Case Study
Project Zetta Jet
Ongoing
close
Undisclosed
- Type of Case :
- Liquidation Receivership and Court Appointments
- Title :
- Chapter 7 Bankruptcy Trustee Representative, Liquidation Agent
- Status :
- Ongoing
- Value :
- Undisclosed
PROJECT OVERVIEW
- Zetta Jet Pte. Ltd (“Zetta Jet”) Jet was a leading private jet service provider headquartered in Singapore that owned and leased around 20 luxury private aircrafts in the lead up to its collapse.
- Zetta Jet was placed under US Chapter 11 protection, subsequently converted to Chapter 7 proceedings, following allegations of fraud against its former CEO.
- The US Bankruptcy Trustee appointed one of our Managing Directors, Luke Furler, as his official representative and liquidation agent in Asia.
PROJECT ISSUES
- There were a number of aircrafts located in Singapore at the time of our appointment which required immediate attention to ensure they were secured on behalf of their ultimate financiers.
- In addition, in light of the serious fraud allegations and related litigation, it was crucial to preserve the books and records of the business.
- A number of assets were identified globally, including luxury yachts and cars, which required the cooperation of the Bankruptcy Trustees various advisors globally.
WHAT WE DID
- We took control of all assets and records of Zetta Jett in Singapore and worked seamlessly with the Bankruptcy Trustees global advisors to ensure his duties were discharged to the highest level.
PROJECT OUTCOME
- Project is on going