SEQUOR LAW, P.A.

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

MIAMI DIVISION

www.flsb.uscourts.gov

In re: 

SRC Strategic Resources Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12654-RAM

/

In re: 

Bright Oriande Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12655-RAM

/

In re: 

SRC International (Malaysia) Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12656-RAM

/

MOTION FOR ORDER GRANTING RECOGNITION OF FOREIGN MAIN 

PROCEEDING PURSUANT TO §§ 1515 AND 1517 OF THE BANKRUPTCY CODE 

Helen Janes, Angela Barkhouse, and Carl Jackson (the “JLs” or the “Foreign 

Representatives”), the Joint Liquidators of SRC International (Malaysia) Limited (“SRC-BVI”), 

Bright Oriande Limited (“BOL”), and SRC-Strategic Resources Limited (“SRC-Strategic”) 

(collectively the “Debtors”), file this Motion for Order Granting Recognition of Foreign Main 

Proceeding Pursuant to §§ 1515 and 1517 of the Bankruptcy Code (the “Motion”). The Motion

seeks entry of an Order granting (i) recognition, pursuant to 11 U.S.C. § 15171, of the Debtors’

 

1 Unless otherwise specified herein, all statutory references shall be to Title 11 U.S.C. § 101 et 

seq. (the “Bankruptcy Code”).

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voluntary liquidation proceeding (the “Debtors’ Liquidation”) pending in the British Virgin Island 

(the “BVI”); (ii) related relief pursuant to sections 1520 and 1521 of the Bankruptcy Code; and 

(iii) any other and further relief which may be available under the Bankruptcy Code. In support 

of the Motion, the Foreign Representatives respectfully state as follows:

PRELIMINARY STATEMENT

1. The Foreign Representatives filed the Chapter 15 Petition for Recognition of a 

Foreign Proceeding (the “Petition”) pursuant to section 1504 seeking recognition of the Debtor’s 

Liquidation as a “foreign main proceeding” as defined in section 1502(4) . D.E. 1.

2. The Declaration of Helen Janes (the “Janes Declaration”), made under penalty of 

perjury, addressing the requirements of § 1515(c) of the Bankruptcy Code and Federal Rule of 

Bankruptcy Procedure 1007(a)(4), is attached hereto as Exhibit “A”.

3. The Declaration of Andrew Emery (the “Emery Declaration”), made under penalty 

of perjury, regarding BVI law, is attached hereto as Exhibit “B”.

4. The qualifying resolutions passed by the Debtors’ respective members directing the 

wind up of the Debtors, commencing the Debtors’ Liquidation, and appointing the Foreign 

Representatives as joint voluntary liquidators are attached to the Janes Declaration as Composite 

Exhibit “1”.

5. The Petition, this Motion, and the Declarations demonstrate that the Debtors’

Liquidation should be recognized as a foreign main proceeding pursuant to section 1517 of the 

Bankruptcy Code. 

6. The Foreign Representatives seek the type of relief that Chapter 15 was designed 

to provide, and the Debtors’ Liquidation, the Petition, and this Motion meet all the requirements 

for recognition and the requested relief. 

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JURISDICTION AND VENUE

7. The Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334 

and sections 109 and 1501 of the Bankruptcy Code.

8. This is a “core” proceeding pursuant to 28 U.S.C. § 157(b)(2)(P), and the Court 

may enter a final order consistent with Article III of the United States Constitution. 

9. The British Virgin Islands is the Debtor’s center of main interests as each of the 

Debtor’s registered offices is located there. 

10. Venue is proper in this district under 28 U.S.C. § 1410. The Foreign 

Representatives have retained Sequor Law, P.A. (“Sequor Law”) in this district and Sequor Law 

holds in its trust account in this district the sum of US$ 1,500.00 on behalf of and for the benefit 

of the each Debtor (totaling US$ 4,500.00) to which funds Sequor Law has no rights of setoff, 

charging lien, or similar right.

BACKGROUND

A. The Debtors and their Purported Business

11. The Debtors were part of the fraud perpetrated against 1 Malaysia Development 

Berhad (“1MDB”), a sovereign wealth fund owned by the Malaysian Ministry of Finance, in which 

numerous entities and individuals formed a network to divert and distribute funds to the fraudsters

who orchestrated the fraud and to individuals and/or entities connected to them (“the Fraud”). Ex. 

A at ¶ 5. An estimated total of US$ 8.5 billion was diverted and/or siphoned off from 1MDB and 

SRC International Sdn Bhd (“SRC Malaysia”). Id.

12. SRC Malaysia was incorporated in Malaysia as a wholly owned subsidiary of 

1MDB in January 2011. During 2011 and 2015, SRC Malaysia was repeatedly used as a conduit 

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for misappropriated funds as part of the wider Fraud. SRC Malaysia perpetrated the Fraud through 

its subsidiaries. Id. at ¶ 6.

13. SRC-BVI is a wholly owned subsidiary of SRC Malaysia, incorporated and 

registered in the BVI on June 4, 2010. It has four subsidiaries, including BOL and SRC-Strategic. 

Id. at ¶ 7. The purported purpose of SRC-BVI was to receive funds from Kumpulan Wang 

Persaraan (Diperbadankan) (“KWAP”)—a statutory body that manages the pension fund for public 

employees in Malaysia—and further distribute these funds to its subsidiaries. Id. It had no 

apparent business of its own. Id. Throughout its existence, SRC-BVI has principally been used 

by fraudsters to misappropriate funds through the establishment of various companies across the 

world and use of global banks. Id.

14. BOL is a wholly owned subsidiary of SRC-BVI, it was incorporated in the BVI on 

February 5, 2015. Id. at ¶ 8. BOL likely had no legitimate business activity and was established 

for the sole purpose of diverting funds ultimately belonging to 1MBD and SRC Malaysia. Id. 

Importantly, at all relevant times, BOL’s existence was concealed from the full Board of SRCMalaysia. Id. 

15. SRC-Strategic was incorporated in the BVI under the name Aabar-SRC Strategic 

Resources Limited on October 25, 2011. Id. at ¶ 9. It was formed as a joint venture between SRCBVI and Aabar-UAE, a subsidiary of an investment fund wholly owned by the government of Abu 

Dhabi, United Arab Emirates. Id. Its sole purpose appears to have been to hold shares in the BVI 

company Gobi Coal & Energy Limited (“Gobi Coal”), which purportedly owned mining rights in 

Mongolia. Id. The joint venture between SRC-BVI and Aabar-UAE terminated on April 22, 2017. 

Id. at ¶ 10. Aabar-UAE sold its 50% stake to SRC-BVI in exchange for 8.5 million shares in Gobi 

Coal. Id. As the sole owner of SRC-Strategic, SRC-BVI changed the name of SRC-Strategic to 

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its present name. Id. SRC-Strategic’s sole asset appears to be the shares, which are worth a 

fraction of what they were worth when bought. Id. As of the commencement of SRC-Strategic’s 

liquidation, its sole shareholder was SRC-BVI. Id. 

