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VENABLE LLP
Rockefeller Center
1270 Avenue of the Americas, 24th Floor
New York, New York 10020
Tel: (212)307-5500
Richard L. Wasserman, Esq.
Carollynn H.G. Callari, Esq.
Attorneys for Petitioner
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
—
—
x
In re:
:
SLS CAPITAL S.A.,
:
Debtor in Foreign Proceeding.
Chapter 15
Case No. 12-
:
VERIFIED PETITION UNDER CHAPTER 15 OF THE BANKRUPTCY
CODE FOR RECOGNITION OF A FOREIGN MAIN PROCEEDING
Maitre Yann Baden, in his capacity as Liquidator ("Petitioner" or the "SLS Liquidator")
of SLS Capital S.A. ("SLS" or the "Debtor"), and as a duly authorized foreign representative as
defined by section 101(24) of title 11 of the United States Code (the "Bankruptcy Code"), by and
through his undersigned United States counsel, respectfully submits this Verified Petition
seeking recognition of a foreign main proceeding1 and granting such further relief as may be
appropriate herein. In support thereof, Petitioner respectfully states as follows:
1
By this Chapter 15 verified petition and the form petition filed herewith (together, the "Petition"). Petitioner seeks
recognition of, and relief respecting, a foreign main proceeding, as defined in section 1502(4) of the Bankruptcy
Code, given that the foreign proceeding respecting the Debtor is pending in Luxembourg, the center of the
Debtor's main interests. In the event the Court determines that the SLS Liquidation Proceeding (defined below) is
not a foreign main proceeding. Petitioner respectfully requests the Court to recognize the SLS Liquidation
Proceeding as a foreign nonmain proceeding, as defined in section 1502(5) of the Bankruptcy Code, because, at
minimum, the Debtor has an establishment (as defined in section 1502(2) of the Bankruptcy Code) in
Luxembourg.
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PRELIMINARY STATEMENT2
1.
Petitioner has filed the Petition and the requisite accompanying documents
seeking recognition of the SLS Liquidation Proceeding that is currently pending in Luxembourg.
As set forth below and in the Baden Declaration, Butcher Declaration, the SLS Liquidation
Order and other documents filed contemporaneously herewith and in support of the Petition: (a)
the Debtor was incorporated, managed and operated in Luxembourg and the SLS Liquidation
Proceeding is a "foreign main proceeding" within the meaning of section 1502(4) of the
Bankruptcy Code, and (b) Petitioner is the "foreign representative", within the meaning of
section 101(24) of the Bankruptcy Code, authorized to, among other things, administer the
liquidation of the Debtor's assets and to act as a representative of the SLS Liquidation
Proceeding.
2.
In connection with marshaling SLS's assets and administering the SLS
Liquidation Proceeding, the SLS Liquidator seeks to investigate the status, disposition, and
pursue recovery of SLS's assets including those that were and/or remain located in New York.
Accordingly, by this Verified Petition, Petitioner requests that the Court recognize the SLS
Liquidation Proceeding as a foreign main proceeding and grant related relief to assist the SLS
Liquidator in connection with administration of the SLS Liquidation Proceeding. All of the
statutory elements for the relief requested herein are satisfied, and Petitioner therefore
respectfully requests that the Court grant this Verified Petition.
JURISDICTION AND VENUE
3.
This court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 1334 and 157
and the "Amended Standing Order of Reference" of the United States District Court for the
Southern District of New York (C.J. Preska), dated January 31, 2012. This is a core proceeding
2
Capitalized terms used but not defined in this section have the meanings ascribed to such terms below.
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pursuant to 28 U.S.C. § 157(b)(2)(P). Venue is properly located in this District pursuant to 28
U.S.C. § 1410(3). The statutory predicates for the relief requested include sections 105(a), 108,
1507, 1517, 1520 and 1521 of the Bankruptcy Code.
BACKGROUND3
A. The SLS Liquidation Proceeding.
4.
SLS was incorporated on November 17, 2004 in Luxembourg and had its
registered office situate at 46A, avenue J.F. Kennedy L-1855 Luxembourg. SLS was a financial
services company whose primary business was the issuance of bonds to persons residing outside
the United States. In the operation of its business SLS had counterparties and advisors in the
United States and had significant assets held in custodial asset and cash accounts in New York
City. The assets held in the United States were the primary collateral for the bonds that SLS
issued.
5.
During 2008, SLS ceased making interest and other payments owing to its
bondholders.
6.
On June 4, 2009, the State Prosecutor in Luxembourg filed an application in the
District Court of and in Luxembourg (the "Luxembourg Court") (Case Number L-6258/09), to
wind up and order the liquidation of SLS, a Luxembourg joint stock company, pursuant to
Article 203 of the law of 10 August 1915 of Luxembourg, as subsequently amended (the "SLS
Liquidation Proceeding").
7.
A public hearing was held in the SLS Liquidation Proceeding on September 17,
2009.
3
Unless otherwise noted, the facts set forth herein are based upon the Declaration of Maitre Yann Baden in Support
of Petition For Recognition of Foreign Proceeding, dated June 22, 2012 (the "Baden Declaration") and the
Declaration of Tobey Butcher in Support of Petition For Recognition of Foreign Proceeding, dated June 21, 2012
(the "Butcher Declaration"), each filed with the Court contemporaneously with the Petition.
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On October 1, 2009, the Luxembourg Court ordered the dissolution of SLS and
placed SLS into liquidation "declar[ing] applicable those legal provisions pertaining to the
liquidation of a bankruptcy" and "appoint[ing] as magistrate in bankruptcy [Supervising Judge]
Mrs. Carole BESCH, judge with the Luxembourg Court, and designat[ing] as liquidator Maitre
Yann BADEN, lawyer residing in Luxembourg . . . ." A certified copy of the Order entered by
the Luxembourg Court with respect to SLS in the SLS Liquidation Proceeding (the "SLS
Liquidation Order") is attached hereto as Exhibit A and incorporated herein by reference. A
certified translation of the SLS Liquidation Order into English is attached hereto as Exhibit B
and is incorporated herein by reference.
