This, say experts, is a danger point for all creditors: where the bad debtor reaches a point where they are no longer in a panicked free-fall.

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Whatever slight nuances of Cook Islands law that some believe makes it a better trust jurisdiction than any of the other offshore debtor havens, the bad reputation of the Cook Islands now outweighs those perceived advantages by at least tenfold.

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While the Debtor apparently had no assets within reach, the record shows that the Transferee has considerable assets that the Creditor can now pursue, so it was a very bad decision on his part to assist the Debtor.

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