On 6 October 2023, Parker J handed down his reasons for dismissing an application to bring the voluntary liquidation of Port Link GP Ltd, General Partner (GP) of The Port Fund L.P. (TPF) under the supervision of the Grand Court pursuant to section 124 of the Companies Act. (Section 124)
In the recent decision In the Matter of Padma Fund L.P. (unreported, 8 October 2021) (Padma), Justice Parker found that the Grand Court of the Cayman Islands (Court) has no jurisdiction to wind up a Cayman Islands exempted limited partnership (ELP) on the basis of a creditors' petition. Instead, the Court found that an unpaid creditor must present a petition against the general partner (GP) of the ELP.
On 25 April 2017, the President of the Republic of Azerbaijan signed a decree approving the Law on Amendments to the Bankruptcy Law (the Amendments).
The Amendments incorporate the definition of related parties to the debtor in accordance with the Civil Code of the Republic of Azerbaijan (the Civil Code). The related parties include the persons described in Article 49-1.1 of the Civil Code as well as individuals dismissed from the debtor’s management bodies within one year prior to the beginning of bankruptcy.
On 25 April 2017, the President of the Republic of Azerbaijan signed a decree approving the Law on Amendments to the Bankruptcy Law (the Amendments).
The Amendments incorporate the definition of related parties to the debtor in accordance with the Civil Code of the Republic of Azerbaijan (the Civil Code). The related parties include the persons described in Article 49-1.1 of the Civil Code as well as individuals dismissed from the debtor's management bodies within one year prior to the beginning of bankruptcy.
On 7 April 2017, the President of the Republic of Azerbaijan signed a decree (the Decree) approving significant amendments to the Law On Banks dated 16 January 2004 (the Amendments) and relating to local banks experiencing financial difficulties.
Financial Rehabilitation