We are already in contact with Grant Thornton, the auditing firm appointed to handle the liquidation. In a recent letter, the firm implied that the liquidation procedure could eventually turn into insolvency proceedings as well. In light of these developments, it is even more important that investors have expert legal representation, since this is the only way to correctly assert and pursue a claim! In the Kiener case, the crucial task will be to trace and identify further parties against whom claims may be filed. To this end, a precise evaluation of all available records is necessary – a task with which our team of attorneys is currently pressing ahead.
In the meantime, it is possible to register claims with the liquidator in the liquidation procedure ongoing for the “K1 Invest Ltd.” fund. CAUTION: our experience with cross-border liquidation and insolvency proceedings in the past shows that any formal errors, made because the claimants did not understand the forms or made mistakes in filling them out, could compromise your legal position. Various legal issues in connection with the forms are still to be cleared up. Furthermore, many investors filing claims in insolvency proceedings abroad or entailing foreign assets often suffer financial losses for the sole reason that they did not comply with foreign insolvency law when the claim was filed.
For these reasons, we will be filing the claims in the British Virgin Islands on behalf of our clients and will pursue these claims, also in the liquidation and insolvency proceedings of “K1 Invest Ltd.” and “K1 Global Ltd.”. For this purpose, we are cooperating with a law firm based in the BVI.