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Fairfield Sentry IV 3 provide insight into, among other things, the interplay between the safe harbor provision of section 546(e) 4 of the Bankruptcy Code (the “Safe Harbor”) and chapter 15. Relying on section 561(d) 5 of the Bankruptcy Code, which makes the Safe Harbor applicable to chapter 15 cases “to limit avoidance powers to the same extent as in a proceeding under chapter 7 or 11,” the court extended the Safe Harbor to bar the avoidance of certain foreign transactions based on foreign law claims which resembled preference claims under section 547(b) 6 of the Bankruptcy Code and constructive fraudulent transfer claims under state and federal law. However, when the defendants attempted to use the Safe Harbor to bar certain constructive trust claims under foreign law, the court did not agree, finding that the constructive trust claims proceeded on different theories and different proof than the preference and constructive fraudulent transfer claims, denying app

New yorkUnited statesBritish virgin islandsNoord hollandConstructive trustCitco fund services europeFairfield sentry ltdConsulting incFairfield lambdaFairfield sentrySafe harbor does not bar constructive trustBernardl madoff investment securitiesAvoidance claims but not constructive trustUs bankruptcy courtUnited states bankruptcy courtCitco group