B. The SRC-BVI Transactions

16. In 2011 and 2012, KWAP approved two loan facilities to SRC Malaysia: the first 

loan in the amount of US$ 666,750,000 and the second for US$ 651,900,000. Id. at ¶ 11. Over 

$1 billion of these funds were transferred to bank accounts of SRC-BVI and US$ 60,000,000 to 

the account of its subsidiary SRC-Strategic. Id. at ¶ 15.

i. The AMF Investment Frauds

17. SRC-BVI invested US$ 249,700,000 in three investment funds (the “AMF Funds”) 

of a Cayman Islands segregated portfolio company Asia Momentum Fund (SPC). Id. at ¶ 12. The 

great majority of the investment vanished, however, due to a number of suspicious transactions. 

18. SRC-BVI requested major redemptions from the AMF Funds, including a 

redemption of approximately US$ 64 million; and then transferred US$ 56 million to BOL based 

on loan agreements that had no apparent business purpose and solely served to assist the 

misappropriation of the funds. Id. at ¶ 13. Further, SRC-BVI paid significant management, 

advisory and service fees to various entities and individuals in connection with the investments in 

the AMF Funds. Id. at ¶ 14. 

19. Due to the above, the initial investment of approximately US$ 250 million had an 

end balance of US$ 17.6 million. Id. at ¶ 14. There are millions of dollars that are unaccounted for 

and that simply disappeared. Id. at ¶ 15. The JLs believe that some of these funds may be in the 

US. Id. 

ii. Other Suspicious Transactions

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20. During 2011 and 2014, SRC-BVI invested US$ 652,434,662 in exchange for shares 

in two other entities: Cistenique B.V. (“Cistenique”) and Enterprise Emerging Market Funds 

(“Enterprise”). Id. at ¶ 16. In February 2015, SRC-BVI directed the custodial bank to transfer 

these holdings to itself and it is unknown where the shares were transferred to. Id. In December 

2015, SRC-BVI requested the redemption of shares held on SRC-BVI’s behalf to be transferred to 

BOL. Id. The JLs have not found any evidence of any transfers to BOL in relation to the purported 

redemptions. Id. 

21. In February 2016, Cistenique and Enterprise responded to SRC-BVI’s redemption 

requests with six identical assignment agreements. Id. at ¶17. These documents were “Notices of 

Assignment” stating that promissory notes allegedly issued by Aabar Investments PJS Ltd. 

(“Aabar Samoa”) to BVI incorporated companies were assigned to BOL. Id. Each Notice was 

signed by BOL as assignee to Aabar Samoa and SRC-BVI. Id. The total debt purportedly assigned 

to BOL was US$ 652,434,662, the same amount invested by SRC-BVI in Cistenique and 

Enterprise. Id. The BVI companies that were the beneficiary of the purported assigned notes 

dissolved in 2017. Id. The JLs believe that the funds derived from the redemptions either were 

transferred to one of the fraud conspirators in exchange for the fraudulent promissory notes, or 

alternatively, the documentation described above is a false paper trail to “account” for funds which 

were fraudulently transferred out of Cistenique and Enterprise. Id. at ¶ 18. In either instance, BOL 

and Aabar Samoa would be involved in a wider scheme of transactions to transfer misappropriated 

funds, and these funds may have been dissipated to the US as part of this scheme. Id. 

C. Transactions Involving BOL

22. During May and December 2015, BOL transferred about US$ 53,000,000 to the 

account of Aabar Samoa, although BOL does not have records relating to these transfers. Id. at ¶ 

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20. The JLs believe that the records obtained from BOL’s bank, Amicorp Bank, supporting the 

transfers are false and intend to cover the misappropriation of funds. Id. 

D. Transactions Involving SRC Strategic

23. During late 2011 and early 2012, SRC Strategic acquired 17 million shares in Gobi 

Coal for approximately US$ 110 million in advance of a planned initial public offering (“IPO”) in 

2012 for US$ 110,500,000.2 Id. at ¶ 21. Over time the shareholding has been diluted, and is likely 

to be further diluted due to proposed restructuring by the beneficial owner of Gobi Coal, a U.S. 

national. Id. at ¶ 22. The JLs suspect that the funds SRC-BVI used to purchase these shares 

originally came from KWAP and that the funds were dissipated by participants of the Fraud, some 

of which operate from the U.S. Id. SRC Strategic’s sole asset appears to be its shares in Gobi 

Coal, which are worth a fraction of what they were worth when acquired. Id. at ¶ 23. The JLs

intend to continue their investigations in the United States and seek information from a number of 

individuals and entities to understand what happened to the funds invested in Gobi Coal. Id. 

E. Lead Up to the Debtors’ Liquidation in the BVI

24. In 2013 and 2014, the media covered activities of 1MDB, including its connection 

with SRC Malaysia and SRC-BVI. Id. at ¶24. In 2015, the international press began to report 

about 1MDB and SRC Malaysia being under international investigation due to allegations of fraud 

and money laundering. Id. Until 2016, most investigation attempts in Malaysia were thwarted by 

the Malaysian government, as the Prime Minister of Malaysia, Mohb Najib bin Hj Abdul Razak 

(“Najib”), was the main force behind the creation of 1MDB. Id. 

25. In 2018, Najib was removed as Prime Minister and Malaysian authorities began to 

investigate the Fraud. Id. at ¶ 25. Najib and other co-conspirators were subject to criminal and 

 

2

 The liquidators have found no evidence that the IPO ever occurred. 

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civil proceedings related to the misappropriation of 1MDB funds in Malaysia and abroad. 

Malaysian authorities sought cooperation from global law enforcement, including the United 

States Department of Justice (the “DOJ”), which actively investigated and seized some assets in 

relation to the Fraud since 2016 onwards.3Id. However, based on the review of the public records, 

the DOJ only appears to have focused on 1MDB and not on SRC Malaysia, despite it also losing 

US$ 1,150,000,000. Id. 

26. Civil proceedings have been brought by the JLs and related companies in multiple 

jurisdictions to recover assets and claim damages. Id. at ¶ 26. The liquidation of the Debtors 

forms part of an international effort to trace and recover funds misappropriated through SRC 

Malaysia. Id. 

F. The Debtors’ Liquidation

27. In July and August of 2021, the Debtors’ liquidation commenced pursuant to the 

BVI’s Insolvency Act, 2003 (the “Insolvency Act”) as part of the global asset recovery efforts. 

Ex. A at ¶ 27 & Comp. Ex. 1. Since their appointment, the JLs have managed the affairs, business, 

and property of the Debtors in order to achieve an orderly wind-down and facilitate the recovery 

of assets for the benefit of creditors. Ex. A at ¶ 32 & Comp. Ex. 1. Actions that the JLs may take 

or are taking include but are not limited to: (i) continuing business as usual for trading operations 

(but, for the avoidance of doubt, not the origination of new business), obligor receipts, and 

payments to SRC-BVI as principal, where appropriate arrangements are put in place; (ii) agreeing 

and finalizing the form of support with investors to recover costs incurred in connection with SRCBVI’s continuing efforts to assist with recovery of assets; (iii) dealing with any defaulting obligors 

 

3 As part of its efforts, the DOJ brought actions against Jho Lo Riza Aziz, AL Qubaisi, Al Husseiny 

and Goldman Sachs, for their roles in the Fraud. The JLs suspect that despite these efforts, there 

are companies and trusts that are yet to be uncovered related to the Fraud.

