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In the matter of Caledonian Bank Limited (In voluntary liquidation) (Unreported) (12 February 2015)

February 2015 Insolvency Winding Up Liquidation

CAYMAN ISLANDS

GRAND COURT

APPLICATION FOR SUPERVISION ORDER - BANKS AND TRUST COMPANIES LAW (2013 REVISION), S.18 - BANKRUPTCY LAW (1997 REVISION), S.18 - WHETHER APPOINTMENT OF CONTROLLERS TAKES PRECEDENCE OVER APPOINTMENT OF VOLUNTARY LIQUIDATORS

The US Securities and Exchange Commission filed a lawsuit in the US against Caledonian Bank Limited (the “Bank”), alleging fraudulent trading in securities. A temporary restraining order was subsequently issued by the USA Court (NY), restraining US$76 million of the Bank’s assets within the US.

In response to concerns regarding the regulatory implications of the SEC allegations and general concerns for the interests of the Bank’s depositors, the Cayman Islands Monetary Authority (“CIMA”) appointed controllers over the Bank on 10 February 2015 (the “Controllers”). On the same day, after receiving notice of controllership, the shareholders of the Bank voted to put the Bank into voluntary liquidation and appointed joint voluntary liquidators (“JVLs”).

 

To continue reading full articles in PDF format:
In the matter of Caledonian Bank Limited (In voluntary liquidation) (Unreported) (12 February 2015)

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

In the matter of Caledonian Bank Limited (In voluntary liquidation) (Unreported) (12 February 2015)

19 February 2015

CAYMAN ISLANDS

GRAND COURT

APPLICATION FOR SUPERVISION ORDER - BANKS AND TRUST COMPANIES LAW (2013 REVISION), S.18 - BANKRUPTCY LAW (1997 REVISION), S.18 - WHETHER APPOINTMENT OF CONTROLLERS TAKES PRECEDENCE OVER APPOINTMENT OF VOLUNTARY LIQUIDATORS

The US Securities and Exchange Commission filed a lawsuit in the US against Caledonian Bank Limited (the “Bank”), alleging fraudulent trading in securities. A temporary restraining order was subsequently issued by the USA Court (NY), restraining US$76 million of the Bank’s assets within the US.

In response to concerns regarding the regulatory implications of the SEC allegations and general concerns for the interests of the Bank’s depositors, the Cayman Islands Monetary Authority (“CIMA”) appointed controllers over the Bank on 10 February 2015 (the “Controllers”). On the same day, after receiving notice of controllership, the shareholders of the Bank voted to put the Bank into voluntary liquidation and appointed joint voluntary liquidators (“JVLs”).

 

To continue reading full articles in PDF format:
In the matter of Caledonian Bank Limited (In voluntary liquidation) (Unreported) (12 February 2015)

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com