B. The Need For Recognition.
9.
Based on information obtained in connection with the SLS Liquidation
Proceeding, and upon information and belief, it appears that, prior to the commencement of the
SLS Liquidation Proceeding, most, and perhaps all, of SLS's assets held in custodial accounts in
the United States were liquidated and the proceeds unlawfully transferred directly or indirectly to
third parties. As part of the process of marshaling SLS's assets and paying SLS's debts, the SLS
Liquidator seeks to investigate the disappearance of SLS's assets including assets held in
custodial accounts and to pursue such actions as are appropriate in order to recover SLS's assets
and/or seek damages from culpable third parties.
10.
As part of this investigatory process, Petitioner has filed this Petition to
commence this Chapter 15 case in order to permit the SLS Liquidator to advance his
investigation as part of the process of marshaling the assets of SLS, including the potential
recovery of SLS assets that may be in the United States and potentially prosecuting actions
against parties in the United States and elsewhere.
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RELIEF REQUESTED
11.
Petitioner seeks entry of an order of this Court, substantially in the form of the
proposed order attached hereto as Exhibit C (the "Proposed Order"), granting the following
relief:
(a)
Recognition of the SLS Liquidator as a "foreign representative" within the
meaning of section 101(24) of the Bankruptcy Code;
(b)
Recognition of the SLS Liquidation Proceeding as a "foreign main proceeding"
within the meaning of section 1502(4) of the Bankruptcy Code;
(c)
All relief afforded a foreign main proceeding automatically upon recognition
pursuant to section 1520 of the Bankruptcy Code;
(d)
All relief afforded under section 108 of the Bankruptcy Code;4 and
(e)
Granting such other and further relief as may be necessary or appropriate.
BASIS FOR RELIEF
12.
Petitioner has satisfied the requirements for relief under sections 1517, 1520 and
1521 of the Bankruptcy Code.
13.
The SLS Liquidation Proceeding is a foreign main proceeding within the meaning
of section 1502(4) of the Bankruptcy Code. SLS was organized under the laws of Luxembourg,
its registered office and principal place of business were located in Luxembourg, and
Luxembourg was the country where SLS had the center of its main interests. Prior to the SLS
Liquidation Proceeding, SLS was managed, administered, operated and had its primary banking
arrangements in Luxembourg. Its liquidation is currently being administered in Luxembourg by
the SLS Liquidator.
4
Section 108 of the Bankruptcy Code provides for, among other things, the tolling of certain statutes of limitations
and applies automatically upon the recognition of a foreign main proceeding under Chapter 15. Out of an
abundance of caution and for avoidance of any doubt, the Proposed Order, however, explicitly provides that
section 108 applies in this case.
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The SLS Liquidation Proceeding is being conducted in accordance with the
statutory provisions pertaining to the liquidation of a bankruptcy under the laws of Luxembourg
and subject to the jurisdiction of the Luxembourg Court. There are no ancillary proceedings
pertaining to the insolvency of SLS pending in any other jurisdiction. See Statement of Maitre
Yann Baden as Required by Section 1515(c), attached hereto as Exhibit D and incorporated
herein by reference.
15.
Petitioner is a person who is the authorized foreign representative of the SLS
Liquidation Proceeding within the meaning of section 101(24) of the Bankruptcy Code. The
SLS Liquidator is authorized to administer the liquidation of SLS's assets in accordance with the
insolvency laws of Luxembourg and to act as a representative of the SLS Liquidation
Proceeding.
16.
The Petition meets the requirements of section 1515 of the Bankruptcy Code in
that the SLS Liquidator has commenced this Chapter 15 case by filing with this Court the
Petition, a certified copy of the SLS Liquidation Order and an English translation thereof
(Exhibits A and B hereto), the Statement required by section 1515(c) of the Bankruptcy Code
(Exhibit D), and all other documents required under Chapter 15 of the Bankruptcy Code and the
Federal Rules of Bankruptcy Procedure.
17.
Recognizing the SLS Liquidation would not be manifestly contrary to the public
policy of the United States under section 1506 of the Bankruptcy Code. Entry of the Proposed
Order would promote the policies underlying Chapter 15 of respecting and facilitating crossborder insolvency proceedings as set forth in sections 1501 and 1508 of the Bankruptcy Code.
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NOTICE
18.
Pursuant to section 1517(c) of the Bankruptcy Code, a petition for recognition
shall be decided at the "earliest possible time." Accordingly, Petitioner requests that this Court
set the date for the hearing on recognition and consider the Proposed Order (the "Hearing") at the
earliest time, preferably sometime during the week of July 16, 2012. In addition. Petitioner
requests that this Court approve the manner of service set forth in the application for order
limiting notice, scheduling hearing and specifying the form and manner of service of notice filed
contemporaneously herewith (the "Notice Application").
In accordance with the Notice
Application, Petitioner will cause a copy of the Notice of Filing and Hearing on Petition Under
Chapter 15 of the Bankruptcy Code (the "Notice") to be sent by email or first class mail to
parties in interest as set forth in the Notice Application at their last known address or to their
statutory agents for service of process.5
19.
By such Notice, all parties in interest will be advised of the commencement of the
Chapter 15 case, the relief requested by the Petition, the central documents filed with the Court
in this Chapter 15 case, as well as the date, place and time of the Hearing to consider the Petition
and the date, time and manner for lodging a response or other pleading in connection with the
Petition and the relief requested therein in accordance with the Bankruptcy Rules and the Local
Rules of Bankruptcy Procedure.
