In re Fairfield Sentry Ltd.
Jul
22
2010
Ruling
British Virgin Islands liquidation proceedings of vehicles established by operator of Ponzi scheme recognized as foreign main proceeding.
Procedural posture
Petitioner liquidators filed a petition in the bankruptcy court, seeking recognition of liquidation proceedings that were filed in the High Court of Justice, British Virgin Islands (BVI), as foreign main proceedings under 11 U.S.C.S. § 1517(b)(1), in the alternative, as foreign nonmain proceedings under 11 U.S.C.S. § 1517(b)(2). A business and an individual who invested in one of the debtors filed an objection.
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Court
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