GT targets Madoff yacht after court win

Liquidators from Grant Thornton have scored a key victory in the US courts after a judge gave them a legal green light to go after the assets of convicted fraudster Bernard Madoff.

Madoff used cash funnelled through UK-based Madoff Securities International Limited to buy a vintage Aston Martin and now the liquidators are going after a 27-metre yacht located in France.

There was believed to be some tension between the British liquidators and the US Trustee Irving Picard, but the firm said it will work alongside him after the court win.

The firm said in a statement: 'The Joint Provisional Liquidators of Madoff Securities International Limited obtained formal recognition in the United States Bankruptcy Court, allowing them to work in direct coordination with the Trustee of Bernard Madoff Securities Limited.'

Chapter 15 of the US Bankruptcy Code permits foreign liquidators to have their proceedings recognized and to obtain the assistance of the US courts in carrying out their activities.

The US Bankruptcy Court also approved GT protocols agreed with the liquidator which would guide their cooperation going forward.

Steve Akers, joint liquidator, added: 'We assisted the US Trustee to obtain recognition in England and now we have worked together for reciprocal cooperation in the United States. This is a positive step for creditors.'

Further reading:

GT liquidators in court battle for Madoff assets