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Aug 06, 2014

Southern District of New York Holds in Madoff That the Bankruptcy Code Cannot Be Used to Recover Extraterritorial Transfers

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Dealing a major blow to the trustee’s efforts to recover fraudulent transfers on behalf of the bankruptcy estate of the company run by Bernard Madoff, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York held in SIPC v. Bernard L. Madoff Investment Securities LLC that the Bankruptcy Code cannot be used to recover fraudulent transfers of funds that occur entirely outside the United States. The decision is likely to have far-reaching implications for other cross-border insolvency cases.

View full memo, Southern District of New York Holds in Madoff That the Bankruptcy Code Cannot Be Used to Recover Extraterritorial Transfers

Authors and Contributors

Solomon J. Noh

Partner

Financial Restructuring & Insolvency

+44 20 7655 5795

+44 20 7655 5795

London

Fredric Sosnick

Partner

Financial Restructuring & Insolvency

+1 212 848 8571

+1 212 848 8571

New York

Ned S. Schodek

Partner

Financial Restructuring & Insolvency

+1 212 848 7052

+1 212 848 7052

New York