Copies of all other pleadings, including (i) the Petition; (ii) the Baden Declaration; (iii) the Butcher Declaration;
(iv) the Corporate Ownership Statement required by Bankruptcy Rule 7007.1; and (v) the Memorandum of Law in
Support of Verified Petition, will be provided upon request to the SLS Liquidator's counsel.
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CONCLUSION
WHEREFORE, Petitioner respectfully requests that this Court enter the Proposed
Order, substantially in the form annexed hereto as Exhibit C, granting the relief requested herein,
including recognizing the proceedings relating to the SLS Liquidation Proceeding as a "foreign
main proceeding" under section 1517 of the Bankruptcy Code, and such further relief as set forth
therein and as otherwise may be just and proper.
Dated: New York, New York
June 25, 2012
VENABLE LLP
By: Isi Richard L. Wasserman
Richard L. Wasserman
Carollynn H.G. Callari
Rockefeller Center
1270 Avenue of the Americas, 24th Floor
New York, New York 10020
(212) 307-5500
and
COHEN & BUCKLEY, LLP
Michael L. Cohen, Esq. {pro hac vice pending)
1301 York Road, Suite 706
Baltimore, MD 21093
(410)321-4750
Attorneys for Petitioner
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UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
x
In re:
:
Chapter 15
SLS CAPITAL S.A.,
:
Case No. 12-
Debtor in Foreign Proceeding.
-
:
—x
DECLARATION OF MAITRE YANN BADEN
I, Maitre Yann Baden, pursuant to 28 U.S.C. § 1746, hereby declare under penalty of
perjury as follows:
I am the court-appointed Liquidator of SLS Capital S.A. I have the full authority to
verify this petition.
I have read the foregoing petition, and I am informed and believe that the factual
allegations contained therein are true and accurate.
I declare under penalty of perjury under the laws of the United States of America that the
foregoing is true and correct to the best of my knowledge, information and belief.
Executed this Zt day of Jun^ 2012 in Luxembourg
Maitre Yann Baden, Liquidator e>f SLS Capital S.A.
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EXHIBIT A
SLS Liquidation Order
Exhibit A
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Exhibit A " P g "
''M'\
'"' CO Pi
Jugement commercial VI N O T \ 0 / 09
Audience publique du jeudi, premier octobre deux mille neuf.
Numero L- 6258 / 09
Composition:
Christiane JUNCK, vice-presidente,
Jean-Paul MEYERS, premier juge,
Carole KUGENER, juge,
Manuela FLAMMANG, greffiere.
E ntre:
Monsieur le Procureur d'Etat pres le Tribunal d'arrondissement de et a
Luxembourg, Palais de Justice, Luxembourg,
demandeur en dissolution et en liquidation de la societe anonyme SLS CAPITAL
S.A., aux termes d'une requite datee du 4 juin 2009,
comparant par Monsieur Guy BREISTROFF, substitut,
et:
la societe anonyme SLS CAPITAL S.A., dont le siege social a L-1855
Luxembourg, 46A, avenue J.-F. Kennedy, a 6te ddnonce en date du 11 novembre
2008,
defenderesse aux fins de la predite requ§te,
defaillante.
FAITS:
Par requete datee du 4 juin 2009, d-apr6s annexee, Monsieur le Procureur d'Etat a
demand^ la dissolution et la liquidation de la societe defenderesse:
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Exhibit A ^Pg
Luxembourg, le 4 juin 2009
PARQUET
DU
TRIBUNAL
D'ARRONDISSEMENT
A Mesdames et Messieurs
/a? vice-president.
premier juge etjuge
du tribunal d'arrondissement
de LUXEMBOURG
Parquet Economique
Cite judiciaire
Plateau du Saint-Esprit
L-2080 LUXEMBOURG
MH/SA
RC B 104 219
Aux termes des renseignements dont dispose le Ministere Public, la soci6t6 SLS CAPITAL
S.A., constituee en date du 17 novembre 2004, contrevient gravement aux dispositions des
lois r^gissant les societes commerciales.
Depuis la denonciation le 11 novembre 2008 du si&ge social ^ L-1855 Luxembourg, 46a,
avenue JF. Kennedy, denonciation d6pos6e en date du 6 Janvier 2009 au registre de
commerce et des soci&6s, la societe n'a plus de siege ni domicile connu.
Aux termes de 1'article 159 nouveau de la loi modifi6e et completee du 10 aout 1915 sur les
societes commerciales, le d^faut de domicile connu constitue dans le chef d'une society une
contravention grave h la loi susceptible de lui faire encourir la dissolution ou la fermeture
judiciaire conform6ment aux dispositions des articles 203 et 203-1 de la mSme loi.
A part le bilan au 31 decembre 2005, depose le 9 octobre 2007, aucun bilan, ni aucun compte
de profits et pertes approuvfe par Tassemblfe g&i&ale n'a 6te depose au registre de commerce
et des societes.
Par application de Particle 203 de la loi modiftee du 10 aofit 1915 concemant les soctetes
commerciales, le Procureur d'Etat soussigne vous demande de prononcer la dissolution et
d'ordonner la liquidation de la soci6t6 d6sign6e ci-dessus ainsi que tous autres devoirs de
droit.
En 1'application de I'article 203(5) et vu I'urgence, le requerant vous demande d'ordonner
I'execution provisoire de la decision k intervenir.
Pour le Procureur d'Etat
J_-2
A Marc
Premier substitut
x
\
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L'affaire fut utilement retenue S I'audience publique du 17 septembre 2009 devant la
sixieme chambre, siegeant en matfere commerciale, lors de laquelle les debats
eurent lieu comme suit:
Le repr6sentant du Ministere Public donna lecture de la requete ci-avant reproduite
et exposa ses moyens.
