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Irving H Picard (as Trustee for the Liquidation of the Business of Bernard L. Madoff Investment Securities LLC) (In Securities Investor Protector Act Liquidation) and Bernard L. Madoff Investment Securities LL (In Securities Investor Protection Act Liquid

January 2013 LiquidationWinding UpInsolvency

CAYMAN ISLANDS

GRAND COURT

CROSS-BORDER INSOLVENCY LAW – JURISDICTION TO DETERMINE CLAW-BACK CLAIMS – FOREIGN TRUSTEE GRANTED RECOGNITION IN THE CAYMAN ISLANDS – ABILITY OF THE CAYMAN ISLANDS COURTS TO ASSIST IN AID OF FOREIGN BANKRUPTCY PROCEEDINGS

This case concerned the latest Cayman chapter of the Madoff litigation. Bernard L. Madoff Investment Securities LLC’s (“BLMIS”) only connection with the Cayman Islands is that several Cayman domiciled investment funds, including Primeo Fund (“Primeo”), placed funds with it for investment. Primeo’s success was highly dependent on BLMIS’ investment performance, and as such the fund suspended the calculation of its net asset value and suspended subscriptions and redemptions the very day after the arrest of Bernard Madoff for fraud. Primeo entered voluntary winding up very shortly thereafter and joint official liquidators were appointed.

 

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Irving H Picard (as Trustee for the Liquidation of the Business of Bernard L. Madoff Investment Securities LLC) (In Securities Investor Protector Act Liquidation) and Bernard L. Madoff Investment Securities LL (In Securities Investor Protection Act Liquid

 

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