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Virtual assets have experienced an explosion in growth, in part due to the meteoric rise of initial coin offerings (ICOs) in 2017. While only small number have succeeded to become longer term prospects, many are trickling down onto the client books of liquidators.
A dozen people have petitioned the Grand Court’s Financial Services division to recoup debts from MV Advisory Ltd., the parent company of the now-closed Margaritaville Beach Resort and Spa on West Bay Road.
Grand Court Justice Robin McMillan granted a two-month extension on Monday of the provisional liquidation of the Cayman-registered Abraaj Holdings, giving the troubled company more time to avoid being wound up at the behest of a major creditor.
The Cayman Islands-registered reinsurer Alpha Re Limited went into court-supervised liquidation in March, but is now being sued by a Utah-based insurance company that claims to be a victim of a US$135 million fraud.
The Grand Court has appointed provisional liquidators to Abraaj Holdings, a Middle Eastern private equity firm facing allegations that it has misused hundreds of millions of dollars, including funds from the Bill & Melinda Gates Foundation and the World Bank’s International Finance Corporation.
Liquidators have begun dismantling MEPCO, the construction company that closed suddenly in October and laid off more than 50 employees.
Two Cayman-registered Platinum Partners hedge funds filed for U.S. Chapter 15 bankruptcy protection in a New York federal court last week.
A U.S. district judge for the Southern District of New York has approved a consent order between the U.S. Securities and Exchange Commission and the liquidators of Caledonian, paving the way for a settlement in the case against the bank and its brokerage for their alleged role in facilitating a number of penny stock pump-and-dump schemes.