La partie defenderesse ne s'est pas presentee a I'audience.
Le tribunal prit l'affaire en delibere et rendit a I'audience publique de ce jour le
jugement
qui suit:
Par requete du 4 juin 2009 Monsieur le Procureur d'Etat a demand^ a voir prononcer
la dissolution et ordonner la liquidation de la societe anonyme SLS CAPITAL S.A.
Le siege social de cette societe ayant §te denonc^, la requite a 6t6 publiee,
conformement aux dispositions de I'article 203 de la loi du 10 aoOt 1915 par extrait
dans deux joumaux imprimes au Luxembourg en date du 5 septembre 2009.
La partie defenderesse n'ayant pas comparu d I'audience, il y a lieu de statuer,
conformement a Tarticle 79 du Nouveau Code de procedure Civile, par un jugement
par d6faut.
Vu I'article 203 de la loi du 10 aout 1915 concemant les societes commerciales, tel
qu'il a ete modifie par la loi du 31 mai 1999, suivant lequel le tribunal a la faculte de
prononcer la dissolution et la mise en liquidation d'une socfete qui a contrevenu aux
dispositions du droit penal, du droit des societes ou du droit d'etablissement, en
appr6ciant, au cas par cas, si, l?s contraventions constatees justifient une dissolution
de la societe, et si la dissolution constitue un moyen efficace au sens du texte de loi.
II nSsulte d'un extrait delivre par le Registre de Commerce et des Societes en date
du 29 mai 2009 que depuis le seul bilan au 31 decembre 2005, depos6 le 9 octobre
2007, aucun bilan, ni aucun compte de pertes et profits, dument approuves par les
organes comp§tents, n'ont ete deposes par la societe anonyme SLS CAPITAL S.A.
et encore que la societe est sans domicile connu depuis la dinonciation du siege en
date du 11 novembre 2008.
Au vu des circonstances de PespSce, et en tenant compte du fait que la societe ne
s'est pas presentee a I'audience pour offrir des explications quant aux manquements
constates, il y a lieu de prononcer la dissolution et d'ordonner la liquidation de la
societe defenderesse, en declarant applicable les regies relatives a la liquidation de
la faillite.
II est dans I'interet de la liquidation que le liquidateur exerce ses fonctions sans autre
delai, de sorte qu'il y a egalement lieu d'ordonner, conformement a la requete
introductive, I'execution provisoire du present jugement.
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PAR CES MOTIFS :
!e tribunal d'arrondissement de et & Luxembourg, sixieme chambre, siegeant en
mattere commerciale, statuant par un jugement par defaut 6 regard de la soctete
coricernee, le Ministere Public entendu en ses conclusions ;
regoit la requSte en la forme;
declare dissoute la societe anonyme SLS CAPITAL S.A., dont le siege social £ L1855 Luxembourg, 46A, avenue J.-F. Kennedy, a ete denonce en date du 11
novembre 2008;
en ordonne la liquidation ;
declare applicabies les dispositions legales relatives £ la liquidation de la faillite ;
nomme juge-commissaire Madame Carole BESCH, juge au tribunal
d'arrondissement de et S Luxembourg, et designe comme liquidateur MaTtre Yann
BADEN, avocat, demeurant a Luxembourg ;
ordonne aux creanciers de faire au greffe du tribunal de commerce de ce siege la
declaration du montant de leurs cr6ances avant le 22 octobre 2009;
ordonne que les scelles seront apposes au si&ge social de la societe et partout
ailleurs ou besoin en sera, a moins que I'inventaire ne puisse §tre termine en un seul
jour, auquel cas il y sera procede sans apposition prealable;
ordonne la publication du present jugement par extrait au Memorial, ainsi que dans
les joumaux Luxemburger Wort et Tageblatt;
ordonne I'execution provisoire du present jugement;
met les frais £ charge de la societe, sinon, en cas d'absence ou d'insuffisance
d'actif, a charge du Tresor.
q^
Pour coptsLConfo/im.
Luxemboorgje..„.„^M.ffi.
Legroflierwi/ehef, _ / ]
'-£•„
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^ R A N D - D U C H E DE LUXEMBOURG
(I'iWinistere des Affaires etrangeres
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ExhibifA"
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EXHIBIT B
English Translation of SLS Liquidation Order
Exhibit B
Pg
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?nfi»
Exhibits
eurotraduc
soci6t6 de traduction
CERTIFIED TRANSLATION
The undersigned Luc PETRY, sworn translator registered with the Higher Court of Justice of and
in Luxembourg, hereby certifies having verified the present translation with a French - English
translator.
Paget of9.
22/08/2011
Eurotraduc may nol be held liable lor Iranslsllon errors resulllng
from documents lhal are handwritten, not easily legible, erroneous or incomplete.
A translation of diplomas does not in any ovcnirepresentan equivalence, whjclt must bo requested ftwnftieauthorities ot the couatry
having awanled them Euirotraduc declines any responsibility rcgaidmg the exuctiie^ of diploma titles
eurotraduc
soctett? .-Je traouction
Isaa W EBfty
irficuctetii' -VtoiiJ^ts
aesen ami
fi a Com' SispK/Smi'i* ila Justice
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L-^-Jij U t f t m u o u r g
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imo^eurctraduo.iu
l.rueLouvigny
L-1946 Luxembourg
www.eurotraducJu
xil: +352 47 46 76
fa)(:+3S2 46 19 20
[email protected]
BCEEUJU
BILLLULL
CELLLULL
LUII 0019100033360000
LU220021 101684400000
LU34 01413339 9120 0000
TVA LU11020725
BC Luxembourg B 12741
Matrlcule 1975 2401 759
Pg
._,
sec
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Exhibit B Pg
it i du jeudi, premier octobre deux mills neuf.