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and taking steps to protect the position of the Debtors or investors; (iv) continuing assistance with 

subsidiaries to wind up or facilitate a sales process, as applicable, and realize value where possible; 

(v) continuing to liaise with agents regarding the disposal of remaining assets; (vi) paying 

liquidation expenses; (vii) agreeing on the claims of the unsecured and preferential creditors and 

payment of a dividend, if future realizations make this feasible; (viii) paying distributions to the 

secured creditors of the Debtors; (ix) finalizing the Debtors’ tax affairs, including completion of 

corporation tax and VAT returns and settlement of any post liquidation liabilities; and (x) 

complying with statutory and regulatory obligations, including investigations. Id.

28. The JLs have identified various individuals and entities located in the United States 

who either participated or otherwise possess knowledge relating to the above transactions. The 

JLs also believe that part of the Debtors’ missing funds are located in the United States as some of 

the missing funds passed through US entities, including investment managers, fund managers and 

other US entities who provided services to the participants in the Fraud. Accordingly, the JLs file 

this Chapter 15 to (i) obtain information from these third parties and continue their investigations

on the loss and misappropriation of the Debtors’ funds, and (ii) to the extent they localize any 

assets, take control and liquidate the same for the benefit of the Debtors’ estates.

RELIEF REQUESTED

29. By this Motion, the JLs respectfully request an Order pursuant to sections 105(a), 

1507, 1517, 1520 and 1521 of the Bankruptcy Code, substantially in the form of the Proposed 

Order, attached hereto as Exhibit “C”, granting the following relief:

(a) Recognizing the Debtors’ Liquidation as a “foreign main proceeding” and the JLs

as the Foreign Representatives of the Debtor;

(b) Granting the relief allowable as of right upon recognition of a foreign main 

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proceeding under section 1520 of the Bankruptcy Code;

(c) Granting the following additional relief under section 1521 of the Bankruptcy 

Code:

(1) staying the commencement or continuation of any action or proceeding 

without the consent of the Foreign Representative concerning the rights, obligations or liabilities 

of the Debtor, the Debtor’s estate to the extent not stayed under section 1520(a) of the Bankruptcy 

Code;

(2) staying execution against the Debtor to the extent not stayed under § 

1520(a); 

(3) suspending the right to transfer or otherwise dispose of any assets of the 

Debtor to the extent this right has not been suspended under section 1520(a);

(4) providing for the examination of witnesses, the taking of evidence, and the 

delivery of information concerning the assets, affairs, rights, obligations or liability of the Debtor 

and the Debtor’s estate under § 1521(a)(4), the Federal Rules of Bankruptcy Procedure, including 

Fed. R. Bankr. P. 2004, and Local Rule 2004-1;

(5) entrusting the administration or realization of all of the assets of the Debtors

within the territorial jurisdiction of the United States to the Foreign Representatives;

(6) entrusting the distribution of all or part of the assets of the Debtors located 

within the United States to the Foreign Representatives;

(7) should the Debtors’ Liquidation be subject to the supervision of a BVI court, 

granting comity to and giving full force and effect to any Order entered by the BVI Court; and

(d) granting the Foreign Representatives such other and further relief as this Court may 

deem just and proper.

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BASIS FOR RECOGNITION

30. The Foreign Representatives have satisfied each of the requirements for recognition 

set forth in section 1517 of the Bankruptcy Code because (i) the Debtors’ Liquidation is a foreign 

main proceeding, (ii) the JLs filing the Petition and this Motion are foreign representatives under 

section 101(24), and (iii) the procedural requirements of section 1515 and Bankruptcy Rule 1007 

are satisfied.

A. The Debtors’ Liquidation is a Foreign Main Proceeding Under Section 1502

31. The Debtors’ Liquidation qualifies as a “foreign proceeding” under section 101(23) 

of the Bankruptcy Code as it is a proceeding pending in the BVI pursuant to the BVI’s Insolvency 

Act. 

32. As discussed in the Emery Declaration, the Insolvency Act establishes a framework 

for controlled, court-supervised and collective reorganization and restructuring of obligations of 

distressed companies. Ex. B, at ¶ 4. Under the Insolvency Act, a liquidator, whether appointed 

by members’ resolution or by the BVI Court, acts as an officer of the BVI court and as an agent 

for the company. Id. at ¶ 5. A liquidator has the duties and powers set out in the Insolvency Act 

and such duties and powers as the BVI court may order under section 185 and 186 of the 

Insolvency Act, and may apply to the BVI court at any time for directions. Id. 

33. The purpose of a liquidation under the Insolvency Act is to realize the assets of the 

company, declare a dividend for creditors and to return the surplus to the members of the debtor. 

Id. at ¶ 6. It can be terminated when the liquidators, after completing their duties, prepare a final 

report together with a statement of realizations and distributions for the creditors and members. 

Id. Liquidation can also be terminated by the court, on an application by a liquidator, a creditor, 

director or member, if the court considers it equitable to do so. Id. The final step after liquidation 

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is the dissolution of the company, after which the company ceases to exist, and no one can act on 

behalf of the company. Id. The debts and obligations of the company are therefore extinguished. 

Id.

34. Further, Bankruptcy Courts (including this Court) have held that liquidations in the 

BVI under the Insolvency Act (and related BVI insolvency law) constitute “foreign proceedings.” 

See, e.g., Exential Investments, Inc., Case No. 21-15203-RAM, ECF No. 6 (Bankr. S.D. Fla. June 

30, 2021) (granting foreign main recognition to a BVI liquidation under the Insolvency Act); In re 

Olinda Star Ltd., 614 B.R. 28, 40-41 (Bankr. S.D.N.Y. 2020) (granting recognition to provisional 

liquidation in the BVI as foreign proceeding); In re Fairfield Sentry Ltd., 440 B.R. 60, 66 (Bankr. 

S.D.N.Y. 2010) (same). 

35. The Debtors’ Liquidation further qualifies as a “foreign main proceeding” under 

section 1502. First, the Debtors’ Liquidation is a foreign proceeding pending in the BVI, where 

the Debtor’s registered office is located. See 11 U.S.C. § 1516(c) (“In the absence of evidence to 

the contrary, the debtor’s registered office ... is presumed to be the center of the debtor’s main 

interests.”). Second, the Debtors’ only remaining economic activity is centered in the BVI. Since

their appointment as joint liquidators, the JLs engaged in significant tasks in the BVI in connection 

to the Debtor’s liquidation, such as (i) administration of the Debtors’ affairs, business and property, 

effectively replacing the Debtors’ directors; (ii) sending relevant notices to relevant parties in 

interest; and (iii) providing notice by publication of the Debtor’s liquidation, their appointment, 

and the ability to submit claims in BVI newspapers and newspapers of other jurisdictions where 

potential claimants may receive notice. Moreover, as the Debtors are BVI entities under 

liquidation under the BVI Insolvency Act, and BVI law is the jurisdiction whose law would apply 

to most disputes arising from the Debtors’ operations, the BVI is the natural jurisdiction that would 

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be ascertainable by third parties as the Debtors’ center of main interests. See Servicios de Petroleo 

Constellation S.A., 600 B.R. 237, 272 (Bankr. S.D.N.Y. 2019) (considering the following factors 

in assessing the debtor’s COMI: the location of the debtor’s headquarters, of those who manage 

the debtor, the jurisdiction of whose law would apply to most disputes, and the expectations of 

third parties as to the debtor’s COMI).

