UK & INTERNATIONAL ASSET TRACING & RECOVERY
Our team has a very strong reputation in the investigation of fraud and the tracing and recovery of assets both in the UK and Internationally.
In the UK, the majority of our work is in the context of an insolvency appointment, or an appointment under the Proceeds of Crime Act, and we are frequently instructed by agencies such as the National Crime Agency, HMRC and the Serious Fraud Office. Being able to effectively deal with recovery and insolvency offshore often requires interlinked expertise in the laws of numerous offshore jurisdictions in trusts, fraud and asset tracing and insolvency as well as the different procedures which apply to each of these areas. We have put together a team of lawyers and accountants and trust practitioners who are skilled in these matters and who are able to deal with disputes of this nature to maximise return for stakeholders and for victims of fraud. CVR has qualified lawyers, accountants, insolvency practitioners and trust professionals on the ground in the British Virgin Islands. This enables us to further enhance our ability to co-ordinate multi-jurisdictional insolvency and restructuring matters and to advise clients ‘behind the scenes’ in individual jurisdictions and through our network of offices in the UK, BVI, Anguilla and Gibraltar.
Fraud & Asset Tracing
Fraud may be perpetrated on a global scale. It frequently involves complex structures, Byzantine accounts and the concealment of its proceeds. To tackle such fraud requires familiarity with the structures involved as well as an understanding of how the global markets work and an in-depth knowledge of the complex legal issues. At CVR we specialise in the field of fraud and asset tracing particularly in cases involving trusts. We provide expert recovery and realisation advice and services to clients throughout the world. We are also able to provide expert witnesses, forensic accounting and litigation support. Our cases almost always require the co-ordination of lawyers in different jurisdictions and we also co-ordinate other professionals such as private investigators. Our professionals have experience of working on appointments involving offshore investment companies, hedge funds and insurance companies in the BVI as well as throughout the Caribbean and offshore jurisdictions and working with offshore companies with operations and assets in the UK, Russia, Asia, USA and Europe.
Offshore Jurisdiction Insolvency (BVI, Anguilla, Gibraltar & Bermuda)
Our team blends and combines the services of accountants, lawyers, insolvency and trust practitioners. We use our collective experience and expertise to advise funds that run into difficulties and advise in situations when funds become distressed due to trading losses, illiquidity or other factors.
In this regard, we have acted for the funds themselves, their investors (whether institutional, individuals or fund of funds), service providers and affected financial institutions.
We have been involved in some of the major distressed funds cases in the BVI and Cayman Islands and have also acted as liquidator of a number of collapsed investment funds in the BVI.
When a fund cannot be rescued or preserved we are able to advise the distressed fund on the most appropriate liquidation/bankruptcy strategy to preserve or maximise investor value. Almost always such proceedings involve bankruptcy processes both in the Cayman Islands, the BVI, Anguilla, and elsewhere, for example through Chapter 15 proceedings under the US Bankruptcy Code.
We regularly advise directors of companies and act as restructuring and turnaround professionals for schemes of arrangement to affect the refinancing and/or reconstruction of a company’s affairs. We often act and advise in the context of parallel reorganisation procedures in other jurisdictions, such as plans for reorganisation under Chapter 11 of the U.S. Bankruptcy Code or parallel schemes of arrangement in other English based common law jurisdictions.
Our practice also includes corporate winding-up (liquidation) on various grounds, including ‘just and equitable’ or ‘public interest’ winding-up of different types of entities such as banks, insurance companies, investment funds and dissolution of partnerships; appointment and removal of liquidators, receivers and controllers; matters concerning liquidators, receivers and controllers rights and duties; cross-border and international insolvency; securing corporate assets; the full range of claims by and against liquidators, controllers, receivers and provisional liquidators.
We act as insolvency practitioners on cross-border insolvency, including joint appointments of insolvency officers from different jurisdictions and in connection with cross-border protocols, parallel proceedings, and liaison with foreign court.