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Offshore, But Not Off-Center

By ALM Staff | Law Journal Newsletters |

Last month, we discussed the fact that the recent insolvencies of offshore-based mutual funds have presented challenges for international comity when it comes to the complex issues of cross-border insolvency. One of the most important challenges is the degree to which the courts of one jurisdiction will recognize and assist the representatives of insolvency proceedings in another jurisdiction. This is particularly important in the context of offshore funds, which typically have investments, investment managers and investors located throughout the world, including the United States. We continue the discussion, which focuses on the recent case Millenium (Millennium Global Emerging Credit Master Fund Limited (SDNY 11-13171, Gropper J, 26 Aug. 2011)), herein.

Chapter 15

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