BVI Fund’s Liquidators Seek Foreign Recognition in US

Sep 30, 2015

Tranen Scheduling Order And Notice

The Liquidators of Tranen Capital Alternative Investment Fund Limited, Hadley J Chilton and John J Greenwood of Baker Tilly in the British Virgin Islands, filed a petition in the United States Bankruptcy Court for the Southern District of New York on 24 September 2015 for the recognition of the BVI insolvency proceedings as a foreign main proceeding under section 1517 of the US Bankruptcy Code.

Tranen is a mutual fund formerly registered in the British Virgin Islands with the BVI Financial Services Commission and which was invested in life settlement products and previously valued at USD155m but was declared insolvent in 2014.

The filing was made by the Liquidators’ U.S. Counsel, Alston & Bird LLP, as part of the Liquidators’ efforts to advance the Liquidators’ cross-border investigations and asset recovery efforts for the benefit of the fund’s stakeholders.

The Liquidators’ petition pursuant to Chapter 15 of the US Bankruptcy Code is scheduled to be heard by the US Bankruptcy Court on 28 September 2015 at 10am EDT. Any objections to the petition should be made in writing, with the detailed basis therefor, and filed with the Bankruptcy Court and served upon Liquidators’ counsel, Alston & Bird LLP, Attn: William S. Sugden & Jonathan T. Edwards, so as to be received by 4:00 p.m. (EDT) on October 21, 2015.

The Scheduling Order and Notice can be viewed here.

Should any stakeholders wish to discuss the filing or the affairs of the fund more generally, they should contact the Liquidators at tranencaif@bakertilly.vg.

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