The Offshore Case Digest offers readers a high level summary of the major commercial cases decided in Bermuda, the British Virgin Islands and the Cayman Islands between July 2014 and October 2014. Our goal is to provide a useful reference tool for clients and practitioners who are interested in the development of case law in each jurisdiction. Read more.

The United States Bankruptcy Court for the Southern District of New York (Bernstein, J.), following a trial, granted recognition to the Chapter 15 case application filed by the Cayman Joint Provisional Liquidators (“JPLs”) of Suntech Power Holdings Co., Ltd. (“Suntech”), rejecting arguments made by the residual trust of former competitor Solyndra that Suntech manipulated the venue of the case and impermissibly manipulated its Center of Main Interests (“COMI”) in order to qualify for Chapter 15.

Divided by a Common Legal Language? Liquidations under Chapter 11 and Cayman Law (2013 Caribbean Insolvency Symposium) - Gordon MacRae, Geoff Varga, Jalil Asif, Colette Wilkins, Laura Hatfield, Brian K. Tester

In this feature, Christopher Russell and Michael Makridakis of the international law firm Ogier explore recent case law developments in the winding down of open-ended mutual funds in the Caymans. In what circumstances should the court intervene to impose a compulsory liquidation over a company in management wind down? This question has fallen for decision recently by the courts of the Cayman Islands, in a number of first instance decisions, in the context of open-ended mutual funds.

The Privy Council has just delivered its judgment in the Strategic Turnaround appeal which clarifies a number of important points in respect of suspensions and redemptions by Cayman Islands investment funds. The decision makes clear that powers of suspensions and redemptions and the status of a redeeming but unpaid investor is a matter of interpretation of the fund's articles of association and, where relevant, its offering documents.