B. The JLs are Foreign Representatives Under Section 101(24)

36. The JLs qualify as “foreign representatives” under section 101(24) of the 

Bankruptcy Code by virtue of their appointment as joint liquidators by the Debtors’ members

through a qualifying resolution in accordance with BVI’s Insolvency Act, 2003. The resolution 

also authorizes the JLs to act as the foreign representatives of the Debtors’ Liquidations and to 

commence the Debtors’ Chapter 15 cases. As joint liquidators, the Foreign Representatives have 

the power to, among other things, (i) administer the reorganization of the Debtors’ assets and 

affairs and run the Debtors’ businesses during the course of the Debtors’ Liquidation; (ii) to take 

possession of, protect and realise the Debtors’ assets; and (iii) to distribute the assets or the 

proceeds of realisation of the assets in accordance with the provisions of the Insolvency Act.

C. The Debtors’ Liquidation Meets the Procedural Requirements of Section 1515

37. As stated above, the requirements of section 1515 are satisfied as the members’ 

qualifying resolutions appointing the JLs and commencing the wind up of the Debtors is attached 

to the Janes Declaration as Composite Exhibit 1.

38. Further, the statements required by section 1515(c) of the Bankruptcy Code and 

Fed. R. Bankr. P. 1007(a)(4) are included in the attached Janes Declaration.

39. Finally, the JLs submit that section 109(a) of the Bankruptcy Code does not apply 

herein. To the extent section 109(a) of the Bankruptcy Code applies in Chapter 15 cases, the 

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Debtors qualifies as “debtors” under section 109(a) because the Debtors have assets in the United 

States in the form of monies held on their behalf with Sequor Law. 

CONCLUSION

WHEREFORE, the Trustee respectfully requests that the Court enter an Order granting the 

relief requested herein and such other and further relief as the Court deems just and proper.

Dated: April 5, 2022

Respectfully submitted,

SEQUOR LAW, P.A.

1111 Brickell Avenue, Suite 1250 

Miami, Florida 33131

Telephone: (305) 372-8282 

Facsimile: (305) 372-8202

Email: ggrossman@sequorlaw.com

jmendoza@sequorlaw.com

jmosquera@sequorlaw.com

By: /s/ Gregory S. Grossman

Gregory S. Grossman

Florida Bar No. 896667

Juan J. Mendoza

Florida Bar No.: 113587

Jennifer Mosquera

Florida Bar No.: 1018656

F:\WDOX\CLIENTS\60165\1001\00343425.DOCX

Case 22-12654-RAM Doc 2 Filed 04/05/22 Page 14 of 44
SEQUOR LAW, P.A.

EXHIBIT “A”

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1

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

MIAMI DIVISION

www.flsb.uscourts.gov

In re: 

SRC International (Malaysia) Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12656-RAM

_________________________________/

In re: 

Bright Oriande Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12655-RAM

/

In re: 

SRC Strategic Resources Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12654-RAM

/

DECLARATION OF HELEN JANES IN SUPPORT OF CHAPTER 15 

PETITION FOR RECOGNITION OF FOREIGN PROCEEDINGS

I, Helen Janes, Group Head of Finance of Hyperion Risk Solutions Limited (BVI), hereby 

declare under penalty of perjury under the laws of the United States as follows:

1. I am a joint liquidator and foreign representative of SRC International Malaysia 

Limited (“SRC-BVI”), Bright Oriande Limited (“BOL”) and SRC Strategic Resources Limited

(“SRC-Strategic”) (collectively, the “Debtors”). 

2. I am over the age of 18 and I am duly authorized to make this declaration acting in 

my capacity as joint liquidator of the Debtors. Where the matters stated in this declaration are 

statements of fact that are within my personal knowledge, they are true. Where the matters stated 

Case 22-12654-RAM Doc 2 Filed 04/05/22 Page 16 of 44
2

in this declaration are statements of fact that are not within my personal knowledge, they are 

derived from documents and/or information obtained through the joint liquidators’ investigations

(as described below) and are true to the best of my knowledge, information, and belief. If called 

upon, I could testify as to all matters set forth in this declaration. 

3. The Debtors are in liquidation under the laws of the British Virgin Islands (the 

“BVI”) pursuant to Section 159(2) of the Insolvency Act 2003 (the “BVI Insolvency Act”) of the 

British Virgin Islands. I make this Declaration in support of the Motion for Order Granting 

Recognition of Foreign Main Proceeding Pursuant to §§ 1515 and 1517 of the Bankruptcy Code

(the “Motion”) seeking recognition of the voluntary liquidation of the Debtors under Chapter 15 

of title 11 of the United States Code (the “Bankruptcy Code”).

4. The Debtors were placed into voluntary liquidation in July and August 20211 by 

qualifying resolutions passed by their respective members, resolving for the (i) the wind-up of the 

Debtors; and (ii) appointment of Angela Barkhouse, Carl Jackson, and me as joint liquidators (the 

“JLs”). The resolutions are attached hereto as Composite Exhibit “1”.

THE DEBTORS AND THEIR LIQUIDATION

A. The Debtors and their Purported Business

5. The Debtors were part of the fraud perpetrated against 1 Malaysia Development 

Berhad (“1MDB”), a sovereign wealth fund owned by the Malaysian Ministry of Finance, in which 

numerous entities and individuals formed part of a network to divert and distribute funds to the 

fraudsters who orchestrated the fraud and to individuals and/or entities connected to them (“the 

 

1 The Joint Liquidators were appointed on August 11, 2021 for SRC-BVI and on July 2, 2021 for 

BOL and SRC-Strategic. See Comp. Ex. 1. 

Case 22-12654-RAM Doc 2 Filed 04/05/22 Page 17 of 44
3

Fraud”). An estimated total of US$ 8.5 billion was diverted and/or siphoned off from 1MDB and

SRC International Sdn Bhd (“SRC Malaysia”).

6. SRC Malaysia was incorporated in Malaysia as a wholly owned subsidiary of 

1MDB on January 7, 2011. Its purported purpose was to identify and invest in projects associated 

with the exploration, extraction, processing and trading of energy resources, natural resources, and 

minerals. During 2011 and 2015, however, SRC Malaysia was repeatedly used as a conduit to 

misappropriate funds as part of the wider Fraud. SRC Malaysia perpetrated the Fraud through its 

subsidiaries. 

7. SRC-BVI is a wholly owned subsidiary of SRC Malaysia, incorporated and 

registered in the BVI on June 4, 2010. It has four subsidiaries, including Debtors BOL and SRCStrategic. The purported purpose of SRC-BVI was to receive funds from Kumpulan Wang 

Persaraan (Diperbadankan) (“KWAP”)—a statutory body that manages the pension fund for public 

employees in Malaysia—and to distribute these funds to its subsidiaries. SRC-BVI had no 

apparent business of its own. The board minutes of SRC Malaysia set out that SRC-BVI was 

established to facilitate the international investments of SRC Malaysia. However, throughout its 

existence, SRC-BVI has principally been used by the fraudsters to misappropriate funds through 

the establishment of various companies across the world and use of global banks.

