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Avoiding Foreign Transfers Based on Foreign Law Claims: Fairfield Sentry Cases Illustrate Broad Scope of Safe Harbor in Chapter 15 | Weil, Gotshal & Manges LLP


Fairfield Sentry IV
3 provide insight into, among other things, the interplay between the safe harbor provision of section 546(e)
4 of the Bankruptcy Code (the “Safe Harbor”) and chapter 15. Relying on section 561(d)
5 of the Bankruptcy Code, which makes the Safe Harbor applicable to chapter 15 cases “to limit avoidance powers to the same extent as in a proceeding under chapter 7 or 11,” the court extended the Safe Harbor to bar the avoidance of certain foreign transactions based on foreign law claims which resembled preference claims under section 547(b)
6 of the Bankruptcy Code and constructive fraudulent transfer claims under state and federal law. However, when the defendants attempted to use the Safe Harbor to bar certain constructive trust claims under foreign law, the court did not agree, finding that the constructive trust claims proceeded on different theories and different proof than the preference and constructive fraudulent transfer clai ....

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Citco opens Abu Dhabi office at ADGM


Citco opens Abu Dhabi office at ADGM
NEW YORK, January 17, 2021
Citco, a global group of companies providing asset servicing solutions to the global alternative investment industry, has opened an office in Abu Dhabi Global Market (ADGM), an international finance centre in the UAE.
The move comes after Citco increased its assets under administration (AUA) in the region last year by 400% to approximately $125 billion.
Citco’s decision to establish a base in ADGM follows a marked rise in calls for asset servicing, administration, banking and governance services from sovereign wealth funds and managers in the Mena region last year.
Citco will partner with ADGM to create a sustainable, fully-integrated ecosystem for the investment management industry, and provide a platform for the local population to further develop the financial services industry in the UAE. ....

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Citco Group opens office in Abu Dhabi Global Market


Citco Group opens office in Abu Dhabi Global Market
ABU DHABI, January 16, 2021
The Citco group of companies (Citco) has opened its office in Abu Dhabi Global Market (ADGM) after increasing its assets under administration (AUA) in the region last year by 400% to approximately $125 billion.
 
Citco’s decision to establish a base in ADGM follows a marked rise in calls for asset servicing, administration, banking and governance services from sovereign wealth funds and managers in the Middle East and North Africa (Mena) region last year. 
 
Citco said it will partner with ADGM to create a sustainable, fully-integrated ecosystem for the investment management industry, and provide a platform for the local population to further develop the financial services industry in the UAE. ....

Abu Dhabi , Abuz Aby , United Arab Emirates , Juma Al Hameli , Roald Smeets , Tradearabia News Service , Citco Group , Business Development , Abu Dhabi Global Market , Middle East , North Africa , Senior Executive Director , Tradearabia News , Middle East Trade News , Gcc Business News , Industry News , Trade News , Business Directory , Project News , Premium Content , ஒன்றுபட்டது அரபு அமீரகங்கள் , சிட்கோ குழு , வணிக வளர்ச்சி , நடுத்தர கிழக்கு , மூத்தவர் நிர்வாகி இயக்குனர் , நடுத்தர கிழக்கு வர்த்தகம் செய்தி ,

Citco opens Abu Dhabi headquarters in ADGM after 400% increase in MENA assets - Global Custodian – The Leading quarterly magazine covering the international securities services industry


Citco opens Abu Dhabi headquarters in ADGM after 400% increase in MENA assets
New offices set up by fund services provider after enormous growth sees its assets in MENA hit $125 billion.
January 14, 2021 12:08 PM GMT
Fund administrator Citco has opened an office in Abu Dhabi Global Market (ADGM) after increasing its assets under administration (AUA) in the region last year by 400% to approximately $125 billion.   
Citco said its decision to establish a base in ADGM follows a marked rise in calls for asset servicing, administration, banking and governance services from sovereign wealth funds and managers in the Middle East and North Africa (MENA) region last year.   ....

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