Current Liquidation Status (2026)
The Kingate Global Fund is currently in the distribution and claims adjudication phase. After over a decade of complex international litigation, the Joint Liquidators (JOLs) are processing claims to return recovered capital to eligible creditors and shareholders.
Key Developments
- Madoff Estate Settlements: In late 2019, a landmark settlement was reached with the Madoff Trustee (Irving Picard). This agreement granted the Kingate Funds an allowed claim of approximately $1.66 billion in the Madoff liquidation estate.
- Asset Recoveries: As of 2025–2026, the fund has benefited from multiple “pro rata” interim distributions from the Madoff Trustee. The most recent (17th) distribution in February 2026 further increased the pool of funds available for Kingate stakeholders.
- Adjudication of Claims: The Liquidators have been working through the “claims adjudication” process. This involves verifying the identities and net loss amounts of thousands of individual and institutional investors to ensure distributions comply with British Virgin Islands (BVI) law.
Historical Context
- The Collapse (2008): Kingate Global was one of the largest Madoff feeder funds, having invested roughly $1.7 billion with Bernard L. Madoff Investment Securities (BLMIS). Following Madoff’s arrest in December 2008, the fund’s net asset value was wiped out, leading to its insolvency.
- Liquidation Filing (2009): The fund entered liquidation in May 2009 in the British Virgin Islands, with ancillary proceedings later opened in Bermuda.
- Litigation Hurdles: For years, the liquidation was stalled by “clawback” lawsuits from the Madoff Trustee, who sought the return of money Kingate had withdrawn before the Ponzi scheme collapsed. These disputes were finally resolved through the 2019 settlement.
Summary Table: Fund Facts
| Feature | Details |
| Jurisdiction | British Virgin Islands (BVI) |
| Status | In Liquidation (Active) |
| Joint Liquidators | Paul Pretlove and others (Kalo/Interpath) |
| Primary Asset | Allowed claim in the BLMIS (Madoff) Estate |
| Official Website | kingateglobal-liquidation.vg |
Information for Investors
If you are a registered shareholder or beneficial owner:
- Direct Shareholders: You should receive periodic reports directly from the Joint Liquidators.
- Indirect Investors: If you invested through a bank or custodian (nominee), you must contact that institution. The Liquidators only communicate with the legal “Registered Shareholder.”
- Madoff Victim Fund (MVF): Note that the MVF (administered by the US Dept. of Justice) is a separate process from the Kingate liquidation.
Note: The liquidation is a long-term process. Final payouts depend on the successful resolution of remaining smaller litigations and the timing of future distributions from the Madoff Trustee.