8. BOL is a wholly owned subsidiary of SRC-BVI, it was incorporated in the BVI on 

February 5, 2015. BOL’s purported purpose was to be an investment holding company. However, 

the JLs believe that BOL had no legitimate business activity and was established for the sole 

purpose of diverting funds ultimately belonging to 1MBD and SRC Malaysia. Importantly, at all 

relevant times, BOL’s existence was concealed from the full Board of SRC-Malaysia. 

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4

9. SRC-Strategic was incorporated in the BVI under the name Aabar-SRC Strategic 

Resources Limited on October 25, 2011. It was formed as a joint venture between SRC-BVI and 

Aabar-UAE, a subsidiary of an investment fund wholly owned by the government of Abu Dhabi, 

United Arab Emirates. Its primary objective was to invest in projects associated with the 

exploration, extraction, processing, logistics and trading of conventional and renewable energy 

resources, natural resources and mineral and other related activities and other investments. 

However, its sole purpose appears to have been to hold shares in the BVI company Gobi Coal & 

Energy Limited (“Gobi Coal”), which purportedly owned mining rights in Mongolia. 

10. The joint venture between SRC-BVI and Aabar-UAE terminated on April 22, 2017. 

SRC-Strategic’s sole asset appears to be the shares, which are worth a fraction of what they were 

worth when bought. As of the commencement of SRC-Strategic’s liquidation, its sole shareholder 

was SRC-BVI.

B. The SRC-BVI Transactions

11. In 2011 and 2012, KWAP approved two loan facilities to SRC Malaysia: the first 

loan in the amount of US$ 666,750,000 and the second for US$ 651,900,000. Over US$ 1 billion

of these funds were then transferred to SRC-BVI’s bank accounts at Bank Julius Baer & Co. and 

Falcon Bank in Hong Kong and to BSI Bank in Lugano, Switzerland. SRC Malaysia also 

transferred US$ 60,000,000 to the account of its subsidiary SRC-Strategic. 

i. The AMF Funds Investments

12. SRC-BVI invested US$ 249,700,000 in three funds of the segregated portfolio 

company Asia Momentum Fund (SPC): Asia Momentum Fund A, Asia Momentum Fund B and 

Asia Momentum Fund C (collectively, the “AMF Funds”). 

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5

13. Significant redemptions were made from the AMF Funds, including one for US$

64,305,716 to the account of SRC-BVI at Julius Baer, which then transferred 56,499,955 to the 

account of its subsidiary BOL at Amicorp Bank in Barbados. This transfer was made based on 

loan agreements without notice to the SRC Malaysia Board. I believe that the loan agreements 

had no legitimate business function and served solely to perpetuate the misappropriation of funds. 

There is no evidence of repayment. The funds may have been dissipated in the US.

14. Though SRC-BVI transferred approximately US$ 250,000,000 to the AMF Funds, 

despite significant advisory, management and administrative fees, the AMF Funds only had an end 

balance of US$ 17,600,000. 

15. The JLs believe that the funds were managed fraudulently (or at the very least 

negligently) based on the funds’ poor performance and significant management fees paid to 

various entities and individuals. There are millions of dollars that are unaccounted for and their 

disappearance is being investigated. The JLs suspect that some of these missing funds may be in 

the US. 

ii. Other Suspicious Transactions

16. During 2011 and 2014, SRC-BVI invested US$ 652,434,662 in exchange for shares 

in two other entities: Cistenique B.V. (“Cistenique”) and Enterprise Emerging Market Funds 

(“Enterprise”). BSI Bank Limited Singapore (a subsidiary of BSI Bank) was the custodian of the 

shares. In February 2015, SRC-BVI directed BSI Singapore to transfer these holdings to itself. It 

is not known where the shares were transferred to. Then, in December 2015, SRC-BVI requested 

the redemption of its shares and that the resulting funds be transferred to BOL. The JLs have not 

found any evidence of any transfers to BOL in relation to the purported redemptions.

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6

17. In February 2016, Cistenique and Enterprise responded to SRC-BVI’s requests 

with six identical assignment agreements. These documents were “Notices of Assignment” stating 

that promissory notes allegedly issued by Aabar Investments PJS Ltd. (“Aabar Samoa”) to BVI 

incorporated companies had been assigned to BOL. Each Notice was signed by BOL as assignee 

to Aabar Samoa and SRC-BVI. The total debt purportedly assigned to BOL was US$ 652,434,662, 

the same amount invested by SRC-BVI in Cistenique and Enterprise. The BVI companies that 

were the beneficiary of the purported assigned notes dissolved in 2017.

18. It is likely that either (i) the funds derived from the redemptions were transferred 

to one of the fraud conspirators in exchange for the fraudulent promissory notes, or alternatively, 

(ii) the documentation described above is a false paper trail to “account” for funds which were 

fraudulently transferred out of Cistenique and Enterprise. In either instance, the JLs believe that

BOL and Aabar Samoa are involved in a wider scheme of transactions to transfer misappropriated 

funds, and that funds may have been dissipated to the US as part of this scheme.

C. Transactions Involving BOL

19. The JLs intend to investigate the circumstances regarding the transfers totaling US$ 

56,499,955 from SRC-BVI to BOL, as well as the “loan agreements” related to these transfers, as 

the JLs do not possess information regarding the location of these funds. 

20. Further, during May and December 2015, BOL made various transfers, totaling 

approximately US$ 53,000,000, to the account of Aabar Samoa. However, BOL does not have 

records relating to the above transfers. The JLs believe that the records obtained from BOL’s 

bank, Amicorp Bank, supporting the transfers are false and intend to cover the misappropriation 

of funds. The JLs do not possess information regarding the location of these funds. 

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D. Transactions Regarding SRC Strategic

21. During late 2011 and early 2012, SRC Strategic acquired 17 million shares in Gobi 

Coal for approximately US$ 110 million in advance of a planned initial public offering (“IPO”) in 

2012 for US$ 110,500,000.2 The joint ownership of SRC Strategic by SRC-BVI and Aabar-UAE 

ended on April 22, 2017. Aabar-UAE sold its 50% stake in SRC Strategic to SRC-BVI in 

exchange for 8.5 million shares in Gobi Coal, making SRC-BVI the sole owner of SRC Strategic.

22. Over time Gobi Coal’s shareholding significantly diluted. Though the 8.5 million 

shares held by SRC Strategic (after the sale of Aabar-UAE’s interest to SRC-BVI) equated to 

almost 9% holding at the time of purchase, now it is less than 3%, and is likely to be further diluted 

due to proposed restructuring by the beneficial owner of Gobi Coal, a U.S. national. The JLs

suspect that the funds SRC-BVI used to purchase these shares originally came from KWAP and 

that the funds were dissipated by participants of the Fraud, some of which operate in the U.S.

23. SRC Strategic’s sole asset appears to be its shares in Gobi Coal, which are worth a 

fraction of what they were worth when acquired. The JLs intend to continue their investigations 

in the United States and intend to seek information from a number of individuals and entities to 

understand what happened to the funds invested in Gobi Coal. 