>' ChiMane JUNCK, vice-pr6slciente,
'* * "jean-Paul MEYERS, premier juge,
Carole KUGENER, Juge,
Manuela FLAMMANG, grafffere.
^
Kj/wvyw^otyv-v
Entre:
p. ™ -» J,
Monsieur le Procureur d'Etat prts ie Tribunal d'arrondissement de et £
Luxembourg, Palais de Justice, Luxembourg,
3**
demandeur en diasoiutkm et en liquidation de la soci6td anonyme SLS CAPITAL
S.A., aux termes d'une requete datee du 4 juin 2009,
comparant par Monsieur Guy BREISTROFF, substitut,
et:
la soctett anonyme SLS CAPITAL S A , dont le siege social A L-1855
Luxembourg, 46A, avenue J.-F. Kennedy, a 6t6 d6nonc6 en date du 11 novembre
2008.
defenderesse aux fins de la pr6dite requdte,
d^failiante.
FAITS:
Par requSte dat6e du 4 juin 2009, ci-apr6s annex6e, Monsieur le Procureur d'Etat;
demand^ la dissolution et la liquidation de la socidt6 defenderesse:
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DOCUMENT N 0 301464
EUROTRADUC
22.08.2011
bxhibit B'
Pnfered (M2ii/f2 1 7 : ^ :10
bxtiibit b
Kg
-1
Luxembourg, le 4juin 2009
A Mesdames et Messieurs
les vice-president,
premierjuge etjuge
du tribunal d'arrondissement
de LUXEMBOURG
Parquet Economique
Cite judiciaire
Plateau du Satnf-Esprit
L-2080 LUXEMBOURG
%
MHWSA
RC B104 219
Aux termes des renseignements dont dispose le Ministdre Public, la soctetg SLS CAPITAL
S.A., constitute en date du 17 novembre 2004, contrevient gravement aux dispositions des
lois rdgissant les societes commerciales.
Depuis la denonciation Je 11 novembre 2008 du sidge social d L-1855 Luxembourg, 46a,
avenue J.F. Kennedy, denonciation d^posfo en date du 6 Janvier 2009 au registre de
commerce et des soci&&, la sooiHi n'a plus de sidge ni domicile connu.
Aux termes de I'article 159 nouveau de la loi modififo et complete du 10 aofit 1915 sur les
soci&t&s commerciales, le dfifaut de domicile connu constitue dans le chef d'une socidt^ une
contravention grave k la loi susceptible de lui faire encourir .la dissolution ou la fermeture
judiciaire conformement aux dispositions des articles 203 et 203-1 de la mime loi.
A part le bilan au 31 d&embre 2005, depose Je 9 octobre 2007, aucun bilan, ni aucun compte
de profits et pertes approuves par Passembiee generate n'a ete depose au registre de commerce
et des societes.
Par application de I'article 203 de la loi modifiee du 10 aoftt 1915 concemant les societes
commerciales, ie Procureur d'Etat soussigne vous demande de prononcer Ja dissolution et
d'ordonner la liquidation de la societe designee ci-dessus ainsi que tons autres devoirs de
droit.
En 1'application de I'mtide 203(5) et vu I'urgence, le requerant vous demande d'ordonner
I'execution provisoire de la decision k intervenir.
Pour le Procureur d'Etat
Mare HA
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L'affaire fut utilement retenue & I'audience publique du 17 septembre 2009 devant la
sixteme chambre, siegeant en mature commerciale, lore de laquelle les d6bats
eurent lieu comme suit:
:
Le repr6sentant du Mini8t6re Public donna lecture de la requSte cl-avant reproduite
et exposa ses moyens.
La partie defenderesse ne s'est pas prdsentde A I'audience.
Le tribunal prit l'affaire en d6lib6r6 et rendit d I'audience publique de ce jour le
j ugement
qui suit:
Par requdte du 4 juin 2009 Monsieur le Procureur d'Etat a demands & voir prononcer
ia dissolution et ordonner la liquidation de ia sootetd anonyme SLS CAPITAL S.A.
Le si6ge social de cette socfete ayant 6t$ d6nonc6, la requdte a £te publico,
conformement aux dispositions de ['article 203 de la loi du 10 aoAt 1915 par extrait
dans deux joumaux imprlm&s au Luxembourg en date du 5 septembre 2009.
La partie defenderesse n'ayant pae comparu & I'audience, il y a lieu de statuer,
conformement d radicle 79 du Nouveau Code de procedure Civile, par un jugement
par d6faut.
Vu ('article 203 de la iol du 10 aoOt 1915 concemant les soci6t6s commerciales, tel
qu'il a M4> modifie par la loi du 31 mai 1999, suivant lequel le tribunal a la faculty de
prononcer la dissolution et la mise en liquidation d'une soctete qui a contrevenu aux
dispositions du droll penal, du droit des soctetes ou du droit d'etablissement, en
apprdciant, au cas par cas, si les contraventions constatees justifient une dissolution
de la societe, et si ia dissolution constitue un moyen efficace au sens du texte de loi.
II resulte d'un extrait d6livr£ par le Registre de Commerce et des Societes en date
du 29 mat 2009 que depuis ie seul bilan au 31 decembre 2005, depose Ie 9 octobre
2007, aucun bilan, nl aucun compte de pertes et profits, dOment approuves par les
organes competents, n'ont ete deposes par la societe anonyme SLS CAPITAL S.A.
et encore que la societe est sans domicile connu depuis la denonciation du siege en
date du 11 novembre 2008.
