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Terminating Cayman vehicles and minimising 2024 fees

Do you have any Cayman vehicles that you are considering terminating?

Cayman Islands, Capital Markets, Insolvency & Restructuring, Private Client & Offshore Services, Ogier, Liquidation
Termination of Cayman vehicles - advance planning to minimise 2020 fees

Do you have Cayman vehicles that you are considering terminating?

If so, you should consider initiating the process now to minimise or eliminate 2020 annual fees. This note contemplates corporate vehicles but similar considerations apply to partnerships.

Termination by voluntary liquidation

Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Securitization & Structured Finance, Ogier, Cayman Islands Monetary Authority
UK High Court judgment on ISDA Default Rate calculations in Lehman Waterfall IIC, and supplemental judgment on statutory interest and currency conversion claims in Waterfall IIA and IIB

The High Court in London handed down judgment on Part C of the Lehman Waterfall II Application on 5 October 2016.

The judgment examines the extent of creditors’ entitlements to Default Rate interest on debts arising under ISDA Master Agreements governed by English law and New York law. As some £4.4 billion of LBIE’s admitted claims arise under ISDA Master Agreements and the debts were outstanding for more than five years, this judgment will materially influence the amount of money which must be applied in satisfaction of creditors’ entitlements to statutory interest.

United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, International Swaps and Derivatives Association, Lehman Brothers