E. Lead Up to the Debtors’ Liquidation in the BVI

24. In 2013 and 2014, the media covered activities of 1MDB, including its connection 

with SRC Malaysia and SRC-BVI. In 2015, the international press began reporting that 1MDB 

and SRC Malaysia were under international investigation due to allegations of fraud and money 

laundering. Until 2016, most investigation attempts in Malaysia were thwarted by the Malaysian 

 

2

 The liquidators have found no evidence that the IPO ever occurred. 

Case 22-12654-RAM Doc 2 Filed 04/05/22 Page 22 of 44
8

government, as the Prime Minister of Malaysia, Mohb Najib bin Hj Abdul Razak (“Najib”), was 

the main force behind the creation of 1MDB.

25. In 2018, Najib was removed as Prime Minister and Malaysian authorities began to 

investigate the Fraud. Najib and other co-conspirators were subject to criminal and civil 

proceedings related to the misappropriation of 1MDB funds in Malaysia and abroad. Malaysian 

authorities sought cooperation from global law enforcement, including the United States 

Department of Justice (the “DOJ”), which actively investigated and seized some assets in relation 

to the Fraud since 2016 onwards.3 However, based on the review of the public records, the DOJ 

only appears to have focused its efforts on 1MDB and not on SRC Malaysia, despite it losing US$

1,150,000,000.

26. Civil proceedings have been brought by the JLs and companies related to the 

Debtors in multiple jurisdictions to recover assets and claim damages. While the general details

of the Fraud have been widely reported on, the full extent of the Fraud is unknown. The liquidation 

of the Debtors forms part of an international effort to trace and recover funds misappropriated 

through SRC Malaysia.

F. The Debtors’ Liquidation

27. In July and August of 2021, the Debtors were placed into voluntary liquidation 

pursuant to the BVI’s Insolvency Act 2003 as part of the global asset recovery efforts (the “BVI

Liquidation”). Comp. Ex. 1. Since their appointment, the JLs have been conducting the Debtors’ 

activities out of the UK, Cayman, and BVI.

 

3 As part of its efforts, the DOJ brought actions against Jho Lo Riza Aziz, AL Qubaisi, Al Husseiny 

and Goldman Sachs, for their roles in the Fraud. The JLs suspect that despite these efforts, there 

are companies and trusts that are yet to be uncovered related to the Fraud.

Case 22-12654-RAM Doc 2 Filed 04/05/22 Page 23 of 44
9

28. The Insolvency Act authorizes the Debtors to administer their assets and affairs and 

run their businesses during the course of the BVI Liquidation. Once a liquidation commences, the 

liquidator is an officer of the BVI Court and subject to the supervision of that Court. A liquidator 

has the power to take possession of, protect and realise the assets of the debtor and distribute the 

assets or the proceeds of realisation of the assets in accordance with the provisions of the 

Insolvency Act.

29. The JLs provided notice by publication of the BVI Liquidation and their 

appointment and invited creditors to submit claims in the BVI liquidation. The JLs published 

notice in the BVI Government Gazette and the BVI Beacon newspaper. The JLs also filed with 

the BVI Registrar of Companies and served on the company’s registered agents.

30. To the best of the JLs’ knowledge and belief, this is the most appropriate 

jurisdictions to notify to ensure that the knowledge of the BVI Liquidation reaches all potential 

creditors of the Debtors.

31. Since their appointment, the JLs have taken a number of steps to identify, secure 

and take into their possession and control the assets and records of the Debtors.

32. Upon their appointment, the JLs have also managed the affairs, business, and

property of the Debtors in order to achieve an orderly wind-down and facilitate the recovery of 

assets for the benefit of creditors. Actions that the JLs may take or are taking include but are not 

limited to: (i) continuing business as usual for trading operations (but, for the avoidance of doubt, 

not the origination of new business), obligor receipts, and payments to SRC-BVI as principal, 

where appropriate arrangements are put in place; (ii) agreeing and finalizing the form of support 

with investors to recover costs incurred in connection with SRC-BVI’s continuing efforts to assist 

with recovery of assets; (iii) dealing with any defaulting obligors and taking steps to protect the 

Case 22-12654-RAM Doc 2 Filed 04/05/22 Page 24 of 44
10

position of the Debtors or investors; (iv) continuing assistance with subsidiaries to wind up or 

facilitate a sales process, as applicable, and realize value where possible; (v) continuing to liaise 

with agents regarding the disposal of remaining assets; (vi) paying liquidation expenses; (vii) 

agreeing on the claims of the unsecured and preferential creditors and payment of a dividend, if 

future realizations make this feasible; (viii) paying distributions to the secured creditors of the 

Debtors; (ix) finalizing the Debtors’ tax affairs, including completion of corporation tax and VAT 

returns and settlement of any post liquidation liabilities; and (x) complying with statutory and 

regulatory obligations, including investigations.

Basis for Recognition Under Chapter 15 of the Bankruptcy Code

33. The JLs continue to investigate the Debtors’ business activities and are taking steps 

to pursue various leads to localize and realize potential asset recovery opportunities for the benefit 

of all creditors. As parts of these efforts the JLs seek recognition of the Debtors’ Liquidation in 

the United States to obtain discovery relating to transactions involving the Debtors to assist in the 

tracing of estate assets and, to the extent necessary, other entities relating to the Debtors.

Rule 1007(a)(4) Disclosures

34. I hereby provide the following information in accordance with Rule 1007(a)(4) of 

the Federal Rules of Bankruptcy Procedure. 

a. I am not aware of any foreign proceedings, as that term is defined in 11 U.S.C. § 

101(23), of the Debtors other than this Chapter 15 filing. 

b. Helen Janes of Hyperion Risk Solutions (BVI), Angela Barkhouse of Quantuma 

(Cayman) Limited, and Carl Jackson of Quantuma Advisory (UK) have been 

appointed as the joint liquidators of the Debtors by a members’ qualifying 

resolution. 

Case 22-12654-RAM Doc 2 Filed 04/05/22 Page 25 of 44
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i. The address of the JLs is the following:

Attn: Helen Janes

Hyperion Risk Solutions (BVI)

The Folio Building 

Road Town, Tortola VG1110

British Virgin Islands

Attn: Angela Barkhouse

10 Market St, #1174 Camana Bay

Grand Cayman KY1-9006

Cayman Islands

Attn: Carl Jackson

Quantuma Advisory (UK)

Office D, Beresford House, Town Quay

Southampton SO14 2AQ

United Kingdom

ii. For purposes of this Chapter 15 proceeding, the JLs requests that any 

correspondence be sent, in addition to the address provided above, to: 

Attn: Gregory S. Grossman

Juan J. Mendoza

Jennifer Mosquera

Sequor Law, P.A.

1111 Brickell Avenue, Suite 1250

Miami, Florida 33131

c. The Debtors are not party to any litigation in the United States.

d. I do not seek provisional relief, under 11 U.S.C. § 1519, against any person or entity 

at this time. 