Au vu des circonstances de I'esp^ce, et en tenant compte du fait que la societe ne
s'est pas presentee 4 I'audience pour offrir des explications quant aux manquements
constates, ii y a lieu de prononcer la dissolution et d'ordonner la liquidation de fa
societe defenderesse, en declarant applicable les regies relatives d la liquidation de
la faillite.
II est dans I'interdt de la liquidation que le liquidateur exerce ses fonctions sans autre
delai, de sorte qu'il y a egalement lieu d'ordonner, conformement 6 la requdte
introductive, I'execution provisoire du present jugement.
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8 of 18
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bxhibity
9 of 18
PAR CES MOTIFS;
le tribunal d'arrondissement de et £ Luxembourg, sixieme chambre, siegeant en
mati&re commerciale, statuant par un jugement par defaut & regard de la societe
concern6e, le Ministers Public entendu en ses conclusions ;
revolt la requdte en la forme;
declare dissoute la societe anonyme SLS CAPITAL S.A., dont le siege social & L1855 Luxembourg, 46A, avenue J.-F. Kennedy, a 6te d6nonc6 en date du 11
novembre 2008 ;
en ordonne la liquidation;
declare applicabies les dispositions legates relatives A ia liquidation de la faillite;
nomme juge-commlssalre Madame Carole BESCH, juge au tribunal
d'arrondissement de et A Luxembourg, et designe comme Uquldateur Maitre Yann
BADEN, avocat, demeurant & Luxembourg;
ordonne aux creanciers de faire au greffe du tribunal de commerce de ce siege la
declaration du montant de leurs crdances avant le 22 octobre 2009;
ordonne que les sceltes seront apposes au siege social de la societe et partout
ailleurs oCi besoin en sera, 6 moins que I'inventaire ne puisse Stre termine en un seul
jour, auquel cas il y sera precede sans apposition prealable;
ordonne (a publication du present jugement par extrait au Memorial, ainsi que dans
les journaux Luxemburger Wort et Tageblatt;
ordonne ('execution provisoire du present jugement;
met les frais & charge de la societe, sinon, en cas d'absence ou d'insuffisance
d'actif, & charge du Tr6sor.
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Exhibit B Pg
11 of 18
vnmumm^m
Commercial judgntent VI n 0 990/09
fij
Public hearing held on Thursday first October two thousand and nine.
Number L-6258/09
Being present:
Christiane JUNCK, Vice-President,
Jean-Paul MEYERS, Judge at the court of first instance,
Carole KUGENER, Judge,
Manuela FLAMMANG, Registrar of the court.
(signed:) Flammang
Between:
The State Prosecutor with the Dustrict Court of and in Luxembourg, Palais de Justice,
Luxembourg,
applying for the winding up and liquidation of SLS CAPITAL S.A., a joint stock company,
pursuant to an application dated 4 June 2009,
appearing through the office of Mr. Guy BREITSTROFF, deputy prosecutor in office,
and:
SLS CAPITAL S.A., as joint stock company for whose registered office in H 8 5 5
Luxembourg at 46A, avenue J.F. Kennedy notice was given on 11 November 2008,
defendant pursuant to the aforesaid application,
defaulting.
FACTS:
By way of an application filed on 4 June 2009, herewith appended, the State Prosecutor has
requested the winding-up and liquidation of the defendant company:
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Exhibits
13nfia
Luxembourg, 4 June 2009
PROSECUTOR'S OFFICE
DISTRICT COURT
Economic Office
To the Vice-President,
Cit6 Judiciaire
First Judge and Judge of the
Plateau du Saint-Esprit
District Court of Luxembourg
L-2080 LUXEMBOURG
MH/SA
Luxembourg Trade and Companies Register n" B104 219
In view of the information known to the Prosecutor's Office, SLS CAPITAL S.A., a joint
stock company incorporated on "17 November 2004, is in serious breach of the provisions of
the laws governing commercial companies.
From the time notice was given on 11 November 2008 re: its registered office located in L1855 Luxembourg at 46A, avenue J.F. Kennedy, which notice was filed on 6 January 2009
with the Luxembourg trade and Companies Register, the said company does not anymore
have any known registered office or domicile.
Pursuant to the new Article 159 of the amended and completed law of 10 August 1915 on
commercial companies, the lack of any known domicile represents for a company a serious
breach of the law likely to entail its winding-up of judicial closure in compliance with the
provisions of Articles 203 and 203-1 of said law.
Apart from the balance sheet as at 31s1 December 2005, which was filed on 9 October 2007,
neither balance sheet nor profit and loss account approved by the general meeting has been
filed with the Luxembourg Trade and Companies Register.
By application of Article 203 of the law of 10 August 1915 on commercial companies, as
subsequently amended, the undersigned State Prosecutor requests that you pronounce the
winding-up and order the liquidation of the aforesaid company as well as all and any further
duties such as at law.
By application of Article 203(5) and considering the urgency in the case, the applicant
requests that yon order the provisional enforcement of the decision to be passed.
For the State Prosecutor
Signed: illegible
Marc HARPES, First Deputy Prosecutor
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i,vcase was examined at the time of the public hearing held on 17 September 2009 before
sixth division sitting in commercial matteis, at which time the debate was as follows'
fhz representative of the Public Prosecution read out the above application and stated its
means,
The defendant party failed to attend at the hearing
The court took the case in chambers and at the time of the public hearing held that day passed
the following
judgment:
By application filed on 4 June 2009 the State Prosecutor lequested that be pronounced the
winding-up and ordered the liquidation of the joint stock company SLS CAPITAL S.A..
Since the registered office had been terminated the application was in accordance with Article
203 of the law of 10 August 1915 published in abstract in two newspapers printed in
Ijixembourg on 5 Septembei 2009.
The defendant party having failed to appear before the court, the case ought to be decided
pursuant to Article 79 of the New Code of Civil Procedure by judgment by default.
