Kingate Funds obtain Chapter 15 recognition
22 October 2019
On 17 October 2019 the US Bankruptcy Court for the Southern District of New York granted Chapter 15 recognition to the BVI liquidation of the Kingate Funds.
Mourant Partner, Eleanor Morgan, who gave expert testimony on BVI law in support of the Funds' application, said "This is a significant development in the liquidations of the Funds. We're extremely pleased to have worked with our clients and their New York counsel to successfully secure the protection of Chapter 15 for the benefit of the Funds' creditors and investors."
The Kingate Funds were two of the largest investors in the Madoff Ponzi scheme, investing approximately $1.7 billion over 14 years. Following the arrest of Mr. Madoff and the collapse of his Ponzi scheme, the Kingate Funds went into liquidation – two of the largest ever undertaken in the British Virgin Islands.
Leading global offshore law firm, Mourant, acts as BVI counsel to the liquidators of the Kingate Funds. The Mourant team is led by partners Nicholas Fox and Eleanor Morgan with Counsel Catriona Hunter, Senior Associate Shane Donovan and Associate Greg O'Keefe-Davis. The Mourant team also worked closely with Robert Loigman, Scott Shelley and Lindsay Weber, of Quinn Emanuel Urquhart & Sullivan LLP, on obtaining Chapter 15 recognition.