International Asset Recovery Law Blog: International Law

Home -> Law Blog Directory -> International Law Blogs

International Law

International Asset Recovery Law Blog

Schwartz Cooper's asset recovery attorneys know how to find the money, with extensive experience in coordinating and pursuing recovery of claims and judgments throughout the world.
By Chris Costa

Post Frequency: 0.1/day

Last Entry: November 12, 2009 at 15:24:04

Money Attachments Now Available in the United Kingdom

Posted on November 12, 2009
In the past, creditors were unable to recover against cash owned by the debtor. As of November 23, 2009, that will change under Part 8 of the Bankruptcy and Diligence etc (Scotland) Act of 2007. If a creditor obtains a...

In International Asset Recoveries, Don't Focus Unncessarily on the Judgment

Posted on November 05, 2009
Financial institutions have fallen victim to mortgage fraud schemes where collectability is a nightmare because it has gone off-shore. This article explains what needs to be considered to pursue a recovery. It can be done! In international asset recovery, winning...

One person's trash is another person's treasure

Posted on September 10, 2009
In the United States, trash is deemed abandoned property and can be collected and used by others. Likewise, in other countries, the same proposition may hold true. Earlier this year in Canada, the Supreme Court in R v. Patrick, found...

Offshore Self-Settled Trusts Can be Reached by US Creditors

Posted on July 08, 2009
An Illinois court recently addressed a judgment creditor's efforts to turnover assets in offshore trusts. The Court in Dexia Credit Local v. Rogan, 2009 WL 648634 (N.D. ILL. 2009), determined that under Illinois law, courts will not honor a choice...

To access blog feed reader register for free. (You will also learn about new ways to read and access the freshest law blogs.)

Effect of Congress Amending Money Laundering Statute

Posted on June 24, 2009
Money laundering refers to a process where "dirty" money is rendered clean. The techniques and ways to launder are endless. Nonetheless, the concept is the same. It involves channeling the ill-gotten funds into the legitimate financial system. It then involves...

The Trust Protector-Why It Is Used To Protect Offshore Assets

Posted on June 02, 2009
The trust protector is a person who plays several roles. It may bepolicing the trusteeship or enforcing the trusts as if he were the sole beneficiary. A protector can be given the responsibility to supervise and approve trustee actions. Yet,...

Recovery Efforts As To A Mauritius Trust

Posted on May 21, 2009
Trusts are meant to protect assets. In reality, the level of protection will depend upon the trust law in the jurisdiction chosen, the physical location of the assets held and the rigour with which a Court may allow such assets...

Pre-emptive Remedies Available Worldwide

Posted on May 05, 2009
With ponzi schemes and similar frauds coming to light recently because of the economic turmoil, the availability of pre-emptive remedies to seize assets is an important concern for litigants. Whether one calls them freezing orders, Mareva injunctions, pre-judgment injunctions or...

Canadian Freezing Orders When Fraud Occurs

Posted on April 13, 2009
On April 2, 2009, the Supreme Court of Canada decided in BMP Global Distribution, Inc. v. Bank of Nova Scotia, 2009 SCC 15 (BMP), the bank is prima facie entitled to recover money paid to a customer by mistake of...

Obtaining US Discovery Is Not Imperiled When Pursuing Foreign Recovery

Posted on March 27, 2009
Alleged ponzi schemes have permeated the financial landscape. Recovering losses for victimsrequires locating assets of the ponzi schemers or which were fraudulently acquired. Oftentimes, that requires litigation in foreign countries where the assets have been hidden...

Knowledge of Guernsey Trusts will Assist Recovery Efforts

Posted on January 19, 2009
In 2007, the trust law in Guernsey changed to allow non-charitable purpose trusts. Such trusts are enforceable by the appointment of a person who can enforce the trust's terms, an enforcer. The enforcer cannot also be the trustee, but could...

Freezing Assets Offshore

Posted on January 07, 2009
With the unfortunate rise in ponzi schemes and frauds on investors such as in the Madoff matter, victims are searching for ways to recover their losses. If assets can be located in English common law jurisdictions, there is a remedy--asset...

Discovery is Possible in Jersey

Posted on December 24, 2008
Discovery is an important component to a successful asset recovery. In Jersey, the idea behind discovery is full and frank disclosure to eliminate surprises. Once pleadings are complete, each party must list the documents in their "possession, custody or power"...

Popularity of Mauritius Trusts to Protect Assets

Posted on December 17, 2008
Mauritius has become a jurisdiction of choice for asset protection planning because of its established financial services, stable economy and favorable tax system. A trust with non-resident settlors and beneficiaries are exempt from taxation. Under the Trusts Act 2001, the...

Freezing assets under French Law-A Strategic Weapon

Posted on December 10, 2008
Recovery of a loss is always the key. Therefore, ensuring recovery is a necessary component of any litigation, especially when assets can disappear. French law provides a useful tool to creditors to freeze assets before trial. Freezing orders require an...