Considering Article 203 of the law of 10 August 1915, as subsequently modified by the law of
31s1 May 1999, according to which the court is enabled to pronounce the dissolution and
placing into liquidation of a company having breached the provisions of criminal law,
companies law or right of establishment, deciding on a case by case basis whether the
bleaches as ascertained justify a dissolution of the company, and whether such winding up
represents an efficient means in the meaning of the law.
There lesults from an abstract issued on 29 May 2009 by the Luxembourg Trade and
Companies Register that since the single balance sheet as at SI** December 2005 filed on 9
Octobei 2007, no balance sheet, no profit and loss account duly approved by the competent
bodies, have been filed by the joint stock company SLS CAPITAL S.A., and that the
company has been without known domicile since its registered office was terminated on 11
November 2008.
In view of the circumstances of the case, and taking into account the fact that the company
failed to appear before the court in order to provide explanations regarding the violations
recorded, its dissolution ought to be pronounced and oidered the liquidation of the defendant
company, declaring as applicable those rules pertaining to the liquidation of a bankruptcy.
It is in the interest of the liquidation that the liquidator may cairy out its mission without more
ado, so that it should likewise be oidered, in accordance with the application having initiated
the proceedings, that the piesent judgment be provisionally enforceable.
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UPON THESE GROUNDS:
the District Court of and in Luxembourg, sixth division sitting in commercial matters,
deciding by way of judgment by default against the concerned company, the Public
Prosecution having been heard it its statement of claims ;
admits the application in the form ;
declares wound-up the joint stock company SLS CAPITAL S.A., which registered office
situate in H 8 5 5 Luxembourg at 46A, avenue J.F. Kennedy was terminated on 11 November
2008;
orders its liquidation;
declares applicable those legal provisions pertaining to the liquidation of a bankruptcy;
appoints as magistrate in bankruptcy Mrs. Carole BESCH, judge with the District Court of
and in Luxembourg, and designates as liquidator Maitre Yann BADEN, lawyer residing in
Luxembourg;
orders the creditors to file a statement of their claims with the Registry of the Tribunal of
Commerce before 22 October 2009 ;
orders that seals be affixed at the registered office of the company and wherever else need
may be, unless the inventory can be completed in a single day, in which case it shall be
carried out without prior affixing of seals ;
orders publication of the present judgment by way of abstract in the Memorial as well as in
the Luxemburger Wort and Tageblatt newspapers ;
orders the provisional enforcement of the present judgment;
charges costs to the company or, in case of absence or insufficient funds, to the Treasury.
Signed: Flammang
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12-12707-scc
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EXHIBIT C
Proposed Order
Exhibit C
Pg
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Exhibit C Pg
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
x
In re:
:
Chapter 15
SLS CAPITAL S.A.,
Case No. 12Debtor in Foreign Proceeding.
ORDER GRANTING RECOGNITION OF A FOREIGN
MAIN PROCEEDING AND RELATED RELIEF
This matter having come before the Court upon the verified petition of Maitre Yann
Baden, in his capacity as Liquidator and Foreign Representative ("Petitioner" or "Foreign
Representative") of SLS Capital S.A. ("SLS") in the liquidation proceedings pending in
Luxembourg pursuant to Article 203 of the law of 10 August 1915 of Luxembourg, as
subsequently amended (the "SLS Luxembourg Proceeding"), for the entry of an order granting
recognition of a foreign main proceeding and related relief (together with the form petition filed
contemporaneously therewith, the "Verified Petition"): and the Court having reviewed and
considered, among other things, (i) the Verified Petition and its accompanying memorandum of
law, (ii) the Declaration of Maitre Yann Baden in Support of Petition For Recognition of
Foreign Proceeding, dated June 22, 2012, (iii) the Declaration of Tobey Butcher in Support of
Petition For Recognition of Foreign Proceeding, dated June 21, 2012, (iv) the Statement of
Maitre Yann Baden, in his capacity as Liquidator of SLS, made pursuant to section 1515 of title
11 of the United States Code (the "Bankruptcy Code"), and (v) the record of the hearing held on
July
, 2012 before the Court (the "Hearing"); and appropriate and timely notice of the filing
of the Verified Petition and the Hearing having been given; and no other or further notice being
necessary or required; and after due deliberation therefore,
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Exhibit C
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THE COURT HEREBY FINDS AND CONCLUDES THAT:
A.
To the extent any of the following findings of fact constitute conclusions of
law, they are adopted as such. To the extent any of the following conclusions of law constitute
findings of fact, they are adopted as such.
B.
The SLS Luxembourg Proceeding is a "foreign proceeding" within the meaning
of section 101(23) of the Bankruptcy Code.
C.
Luxembourg is the center of main interests of SLS and accordingly, the SLS
Luxembourg Proceeding is a "foreign main proceeding" within the meaning of section 1502(4)
of the Bankruptcy Code.
D.
Petitioner, as Liquidator of SLS in the SLS Luxembourg Proceeding, is a duly
appointed "foreign representative" of SLS within the meaning of section 101(24) of the
Bankruptcy Code.
E.
The above-captioned Chapter 15 case was properly commenced pursuant to
sections 1504 and 1515 of the Bankruptcy Code.
F.
The Verified Petition and accompanying documents satisfy the requirements of
section 1515 of the Bankruptcy Code.
G.
The Foreign Representative is entitled to the relief granted herein.
H.
The relief requested is necessary and appropriate, in the interests of the public
and international comity, consistent with the public policy of the United States and warranted
pursuant to sections 105(a), 108, 1507, 1517, 1520 and 1521 of the Bankruptcy Code.
I.