[Verification on next page]

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12

28 U.S.C. § 1746 VERIFICATION

I, Helen Janes, declare under penalty of perjury under the laws of the United States of 

America, 28 U.S.C. §1746, that I have the authority to make this Declaration; that I have read the 

foregoing Declaration; and that the facts and matters alleged and contained herein are true and 

correct to the best of my knowledge and belief, based upon my own personal knowledge of the 

facts involved and upon my review of the available documents pertaining to SRC-BVI, BOL, and 

SRC-Strategic.

Executed in Road Town, Tortola, British Virgin Islands, on 

April 4, 2022

By: __________________________

Helen Janes

F:\WDOX\CLIENTS\60165\1001\00343063.DOCX

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SEQUOR LAW, P.A.

EXHIBIT “1”

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SEQUOR LAW, P.A.

EXHIBIT “B”

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1

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

MIAMI DIVISION

www.flsb.uscourts.gov

In re: 

SRC International (Malaysia) Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12656-RAM

_________________________________/

In re: 

Bright Oriande Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12655-RAM

/

In re: 

SRC Strategic Resources Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12654-RAM

/

DECLARATION OF ANDREW EMERY IN SUPPORT OF CHAPTER 15 

PETITION FOR RECOGNITION OF A FOREIGN PROCEEDING

I, Andrew Emery, hereby declare under penalty of perjury under the laws of the United 

States as follows:

BACKGROUND

1. I am a barrister duly admitted to practice in England, Wales and the British 

Virgin Islands (“BVI”). I am a partner in the law firm of Emery Cooke. Emery Cooke acts as 

BVI counsel to Angela Barkhouse, Helen Janes, and Carl Jackson, the joint liquidators (the

“JLs” or “Foreign Representatives”) of SRC International (Malaysia) Limited (“SRC-BVI”), 

Bright Oriande Limited (“BOL”) and SRC-Strategic Resources Limited (“SRC-Strategic”)

(collectively, the “Debtors”). 

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2

2. I am over the age of 18 and I am duly authorized to make this declaration acting 

in my capacity as BVI counsel. Where the matters stated in this declaration are statements of 

fact that are within my personal knowledge, they are true. Where the matters stated in this 

declaration are statements of fact that are not within my personal knowledge, they are derived 

from documents and/or information obtained through the joint liquidators’ investigations and 

are true to the best of my knowledge, information, and belief. If called upon, I could testify 

as to all matters set forth in this declaration.

3. I am a member in good standing, of the Bar of England and Wales and the Bar 

of the BVI. I hold degrees in law from the Universities of Oxford and London. Since my 

qualification, my practice has focused on commercial litigation and insolvency. I have 

considerable experience in matters relating to BVI insolvency law and cross-border 

restructurings. I have advised companies, insolvency practitioners and creditors in respect of 

insolvency proceedings. 

STATEMENTS ON BVI LAW 

4. The laws of the BVI relating to insolvency are predominantly codified in the 

Insolvency Act 2003 (the “Insolvency Act”), which establishes a framework for controlled, 

court-supervised and collective reorganization and restructuring of obligations of distressed 

companies. A BVI company may be put into liquidation by a members’ resolution to appoint 

a liquidator or appointed by an order of the BVI court.

5. The liquidator is appointed under the Insolvency Act for the duration of 

liquidation proceedings and is authorized to administer the reorganization or liquidation of the 

company’s assets and to act as a representative in relation to the liquidation proceedings. In 

respect of their appointments, liquidators are both officers of the court and agents of the 

company. A liquidator is a fiduciary, and subject to the normal common law rules applicable 

to fiduciaries. The liquidator(s) have the powers necessary to carry out the functions and duties 

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3

of a liquidator and these include a wide range of powers under section 185 and 186 of the 

Insolvency Act, and may apply to the BVI court at any time for directions. 

6. The purpose of a liquidation is to realize the assets of the company, declare a 

dividend for creditors if possible, and to return any surplus to the members. It can be terminated 

when the liquidator(s), after completing their duties, prepare a final report together with a 

statement of realizations and distributions for the creditors and members. Liquidation can also 

be terminated by the court, on an application by the liquidator, a creditor, director or member, 

if the court considers it is just and equitable to do so. The final step after liquidation is the 

dissolution of the company, after which the company ceases to exist, and no one can then act 

on behalf of the company. The debts and obligations of the company are totally extinguished.

28 U.S.C. § 1746 VERIFICATION

I, Andrew Emery, declare under penalty of perjury under the laws of the United States 

of America, 28 U.S.C. §1746, that I have the authority to make this Declaration; that I have 

read the foregoing Declaration; and that the facts and matters alleged and contained herein are 

true and correct to the best of my knowledge and belief, based upon my own personal 

knowledge of the facts involved and upon my review of the available documents pertaining to 

SRC-BVI, BOL, and SRC-Strategic.

Executed in the Fish Bay, Tortola, BVI on March 31,

2022

By: __________________________

Andrew Emery

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SEQUOR LAW, P.A.

EXHIBIT “C”

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UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

MIAMI DIVISION

www.flsb.uscourts.gov

In re: 

SRC Strategic Resources Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12654-RAM

/

In re: 

Bright Oriande Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12655-RAM

/

In re: 

SRC International (Malaysia) Limited Chapter 15

Debtor in a Foreign Proceeding. Case No.: 22-12656-RAM

/

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2

ORDER GRANTING RECOGNITION OF FOREIGN

MAIN PROCEEDING PURSUANT TO §§ 1515 AND 1517 OF

THE BANKRUPTCY CODE AND GRANTING RELATED RELIEF

This matter came on for hearing on__________, 2022 (“Hearing”), upon the Petitions 

[D.E. 1] and Motion for Order Granting Recognition of Foreign Main Proceeding Pursuant to §§ 

1515 and 1517 of the Bankruptcy Code [D.E. 2] (the “Chapter 15 Petition”) filed by Helen Janes, 

Angela Barkhouse, and Carl Jackson (collectively, the “JLs” “Foreign Representatives”), as the 

Joint Liquidators of SRC International Malaysia Limited (“SRC-BVI”), Bright Oriande Limited 

(“BOL”) and SRC Strategic Resources Limited (“SRC-Strategic”) (collectively, the “Debtors”).

The Chapter 15 Petition seeks recognition and related relief, pursuant to Chapter 15 of the 

Bankruptcy Code, of the Debtors’ voluntary liquidation proceeding pending in the British Virgin 

Islands (the “Liquidation”). The Court, having considered the Chapter 15 Petition, its attachments, 

the argument of counsel at the Hearing, and being otherwise duly informed, makes the following 

order.

The Court finds:

A. Due and timely notice of the filing of the Chapter 15 Petition and the Hearing was 

given by the Foreign Representatives as directed by this Court.

B. This Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334.

C. Venue of this proceeding is proper in this judicial district pursuant to 28 U.S.C. § 

1410.

D. This is a core proceeding under 28 U.S.C. § 157(b)(2)(P).

E. The JLs, Helen Janes, Angela Barkhouse, and Carl Jackson, qualify as a “foreign 

representatives” as defined in 11 U.S.C. §101(24).

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F. This Chapter 15 case was properly commenced pursuant to 11 U.S.C. §§ 1504, 

1515 and 1517.