New State Court Law to Obtain Foreign Testimony

Posted on December 01, 2008
Under federal law, 28 U.S.C. 1746allows for the use of unsworn foreign declarations. State courts, however, have generally refused to apply federal law and do not have their own uniform applications. The new Uniform Unsworn Foreign Declarations Act will allow...

With Increase in Fraud, Beware of Cayman Islands Trusts

Posted on November 19, 2008
KPMG opines that "(t)he pressure to hit targets that have become harder to meet increases the possibility of accounts manipulation and the booking of false revenues. Personal financial pressures could also lead to a wider incidence of individual insider frauds...

Is the Cayman Islands still a Haven for the Unscrupulous

Posted on May 28, 2008
It is fair to say that the Cayman Islands are viewed as a suitable place to locate asset protection trusts. That has been true since 1989 when the Cayman Islands passed The Fraudulent Dispositions Law. The effect of that law...

Punitive Damages: Will they be enforced in a foreign court?

Posted on March 31, 2008
In the past, foreign courts have refused to enforce or have been wary about enforcing American punitive damages awards because the large awards offend the foreign court?s notion of public policy. One reasoning being that punishments should come from the...

New Offshore "Asset Protection" Devices To Know

Posted on March 21, 2008
Despite the impact of money laundering laws and the focus recently on pressuring tax havens to loosen their laws to reach violators, countries are still enacting legislation to encourage the use of their jurisdictions to transfer wealth into trusts as...

Hiding Assets Abroad? Beware Of Unforseen Risks!

Posted on February 28, 2008
In a follow up to the most recent blog entry by B.Wayne Creel on February 25th entitled "Germany Vows To Investigate European Tax Havens," it now appears that individuals throughout the world who were "hiding" assets at Lichtenstein's LGT Bank...

Germany Vows To Investigate European Tax Havens

Posted on February 25, 2008
Germany?s finance minister, Peer Steinbruck, announced on Friday, February 22, 2008, that Germany would begin further investigations into European financial centers and tax havens. The likely countries targeted by Germany are Liechtenstein, Monaco, and Andorra...

International Recoveries Requires Uncommon Evidence Gathering

Posted on January 08, 2008
In a recent 11th Circuit case, United States v. King, 2007 U.S. App. Lexis 28912 (11th Cir. Dec. 14, 2007), the court addressed the legitimacy of evidence seized from a computer in a dorm room in Saudi Arabia. The 4th...

CHOOSE YOUR JURISDICTION WISELY

Posted on January 03, 2008
The latest chapter in the saga of OAO NK Yukos Oil Company (Yukos) was written by the Honorable Colleen Kollar-Kotelly, United States District Judge in the District of Columbia, on November 26, 2007. Yukos was a company founded by the...

Collecting Debts from Bankrupt Foreign Companies

Posted on December 21, 2007
Creditors of bankrupt foreign companies may have an alternative remedy in United States courts for recovering their debts. A recent case in the Southern District of New York, Osanitsch v. Marconi PLC, 363 B.R. 361 (S.D.N.Y. 2007), addressed the procedure...

Cayman Islands Court Rules On Foreign Bankruptcy Orders

Posted on October 12, 2007
The Privy Council of the Cayman Islands recently ruled that courts of one British territory may be required to provide assistance to other British territories in bankruptcy proceedings. In Re Al Sabah, [2004-2005] CILR 373. In Re Al Sabah, Sheik...

Recovering Assets From Bankrupt Cayman Island Hedge Funds:

Posted on August 08, 2007
More than 8,500 hedge funds are registered in the Cayman Islands. Some estimate that three out of every four hedge funds are incorporated in the Western Caribbean Islands. As the following two articles indicate, Bear Stearns' decision to file for...

Useful article regarding the recovery of documents and assets from foreign banks

Posted on July 27, 2007
Our colleagues Robert Groholski and Bethany Schols just wrote an interesting article, published by Financial Services Law 360 and Bankruptcy Law 360, regarding the recovery of documents and assets from foreign banks. Click here to view the article.

Australian Court Sentences Entrepreneur For Offshore Tax Evasion

Posted on July 19, 2007
An Australian court recently sentenced Glenn Wheatley, a well-known entertainment entrepreneur, for tax fraud. Wheatley?s arrest was part of a larger tax fraud investigation, Operation Wickenby, run jointly by the Australian Crime Commission and the Australian Taxation Office...

Anguilla asset protection devices

Posted on April 19, 2007
Anguilla is a British Overseas Territory in the Eastern Carribbean. Anguilla's financial sector is well developed and its current trust and corporate laws were launched in 1994. Anguilla's legal system and trust law is based on that of England. Under...

Senators Introduce New Legislation

Posted on March 28, 2007
On February 17, 2007, United States Senators Carl Levin (Democrat, Michigan), Norm Coleman (Republican, Minnesota), and Barack Obama (Democrat, Illinois) introduced the Stop Tax Haven Abuse Act, S. 681. The stated impetus for the introduction of this bill is to...

Service of Process: If it's not done right, you start over

Posted on March 16, 2007
Sometimes, because of where the evidence is, or where the defendants are, or where the money is, it is necessary to file suit outside of the United States or other jurisdiction with which you are eminently familiar. When doing so,...