02 February 2011

Acting for Deloitte LLP, the Joint Liquidators of numerous companies in the Belgravia Group, a Jersey-based financial services and fund management business, which were wound up on just and equitable grounds in 2008.

The liquidations are unusual in that, with the approval of the Jersey Financial Services Commission, and in order to protect investors in six underlying regulated funds, the Royal Court granted the liquidators approval to continue to manage the funds as part of the orderly winding up of the fund management entities.

We continue actively to advise the liquidators on the litigation and regulatory aspects of the liquidations, handling creditor (including employee) claims and pursuing the recovery of, amongst other things, allegedly fraudulent transfers of several million pounds out of the group prior to the liquidators' appointment. There have been numerous disparate issues of Jersey law which needed the firm to field a diverse team of expertise in order to meet the client demands and expectations along with a creative and commercial approach in relation to certain issues which had never previously been considered by the Royal Court.