July 12-13 2010
START DATE
END DATE
August 20 2010
Kingate Global Fund Ltd. (In Liquidation) and Kingate Euro Fund Ltd. (In Liquidation)
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
Commercial Law
Mr. Ian Kawaley
Mr. Cameron Hill & Mr. Chen Foley (Sedgwick Chudleigh) for the Joint Liquidators
Mr. John Riihiluoma (Appleby) for PwC Bermuda
FACTS OF THE CASE:
Kingate Global Fund Ltd. and Kingate Euro Fund Ltd., incorporated in the British Virgin Islands (BVI), invested through Bernard L. Madoff Investment Securities LLC (BLMIS). They were liquidated following the exposure of the Madoff Ponzi scheme. The Joint Liquidators sought an order under Section 195 of the Companies Act 1981 to compel PwC Bermuda to produce audit documents related to their work for the funds. PwC resisted, arguing that the Bermuda Court lacked jurisdiction.
SUMMARY:
(1) Did the Bermuda Supreme Court have jurisdiction to enforce document production in a foreign liquidation? (2) Could PwC Bermuda resist the order on procedural grounds? (3) Did Section 195 of the Companies Act apply?
OUTCOMES:
PwC Bermuda compelled to provide audit-related documents; Court upheld jurisdiction over the matter.
RULED IN FAVOUR OF:
Kingate Global Fund (Plaintiff)
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Kingate Global Fund Ltd. (In Liquidation) and Kingate Euro Fund Ltd. (In Liquidation)
Kingate Global Fund Ltd. and Kingate Euro Fund Ltd., incorporated in the British Virgin Islands (BVI), invested through Bernard L. Madoff Investment Securities LLC (BLMIS). They were liquidated following the exposure of the Madoff Ponzi scheme. The Joint Liquidators sought an order under Section 195 of the Companies Act 1981 to compel PwC Bermuda to produce audit documents related to their work for the funds. PwC resisted, arguing that the Bermuda Court lacked jurisdiction.