A German insolvency administrator has asked a bankruptcy court in New York to shield the U.S. assets of Maple Bank GmbH while its affairs are sorted, the Wall Street Journal reported today. Michael C. Frege, who has been appointed Maple Bank’s insolvency administrator in Germany, filed a chapter 15 bankruptcy case on Monday in the U.S. Bankruptcy Court in New York. That followed a move by Canadian banking regulators to take control of Maple Bank’s assets in Canada to preserve them after an investigation in Germany found what the regulators believed to be tax-law violations, according to a statement from Canada’s Office of the Superintendent of Financial Institutions. Canada’s Office of the Superintendent of Financial Institutions took action after insolvency proceedings began in the courts of Germany.
