Begbies Traynor : partners appointed as joint liquidator for Envy Global Trading

A team from Begbies Traynor Group, led by Darren Reeds and Wesley Edwards, as well as Wong Joo Wan of Alternative Advisors Pte Ltd in Singapore, have been confirmed as joint liquidators of a BVI entity, Envy Asset Management Trading Ltd.

The appointment is connected with the Envy group of Singapore companies, formerly under the control of Ng Yu Zhi, who has been charged with various offences of fraud and cheating investors via a nickel trading investment scheme. Singapore companies within the Envy group comprise; Envy Global Trading Pte Ltd and Envy Asset Management Pte Ltd.

The Joint Liquidators were appointed to the BVI company on 9 April 2021. As part of the appointment, the Joint Liquidators teams which are spread across; BVI, Europe and Singapore, will be investigating the funds flows and potential asset holdings of the company.

The focus will be on various methods of investigation, in attempts to identify investor funds. Additionally, the Joint Liquidators will work closely with relevant authorities including the Commercial Affairs Department in Singapore, as well as the Interim Judicial Managers of the Singapore Envy group entities.

A spokesperson at Begbies Traynor, said:

'This is a complex, high-profile situation spanning multiple jurisdictions. As such we are working closely with all relevant stakeholders who might have information to support the investigations, as well as collaborating with relevant authorities, including the Commercial Affairs Department and the appointed Interim Judicial Manager overseeing the affairs of the Singapore based Envy organisations.

'Our goal is to find the best outcome for the creditors and other stakeholders of the BVI company.'.

'Due to the complex and fast-moving situation, we are, unfortunately, unable to comment any further at this stage.'

Darren joined CVR Global (acquired by Begbies Traynor Group in 2021) after more than 23 years of insolvency and restructuring experience, much of which was with three of the global Top 10 accountancy networks.

He spent five-and-a-half years in the British Virgin Islands as a licensed Insolvency Practitioner, heading up the insolvency and restructuring divisions for two of the global Top 5 accountancy networks. This involved assisting stakeholders, including; creditors, directors, shareholders and regulators in recovering funds and assets and managing cross-border litigation and enforcement procedures.

Darren is using his experience to support CVR Global's international work in Gibraltar, Jersey and the British Virgin Islands, ranging across administrations, liquidations, receiverships and forensic investigations. Darren will continue to take joint appointments, as appropriate, with CVR Global's BVI office.

His work has reached various corners of the globe, undertaking court-appointed receiverships and liquidations encompassing multiple jurisdictions.

Darren is a Fellow of the Association of Chartered Certified Accountants, and served on the technical committee of the Recovery and Insolvency Specialists Association in the BVI.