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ILPA Releases Considerations for GP-led Secondary Fund Restructurings

In April 2019, the Institutional Limited Partners Association (“ILPA”) released a set of considerations for Limited Partners and General Partners with respect to General Partner-led secondary fund restructurings (the “ILPA Memo”). The ILPA Memo can be viewed here.

USA, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Weil Gotshal & Manges LLP
British Virgin Islands court rules on the ranking of redeemed shareholders

A recent decision from the Commercial Court of the British Virgin Islands has clarified the position of a redeemed shareholder of a fund who has a claim for redemption proceeds which have become due and payable. In the matter ofWestern Union International Limited v Reserve International Liquidity Fund Ltd., the court considered the status of a redeemed shareholder both before and after the commencement of the liquidation of a fund and the operation of Section 197 of the Insolvency Act, 2003 (the “Act”). Section 197 states that:

British Virgin Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Share (finance), Regulatory compliance, Shareholder, Unsecured debt, Dividends, Market liquidity, Liquidation, Articles of association, Internal Revenue Service (USA), US Federal Government, Internal Revenue Code (USA)