The Grand Court Follows the Usual Course in an Unusual Liquidation

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In the matter of Pacific Harbor Asia Fund I, Ltd (In Official Liquidation) (the “Company”) the Grand Court appointed joint official liquidators (“JOL”) from different firms due to the differing opinions of various stakeholders as to the identity of the liquidators. The Grand Court directed the JOLs to endeavour to agree a protocol to govern their respective responsibilities and provide for co-operation between them. While negotiating the protocol the JOLs reached an impasse in relation to agreeing how the costs of the liquidation were to be paid.

The Company is part of a master/feeder structure which initially comprised the Company as an offshore feeder fund, a Delaware (now domiciled in Cayman) feeder fund and the master fund which is a Cayman Islands Limited Partnership (“Master Fund”). The Company’s main asset is its 77% partnership interest in the Master Fund. Click here for more..