G. The Foreign Representatives have met the requirements of 11 U.S.C. §§ 1515(b), 

1515(c), 1515(d), and Rule 1007(a)(4) of the Federal Rules of Bankruptcy Procedure.

H. The Liquidation is a foreign proceeding under 11 U.S.C. §§ 101(23) and 1502(4).

I. The Liquidation is entitled to recognition by this Court under 11 U.S.C. § 1517.

J. The Liquidation is pending before the British Virgin Islands (“BVI”). The Debtors’

center of main interests is in the BVI and, accordingly, the Liquidation is a foreign main proceeding 

under 11 U.S.C. § 1502(4), entitled to recognition as a foreign main proceeding under 11 U.S.C. 

§ 1517(b)(1).

K. The Foreign Representatives are entitled to all relief provided under 11 U.S.C. § 

1520.

L. The Foreign Representatives are further entitled to the relief expressly set forth in 

11 U.S.C. § 1521.

M. The relief granted by this Order is necessary and appropriate, in the interests of 

public and international comity, consistent with the public policy of the United States, warranted 

pursuant to 11 U.S.C. § 1521 and will not cause any hardship to the creditors of the Debtors or 

other parties that is not outweighed by the benefits of the relief being granted.

N. The Court finds that the interests of the creditors, interested entities, the Debtor, 

and the Debtors’ estate are sufficiently protected by the rights and obligations under the Federal 

Rules of Bankruptcy Procedure and/or Federal Rules of Civil Procedure governing the taking of 

discovery.

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Accordingly, it is ORDERED AND ADJUDGED that:

1. The Liquidation is granted recognition as a “foreign main proceeding” under 11 

U.S.C. § 1517.

2. The Liquidation shall be given full force and effect and be binding on and 

enforceable in the United States against all persons and entities. Should the Liquidation become

subject to the direct supervision of the British Virgin Islands Commercial Division (“BVI Court”), 

any orders of the BVI Court regarding the administration of the Liquidation shall be given full 

force and effect and be binding in the United States against all persons and entities. 

3. The Foreign Representatives shall have the authority to act independently to carry 

out any of the duties and powers granted by this Order.

4. The provisions of 11 U.S.C. § 1520 apply to this proceeding, including but not 

limited to the automatic stay of 11 U.S.C. § 362 with respect to the Debtors or property of the 

Debtors in the United States.

5. Under 11 U.S.C. § 1521(a)(1), all persons and entities are stayed from commencing 

or continuing any action or proceeding concerning the assets, rights, obligations or liabilities, of 

the Debtors or the Debtors’ bankruptcy estate located in the United States.

6. Under 11 U.S.C. §1521(a)(2), all persons and entities are stayed from executing 

against the assets of the Debtors or the Debtors’ bankruptcy estate located in the United States.

7. Under 11 U.S.C. §1521(a)(3), all persons and entities are prohibited from 

transferring, encumbering or otherwise disposing of, or exercising control over any assets of the 

Debtors or the Debtors’ bankruptcy estate located in the United States.

8. Under 11 U.S.C. §1521(a)(4), the Foreign Representatives are authorized to 

examine witnesses, take evidence or seek the delivery of information concerning the assets, affairs, 

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5

rights, obligations or liabilities of the Debtors or the Debtors’ bankruptcy estate pursuant to 

§1521(a)(4) and the Federal Rules of Bankruptcy Procedure, including without limitation the 

procedure of Fed. R. Bankr. P. 2004 and Local Rule 2004-1, without further order of this Court.

9. Under 11 U.S.C. §1521(a)(5), the Foreign Representatives are entrusted with the 

full administration and realization of all or a part of the estate and assets of the Debtors within the 

territorial jurisdiction of the United States.

10. Under 11 U.S.C. §1521(a)(7), all persons and entities provided notice of this Order 

who are in possession, custody or control of property, or the proceeds thereof, of the Debtors or 

the Debtors’ bankruptcy estate located within the territorial jurisdiction of the United States, shall 

immediately advise the Foreign Representatives by written notice sent to the following addresses:

Attn: Helen Janes

Hyperion Risk Solutions (BVI)

The Folio Building

Road Town, Tortola BVI, VG1110

Attn: Angela Barkhouse

10 Market St, #1174 Camana Bay

Grand Cayman, Cayman Islands KY1-9006

Attn: Carl Jackson

Quantuma Advisory (UK)

Office D, Beresford House, Town Quay

Southampton SO14 2AQ, United Kingdom

With a copy to:

Attn: Gregory S. Grossman

Juan J. Mendoza

Jennifer Mosquera

Sequor Law, P.A.

1111 Brickell Avenue, Suite 1250

Miami, Florida 33131

which written notice shall set forth: (i) the nature of such property or proceeds; (ii) when and how 

such property or proceeds came into the custody, possession or control of such person or entity; 

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6

and (iii) the full identity and contact information for such person or entity. The Foreign 

Representatives shall file with the Court information demonstrating those persons and/or entities

to whom they have provided notice of this Order.

11. Under 11 U.S.C. § 1521(a)(7), other than a counterclaim to a suit brought by the 

JLs, no person or entity may commence suit against the JLs in any court, including this Court, in 

the United States without first obtaining leave of this Court.

12. The Foreign Representatives are further authorized to operate and may exercise the 

powers of a trustee under, and to the extent provided by 11 U.S.C. §§ 363 and 552.

13. Notwithstanding any provision in the Bankruptcy Rules to the contrary, (i) this 

Order shall be effective immediately and enforceable upon entry and shall constitute a final order 

within the meaning of 28 U.S.C. § 158(a); (ii) Foreign Representatives are not subject to any stay 

in the implementation, enforcement, or realization of the relief granted in this Order; and (iii) 

Foreign Representatives are authorized and empowered, and may in their discretion and without 

further delay, take any action and perform any act necessary to implement and effectuate the terms 

of this Order.

14. No action taken by Foreign Representatives in preparing, disseminating, applying 

for, implementing, or otherwise acting in furtherance of the Liquidation or any order entered in or 

in respect of the Chapter 15 case (including any adversary proceedings or contested matters) will 

be deemed to constitute a waiver of immunity afforded the Foreign Representatives, including 

pursuant to 11 U.S.C. §§ 306 and 1510.

15. This Court shall retain jurisdiction with respect to the enforcement, amendment or 

modification of this Order, any requests for additional relief or any adversary proceeding brought 

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7

in and through this Chapter 15 case, and any request by any person or entity for relief from the 

provisions of this Order.

16. This Court shall retain jurisdiction with respect to the administration, realization, 

and distribution of the assets of the Debtors within the territorial jurisdiction of the United States.

###

Submitted by:

Gregory S. Grossman, Esq.

Juan J. Mendoza, Esq.

Jennifer Mosquera,, Esq.

SEQUOR LAW, P.A.

1111 Brickell Avenue, Suite 1250

Miami, Florida 33131

Phone: (305) 372-8282

Facsimile: (305) 372-8202

E-mail: ggrossman@sequorlaw.com

E-mail: jmendoza@sequorlaw.com

jmosquera@sequorlaw.com

(Juan J. Mendoza shall serve a copy of this Order on all parties entitled to service and file a 

certificate of service immediately thereafter.)

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