engagement

Provisional liquidators and restructuring advisors

Situation

The group was significantly impacted by over-capacity and reduced demand in the global market for certain of its products.  The group had insufficient liquidity to service its financial obligations as and when they fell due.

Key Facts

  • US$600million turnover
  • US$800million debt

Outcome

Interlinked Schemes of Arrangement sanctioned in Hong Kong and the Cayman Islands, Chapter 15 recognition in the US and Chapter 11 plans of reorganisation for certain US based subsidiaries.

Featured Service

Restructuring

Project Code: 4566
top

Insolvent Liquidation

High profile, London-based hedge fund that had creditor claims in excess of US$750million

Type of Engagement

Official liquidators

Situation

High profile hedge fund suffered losses as a result of the credit crisis which adversely impacted its ability to finance its portfolio and created a demand/supply imbalance.  As a result the fund was unable to meet margin calls made by a number of its counterparties.

Key Facts

Creditor claims in excess of US$750million

Outcome

Distributions in excess of US$160million to admitted creditors.

Featured Service

Insolvent liquidation

Project Code: 4476

Official liquidation of US$200million Cayman fund invested by ultra-high net worth Russian individuals

Type of Engagement

Official liquidators

Situation

A fund invested by ultra-high net worth Russian individuals which was the subject of highly complex and contentious litigation.

Key Facts

US$200million assets

Outcome

The settlement of claims against the fund totalling approximately US$130million.

Featured Service

Insolvent liquidation

Project Code: 4561
top

Solvent Liquidation

Wind down and distribution following US$1billion sale

Type of Engagement

Voluntary liquidators

Situation

Impending sale and purchase of the operations of a trading corporate services and trusts business as a going concern which would ultimately leave certain holding entities as defunct shells.

Key Facts

  • Sale proceeds in excess of $1billion
  • Distributions to over 150 owners and investors made within 48 hours of appointment

Outcome

Completion of all due diligence and KYC checks on over 150 owners and investors, distribution of sale proceeds and dissolution of the corporate shells.

Featured Service

Solvent liquidation

Project Code: 3491
top

Receivership

Receivership of large resort property valued in excess of US$15million

Type of Engagement

Receivers

Situation

A large resort property was suffering trading losses and therefore unable to meet its obligations.

Key Facts

Charged assets valued over US$15million

Outcome

Sale of assets allowing a full repayment of the secured debt

Featured Service

Receivership

Project Code: 4565
top

Forensic Accounting

Arbitration proceedings: Expert witness support

Type of Engagement

Forensic accounting expert witness

Situation

Dispute between the owners of a Trusts and Fiduciary business in Anguilla had developed into arbitration proceedings that were at an early stage. A Statement of Claim had been submitted and the defendant required an independent expert to access and critically analyse the financial records and the claims made.

Outcome

We identified the key records, obtained and reviewed them, identified areas of concern and red flags, analysed the key issues, interviewed the relevant parties and produced an expert report for expert witness evidence in the arbitration proceedings.

Featured Service

Forensic accounting

Project Code: 3506
top

Advisory Services

Alleged bribery and corruption in Brazil

Type of Engagement

Independent director appointment

Situation

One of the largest oil and gas groups in the world operating out of Brazil embroiled in Petrobras alleged bribery and corruption scandal.

Key Facts

Investment bank owed approximately US$360million required control and protection of their investment.

Outcome

Initially appointed as corporate director over BVI registered entities and later appointed as manager of certain Delaware-based, connected companies.  This allowed the bank to hold control before placing itself in a position to sell its investment.

Featured Service

Advisory

Project Code: 3474
top