David Thacker is a Director with Teneo’s Financial Advisory business, having joined Teneo following its acquisition of KPMG’s Cayman Islands Restructuring business.
David has twelve years of experience across a broad spectrum of restructuring and insolvency engagements in the Cayman Islands, many involving multi-jurisdictional aspects, with a focus on funds and financial services. David was with KPMG for 16 years prior to joining Teneo. He is FCA qualified and a UK licensed insolvency practitioner.
Selected Project Experience
- Court liquidations of four special purpose vehicles incorporated in the Cayman Islands and British Virgin Islands with significant shareholdings in Luckin Coffee Inc, a formerly Nasdaq listed coffee chain operator headquartered in China.
- Led the voluntary liquidation of Global Health Care Opportunity, facilitating an interim distribution of c.US$100 million on appointment.
- Led the engagement team on the official liquidation of Harlequin Hotels and Resorts, part of the Harlequin group which is subject to investigation by the UK Serious Fraud Office.
- Led the Cayman engagement team on the official liquidation of Visunex Medical Systems, a medical technology business that developed technology to diagnose and manage paediatric vision disorders.
- Led the engagement team on the official liquidation of Golden Key Limited, a structured investment vehicle in administrative receivership with Deloitte UK which was placed into a court process due to complications around application of the prescribed part. The liquidation was successfully concluded within three months.
- Official liquidation of Vantage Drilling Company (”VDC”), an offshore drilling group with circa US$2.7 billion in secured debt prior to completing a Chapter 11 process in the US, with responsibility for leading engagement teams working on intra-group debts, VDC’s subsidiary companies and their assets and various other aspects.
- Official liquidation of Frontier Mining Limited, a holding company with subsidiary operations in Kazakhstan, taking a lead role supporting the liquidators in strategy and asset realization.
- Receivership of the assets of a structured vehicle which financed a significant and high profile property development in the Middle East, acting as the central point of contact with KPMG London and legal counsel.
- Led the trading administration of Manor Mills LLP, concluding the sale all remaining residential & commercial units.
- Receivership of the Ritz-Carlton Grand Cayman development companies with respect to $250m of secured debt, dealing primarily with taking control of the hotel and residential development, legal actions commenced against associated parties, managing Strata corporation issues and litigation and operating a rental program for privately owned condos onsite.
- Official liquidation of Opus Trinity SPC, a segregated portfolio company with highly illiquid property assets in the middle east and cross collateralization of the segregated portfolios, undertaking detailed investigations into the financial position and history of each SP and realizing recoveries through divesting holdings in Saudi Arabian property.
- Official liquidations of Beacon Hill Master Fund and Bristol Fund, a master/feeder fund structure investing in US mortgage-backed securities that suspended redemptions amid an SEC investigation, with responsibility for managing investor relations, distributions and assisting with litigation in US and Cayman Courts.
- Managed numerous other liquidations and advisory engagements.
- Funds, financial services, energy and natural resources, hotels, property development.