Photo Credit: Bigstock Should the Scope of the Safe Harbor for a Constructive Trust Claim Differ Depending on Whether the Claim Is Based on State Law or Foreign Law?
U.S. Bankruptcy Court refuses to dismiss foreign constructive trust claims asserted by BVI liquidators in 'Fairfield Sentry' Chapter 15 cases; defendants seek leave to appeal.
April 07, 2021 at 11:30 AM
7 minute read
The U.S. Bankruptcy Court for the Southern District of New York recently denied motions to dismiss constructive trust claims asserted under the laws of the British Virgin Islands (BVI) even though the claims would have been barred by the "Safe Harbor" under §546(e) of the U.S. Bankruptcy Code had they been asserted under U.S. state law. Fairfield Sentry Ltd. v. Theodoor GGC Amsterdam (In re Fairfield Sentry Ltd.), Ch. 15 Case No. 10-13164 (SMB), Adv. No. 10-03496 (SMB), 2021 WL 771677 (Bankr. S.D.N.Y. Feb. 23, 2021), denying motion for reconsideration, 2020 WL 7345988 (Bankr. S.D.N.Y. Dec. 14, 2020). On its face, that result seems anomalous. On March 30, 2021, various defendants in the lawsuit filed motions with the U.S. District Court for the Southern District of New York, seeking leave to appeal the Bankruptcy Court's decisions.
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