ABOUT THE BOOK
In the light of the market downturn and the inevitable discoveries of frauds and misfeasance, tracing assets has become important in all significant insolvencies. This is the first book to provide comprehensive coverage of the legal and practical forensic issues involved in asset tracing in insolvencies. Both corporate and personal insolvencies are covered in domestic and international cases.
The book considers domestic laws on insolvency and asset tracing from six jurisdictions (including England, USA, Guernsey, Jersey, BVI and Cayman) and provides a toolkit of key information for domestic and international tracing from these sources. In particular the information includes: definition of company property; what court orders are available; what questions can be asked; what information can be obtained; and how expenses are dealt with. In addition to consideration of domestic law, the work includes a discussion of revelant EC Regulation and UNCITRAL model laws. There is a substantial section on forensic approaches which provides information on the practical aspects of asset tracing such as tools for obtaining information (corporate intelligence and forensic technology), developments adding to insolvency powers (quality and availability of open source information and internet footprint), and possible hindrances to the process (data protection legislation and the loss of records in electronic banking). The final section of the work includes examples of asset tracing from a number of actual cases covering both corporate and personal insolvency such as UK Aid (Gibb Duarf) and Diandor. The team of authors includes forensic accountants, solicitors and barristers who are excellently qualified to provide the necessary mix of legal and practical content to cover all of the specialist elements of work in this field. This book will be welcomed by a readership including international and domestic practitioners specialising in insolvency, fraud and financial law generally as it offers them a 'one stop' reference point for all issues relating to asset tracing in international insolvencies.
TABLE OF CONTENTS
1:England and Wales, Felicity Toube, Jonathan Wheeler, Kevin Roberts
I. Insolvency Law in England and Wales
II. Asset Tracing in England and Wales
III. Criminal Powers
IV. International Enforcement and Assistance
2:USA, Gary Lee, Erica Richards, Stacy Molison
I. Asset Recovery Powers of Participants in the U.S. Bankruptcy Process
II. Other Discovery Mechanisms
III. Applicability of the Uniform Commercial Code in Bankruptcy to Tracing Proceeds
IV. Tracing Rules
3:Jersey, Matthew Swan, Edward Mackereth, Oliver Passmore
I. Introduction
II. Overview of Jersey Insolvency Regimes
III. Powers and Duties of Insolvency Office Holders
IV. Basic Tools for Domestic and International Asset Tracing in Insolvency
V. Court Orders Generally Available for Asset Tracing
VI. Jersey Law of Asset Tracing
4:Guernsey, Simon Davies, Nick Gamble, Matthew Newman
I. Introduction
II. Guernsey Insolvency Law
III. Guernsey Law of Asset Tracing
5:British Virgin Islands, Robert Foote, Rachael McDonald
I. Chapter Overview
II. Sources of BVI Law, the Legislative Framework and the Definition of Assets
III. BVI Insolvency Act Processes
IV. Orders in Aid of Foreign Proceedings under the Insolvency Act 2003
V. Processes and Procedures Under the BVI Business Companies Act 2004
VI. Disclosure of Documents, Evidence by Deposition and Letters of Request
VII. Interim Remedies and Piercing the Corporate Veil
VIII. Asset Tracing and the Proceeds of Crime
IX. The BVI law on asset tracing outside specific insolvency provisions
X. Enforcement of Foreign Judgments and Arbitration Awards
XI. Complaints to the BVI Financial Services Commission
XII. Conclusion
6:Cayman, Christopher Russell, Rachael Reynolds, Shaun Folpp, William Jones
I. Introduction
II. Cayman Island Legal System; Sources and Precedent
III. Cayman Islands Procedure
IV. Cayman Islands Company Law
V. Cayman Islands Corporate Insolvency Regime
VI. Actions in Insolvency Proceedings
VII. Foreign companies
VIII. Financial Restructuring/Schemes of Arrangement
IX. Recognition and enforcement of foreign judgments in the Cayman Courts
X. Personal Bankruptcy : Recognition of Foreign Trustee in Bankruptcy
XI. Cross Border Insolvencies
XII. Asset Tracing: Locating Assets: Identifying Ownership
XIII. Practicalities of Asset Tracing in the Cayman Islands
XIV. Recalculation of published Net Asset Values and Clawback
XV. Interlocutory Injunctions: Asset Freezing: Disclosure Orders
XVI. Conclusion
8:Practical Approaches, Jeremy Outen, Penny Cassell
I. Introduction
II. Tools of Investigation - Intelligence Gathering
III. Illustrative Case Studies
IV. Conclusion
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