The Grand Court of the Cayman Islands has recently ruled In the Matter of Formation Group (Cayman) Fund I, LP (Formation) 1 that it is possible to bring a just and equitable petition to wind-up an exempted limited partnership (ELP) in its own name, as opposed to that of the general partner (GP). This decision contradicts aspects of Justice Parker's judgment In The Matter of Padma Fund LP (Padma). 2 In this update, we consider these conflicting first instance decisions.
The Cayman Islands' legislature has gazetted the Companies (Amendment) Bill 2021 ("Bill") which introduces a new corporate restructuring process and creates a role for a dedicated restructuring officer in the Cayman Islands.
The Grand Court of the Cayman Islands (the "Court") recently handed down a decision in the case of BDO Cayman Ltd. and BDO Trinity Ltd. v Ardent Harmony Fund Inc. (In Official Liquidation). This case provides helpful guidance on the exercise of the Court's discretion to grant leave to commence proceedings against a company in liquidation.
Background
In Ctrip Investment Holding Ltd v eHi Car Services Limited the Cayman Islands Court delivered a warning to shareholders seeking to use the winding up jurisdiction to advance their own individual commercial interests.
Offshore security enforcement Offshore security enforcement /3 Contents 4 Introduction 5 British Virgin Islands (BVI) 8 Cayman Islands 11 Isle of Man 14 Guernsey 18 Jersey 21 Luxembourg 24 Malta 27 Mauritius 30 About us 31 Key contacts Offshore security enforcement 4\ Introduction This briefing document summarises the key issues in enforcing security in the countries listed and is a general guide. Taylor Wessing does not have offices in the jurisdictions contained in this guide, but has called on the support of the firms acknowledged at the back.
Introduction
WHAT IS FATCA?
Mark Goodman and Katie Logan, Campbells
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
The much-anticipated and welcome reforms to the Cayman Islands restructuring and insolvency legislation will come into force on 31 August 2022.
In The Matter of Padma Fund L.P. [FSD 201 of 2021] (RJP), the Cayman Grand Court held that the Cayman Court does not have jurisdiction to order the winding up of a Cayman exempted limited partnership (“ELP”) on the basis of a creditor’s petition for the winding up of the ELP. The Court ruled that the correct procedure for a creditor to follow is to commence proceedings against the general partner of the ELP for an unpaid debt.