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    Primeo Fund v HSBC: Grand Court rules that Madoff feeder fund was “the author of its own misfortune”
    2017-10-18

    In a landmark judgment of the Grand Court of the Cayman Islands delivered on 23 August 2017 in Primeo Fund (in Official Liquidation) (“Primeo”) v Bank of Bermuda (Cayman) Ltd (“BBCL”) and HSBC Securities Services (Luxembourg) S.A (“HSSL”),[1] Mr Justice Jones QC dismissed the claim brought by Primeo, a Madoff feeder fund, against its custodian and administra

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Campbells, Security (finance), Contributory negligence, Liquidation
    Authors:
    Andrew Pullinger , Shaun Tracey , Hamid Khanbhai
    Location:
    Cayman Islands
    Firm:
    Campbells
    Oil on Troubled Waters: successful restructuring of Ocean Rig Group
    2017-10-18

    In Ocean Rig [1], the Grand Court sanctioned four inter-related schemes of arrangement (the “Schemes”), as part of a group restructuring of over US$3.69 billion of New York law governed debt – in value terms, the largest judicially approved restructuring in the Cayman Islands.

    Filed under:
    Cayman Islands, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Campbells, Accrued interest
    Authors:
    Mark Goodman , Hamid Khanbhai
    Location:
    Cayman Islands
    Firm:
    Campbells
    Herald -v- Primeo: How can Cayman Islands liquidators restate a fund’s fraudulently misstated NAV?
    2016-09-22

    In the latest instalment in the ongoing litigation between Herald and Primeo,[1] the Grand Court of the Cayman Islands has considered how liquidators of a Cayman fund may adjust the fund’s historic NAVs (and thereby alter the respective amounts to be distributed to the fund’s shareholders) in circumstances where those NAVs were misstated due to fraud or default and where calcu

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, White Collar Crime, Campbells
    Authors:
    Guy Manning , Guy Cowan , Shaun Tracey
    Location:
    Cayman Islands
    Firm:
    Campbells
    Herald v Primeo: The Court of Appeal clarifies the status and priority of unpaid redemption creditors
    2016-08-01

    In a recent judgment,[1] the Cayman Islands Court of Appeal (the “Court”) has upheld the decision of the Grand Court which found that investors who have redeemed their shares but remain unpaid at the commencement of a company’s liquidation are entitled to prove in the liquidation for their redemption proceeds as a creditor. This is the case irrespective of whether or not the company could lawfully have distributed the redemption proceeds to them prior to the commencement of the liquidation.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Campbells
    Authors:
    Guy Manning , Shaun Tracey , Guy Cowan
    Location:
    Cayman Islands
    Firm:
    Campbells
    Primeo Fund v HSBC: Grand Court rules that Madoff feeder fund was “the author of its own misfortune”
    2017-10-18

    In a landmark judgment of the Grand Court of the Cayman Islands delivered on 23 August 2017 in Primeo Fund (in Official Liquidation) (“Primeo”) v Bank of Bermuda (Cayman) Ltd (“BBCL”) and HSBC Securities Services (Luxembourg) S.A (“HSSL”),[1] Mr Justice Jones QC dismissed the claim brought by Primeo, a Madoff feeder fund, against its custodian and administrator seeking da

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Campbells, Security (finance), Contributory negligence, Liquidation
    Authors:
    Hamid Khanbhai
    Location:
    Cayman Islands
    Firm:
    Campbells
    Herald -v- Primeo: How can Cayman Islands liquidators restate a fund’s fraudulently misstated NAV?
    2016-09-22

    In the latest instalment in the ongoing litigation between Herald and Primeo,[1] the Grand Court of the Cayman Islands has considered how liquidators of a Cayman fund may adjust the fund’s historic NAVs (and thereby alter the respective amounts to be distributed to the fund’s shareholders) in circumstances where those NAVs were misstated due to fraud or default and where calcu

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, White Collar Crime, Campbells
    Authors:
    Shaun Tracey
    Location:
    Cayman Islands
    Firm:
    Campbells
    Herald v Primeo: The Court of Appeal clarifies the status and priority of unpaid redemption creditors
    2016-08-01

    In a recent judgment,[1] the Cayman Islands Court of Appeal (the “Court”) has upheld the decision of the Grand Court which found that investors who have redeemed their shares but remain unpaid at the commencement of a company’s liquidation are entitled to prove in the liquidation for their redemption proceeds as a creditor. This is the case irrespective of whether or not the company could lawfully have distributed the redemption proceeds to them prior to the commencement of the liquidation.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Campbells
    Authors:
    Guy Manning , Shaun Tracey , Guy Cowan
    Location:
    Cayman Islands
    Firm:
    Campbells
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