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Offshore Bank Files For U.S. Bankruptcy Protection

Law360 (May 11, 2006, 12:00 AM EDT) -- The liquidator of a Cayman Islands bank has petitioned for U.S. Bankruptcy Court protection, saying the move is necessary in order to continue his investigation into the collapse of the offshore bank and its Dominican Republic-based parent, Banco Nacional de Credito SA, or Bancredito.

Richard Fogerty, Bancredit Cayman Limited’s liquidator, filed for Chapter 15 protection in the U.S. Bankruptcy Court for the Southern District of New York this week, seeking recognition of the bank's Cayman bankruptcy case.

Fogerty was appointed as one of two joint official...
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