Legal

The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.

Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".

Chubb declared at the last minute that it would not contest the English court’s jurisdiction, in contrast to every other reinsurer being sued by aircraft lessors.

The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.

Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.

The former employees are accused of co-ordinating an “unlawful” team move and conspiring to steal clients.

The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.

In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.

Celestial Aviation Services received $501.5mn relating to 14 aircraft that were stranded in Russia as a result of the ongoing conflict with Ukraine.

The eight-day trial will look at prevention of access wordings, policy limits and furlough payments.

Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.

Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.