Cross-Border and Offshore Insolvency Litigation

Reid Collins has been representing offshore insolvency professionals for over a decade, assisting them in their pursuit of third-party claims against insiders, law firms, accounting firms, and banks based in the United States. We have worked on cases with parallel proceedings in the Cayman Islands, British Virgin Islands, Anguilla, Antigua, Hong Kong, Bermuda, Italy, the United Kingdom, Uruguay, Mexico and Argentina. Through our membership in INSOL and our work in cross-border cases over the years, we have developed an international network of working relationships with lawyers, liquidators, accountants, and experts in this area.

We have been involved in many prominent cross-border cases, including Bear Stearns, AJW Group, American Pegasus, Celtic Pharma, Fletcher Asset Management, ICP Asset Management, Inverworld, Maven Insurance, White Oak, Ocean Rig, Parmalat, Refco/SPhinX, Stanford International Bank, Suntech Power, and Trade & Commerce Bank. We have an appreciation and understanding of the comparative law issues that arise in cross-border litigation, and we know how to plead these cases to avoid the many pitfalls. Indeed, we are one of the few U.S. firms to have successfully brought claims under foreign insolvency laws, such as the Cayman Companies Law, in the United States. We also know how to follow the money when it crosses over foreign borders and to find the best jurisdiction in which to prosecute claims or recover assets.

As part of our cross-border practice, we often file Chapter 15 proceedings in the United States on behalf of offshore liquidators. We have handled multiple Chapter 15 cases, including those for Saad International Bank, ICP Strategic Credit Income Master Fund, and Tibanne Co. We also have handled matters arising out of Chapter 15 cases, including representing a creditor in the Chapter 15 case relating to Ocean Rig.

Our Chapter 15 practice provides many advantages that other firms cannot offer. We generally include Chapter 15 recognition proceedings and related work as part of an alternative-fee or contingency-fee arrangement. Once we file the Chapter 15 case, we utilize the broad bankruptcy discovery rules to collect documents and analyze claims. Further, because our practice keeps us free of most of the conflicts many other firms face, we can bring claims against targets that other firms often cannot pursue, such as banks, audit firms, and law firms. We believe our approach to Chapter 15 proceedings helps optimize the litigation assets of offshore liquidations and minimize the costs of administration to estates.

Our attorneys also have served as experts on U.S. law in connection with offshore proceedings. For instance, our attorneys served as experts on U.S. insolvency in the SPhinX proceedings in the Cayman Islands, and we continue to advise the liquidators of Stanford International Bank on aspects of U.S. law in connection with claims being pursued in Antigua.

As part of our work for offshore liquidators, we have pursed claims against:

Prior results do not guarantee a similar outcome.