Effects Of In Re Fairfield Sentry Limited

Law360, New York (June 13, 2011, 3:31 PM EDT) -- A U.S. Bankruptcy Court has held that the tolling provisions in the U.S. Bankruptcy Code allowing for extensions of the time to file actions are automatically available to foreign representatives trying to marshal assets for distribution to creditors in cross-border cases.

In In re Fairfield Sentry Limited,[1] the foreign representatives of the liquidation proceedings of Fairfield Sentry Limited and certain affiliated debtors (the largest “feeder funds” to invest in Bernard Madoff’s Ponzi scheme) commenced proceedings against subscribers for the return of redemption payments withdrawn from the...
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