This Court has jurisdiction to consider this matter pursuant to 28 U.S.C. §§ 157
and 1334 and the "Amended Standing Order of Reference" of the United States District Court
for the Southern District of New York (C.J. Preska), dated January 31, 2012. This is a core
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Exhibit C
Pg
proceeding pursuant to 28 U.S.C. § 157(b)(2)(P). Venue for this proceeding is proper before
this Court pursuant to 28 U.S.C. § 1410.
NOW, THEREFORE, IT IS HEREBY:
ORDERED, that the Verified Petition is granted; and it is further
ORDERED, that the SLS Luxembourg Proceeding is granted recognition as a foreign
proceeding pursuant to section 1517(a) of the Bankruptcy Code; and it is further
ORDERED, that the SLS Luxembourg Proceeding is granted recognition as a foreign
main proceeding pursuant to section 1517(b)(1) of the Bankruptcy Code; and it is further
ORDERED, that all relief afforded to a foreign main proceeding, a foreign debtor
subject to such foreign main proceeding and the foreign representative of such a foreign debtor
automatically upon recognition pursuant to section 1520 of the Bankruptcy Code is granted to
the SLS Luxembourg Proceeding, SLS and Petitioner respectively, including, without
limitation, the protections afforded by section 362 of the Bankruptcy Code; and it is further
ORDERED, that section 108 of the Bankruptcy Code applies to the above-captioned
Chapter 15 case and the relief provided under section 108, including section 108(a), is available
to Petitioner; and it is further
ORDERED, that this Court shall retain jurisdiction with respect to the enforcement,
amendment or modification of this Order, and requests for any additional relief in this Chapter
15 case and all adversary proceedings in connection therewith properly commenced and within
the jurisdiction of this Court; and it is further
ORDERED, that this Order shall be served upon SLS, all persons or bodies authorized to
administer foreign proceedings of SLS, all parties-in-interest identified by Petitioner at the time
of such service, and the United States Trustee, by email or first class mail within five (5)
3
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Exhibit C
Pg
business days of entry of this Order; and it is further
ORDERED, that service in accordance with this Order shall be deemed good and
sufficient service and adequate notice for present purposes.
Dated: New York, New York
July
,2012
UNITED STATES BANKRUPTCY JUDGE
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EXHIBIT D
Statement Required by Section 1515(c) of the Bankruptcy Code
Exhibit D Pg
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EExhibit
xhibit
D
D Pg
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
x
In re:
:
Chapter 15
SLS CAPITAL S.A.,
:
Case No. 12-
Debtor in Foreign Proceeding.
-
:
x
STATEMENT OF MAlTRE YANN BADEN AS REQUIRED BY 11 U.S.C. § 1515
1, Maitre Yann Baden, declare under penalty of perjury under the laws of the United
States of America that the following is true and correct to the best of my knowledge, information
and belief:
1. I am over the age of 21 and am competent to testify to the matters set forth herein.
2. I respectfully submit this statement, as required under section 1515(c) of title 11 of the
United States Code (the "Bankruptcy Code") in support of the verified petition I am filing
contemporaneously herein, seeking recognition by this Court of the SLS Liquidation
Proceeding (as defined in the Verified Petition).
3. I am a lawyer authorized to practice law in Luxembourg and have fourteen years of
experience in the practice involving the laws of Luxembourg pertaining to insolvency. I
worked for three years with Police Grand Ducale in the area of financial crimes, after
receiving my initial professional education. As a lawyer, I assisted the liquidators of
Bank of Credit and Commerce International (BCCI).
4. The District Court of and in Luxembourg ("District Court of Luxembourg") appointed
me to act as the Liquidator of SLS Capital S.A. ("SLS") on October 1, 2009, pursuant to
Article 203 of the law of 10 August 1915 of Luxembourg as subsequently amended, as
part of its Judgment winding up and ordering the liquidation of SLS.
5. As SLS's liquidator, I have broad supervisory authority over SLS's affairs and the
liquidation of its assets. I am, however, subject to the direction and supervision of the
District Court of Luxembourg.
6. The SLS Liquidation Proceeding considers the rights and obligations of all of SLS's
creditors. The SLS Liquidation Proceeding operates for the benefit of all of SLS's
creditors and provides for pari passu recoveries, subject to the possibility of certain
statutory priority creditors (e.g., Luxembourg's tax authority).
7. The SLS Liquidation Proceeding is authorized under the commercial company law of
Luxembourg and is being conducted (administered) under insolvency laws of
Luxembourg pertaining to the liquidation of a bankruptcy winch the District Court of
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Pa
Luxembourg declared applicable to the SLS Liquidation Proceeding. That law governs
company insolvencies and establishes the framework for the principal types of
proceedings available to companies in Luxembourg, including administration and
liquidation.
8. Under Luxembourg law, I, as SLS Liquidator, have authority to manage the business of
SLS and control its assets and affairs in place of the management of SLS, subject to
supervision by the District Court of Luxembourg.
9. The purpose of the SLS Liquidation Proceeding is the liquidation of SLS and the
distribution of its assets to SLS's creditors, and to the extent SLS is able to pay its
creditors and there is a surplus, to distribute the surplus to SLS's shareholders.
10. To my knowledge, the SLS Liquidation Proceeding is the only proceeding pending with
respect to SLS and therefore, is the only known "foreign proceeding" with respect to SLS
as that term is defined in section 101(23) of the Bankruptcy Code.
11. As the appointed SLS Liquidator, I am authorized by order of the District Court of
Luxembourg pursuant to the law of 10 August 1915 as subsequently amended to
administer the liquidation of SLS for the benefit of all SLS's creditors and am also
authorized to commence ancillary proceedings related to SLS and the SLS Liquidation
Proceeding in jurisdictions outside Luxembourg.
Executed this 2 2 day of June, 2012 m Luxembourg
Maitre Yann Baden, Liquidator of SLS Capital S.A
-25672725.4