International Asset Tracing in Insolvency, 1st Edition


International Asset Tracing in Insolvency, 1st Edition

Author Felicity Toube (Editor)
Publication Date 24 December 2009
ISBN 9780199576234
Format Hardcover
Publisher Oxford


In light of the recent market slump and the inevitably discovered frauds and misdeeds, asset tracing has become critical in all major insolvencies. This is the first book to cover all of the legal and practical forensic difficulties that arise when tracing assets in insolvencies. In both domestic and foreign situations, both corporate and personal insolvencies are handled.

The book examines insolvency and asset tracing laws in six countries (including England, the United States, Guernsey, Jersey, the British Virgin Islands, and Cayman), and gives a toolkit of crucial information for domestic and international tracing from these sources. The material comprises, among other things, a definition of company property, a list of possible court orders, a list of questions that may be asked, a list of information that can be requested, and a description of how expenses are handled. The paper provides a discussion of relevant EC Regulations and UNCITRAL model legislation in addition to domestic law.

There is a large section on forensic approaches that covers practical aspects of asset tracing such as information gathering tools (corporate intelligence and forensic technology), developments that increase insolvency powers (quality and availability of open source information and internet footprint), and potential roadblocks to the process (data protection legislation and the loss of records in electronic banking). The work's last portion offers asset tracing examples from a variety of real-life situations, including UK Aid (Gibb Duarf) and Diandor, which span both corporate and personal insolvency.

Among the authors are forensic accountants, solicitors, and barristers, all of whom are well-qualified to give the necessary balance of legal and practical content to cover all of the specialised aspects of this field's job.

This book will be appreciated by a readership that includes foreign and domestic practitioners who specialise in insolvency, fraud, and financial law in general, since it provides a "one-stop" resource for all concerns relevant to asset tracing in international insolvencies.

TABLE OF CONTENTS of International Asset Tracing in Insolvency, 1st Edition :

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

7:Practical Approaches, Jeremy Outen, Penny Cassell
I. Introduction
II. Tools of Investigation - Intelligence Gathering
III. Illustrative Case Studies
IV. Conclusion

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