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    Cayman Court gives guidance on the status of redeeming investors and approach to distributions
    2015-06-24

    The Grand Court of the Cayman Islands (the Court) recently ruled in favour of Primeo Fund (in official liquidation) (Primeo) in its ongoing representative proceedings with the Additional Liquidator of Herald Fund SPC (in official liquidation) (Herald).

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Mourant, Articles of association
    Authors:
    Rocco Cecere , Christopher Levers
    Location:
    Cayman Islands
    Firm:
    Mourant
    Court of Appeal guidance on just and equitable winding up petitions
    2015-06-30

    The recent judgment of the Cayman Islands Court of Appeal ("CICA") in Asia Pacific Limited v ARC Capital LLC1 explains the approach that the Court will take when considering an application to strike-out a contributory's just and equitable winding up petition which is based on an offer to purchase the petitioner's shares at fair value. 

    Filed under:
    Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Maples Group
    Authors:
    Aristos Galatopoulos , Luke Stockdale
    Location:
    Cayman Islands, United Kingdom
    Firm:
    Maples Group
    Claims against insolvent funds
    2009-07-31

    The drafting changes just discussed are primarily intended to ensure that funds do not become embroiled in contractual disputes, but in a global recession more and more funds are finding themselves in disputes that threaten to end up, and sometimes do end up, before the courts. In this chapter we analyse the legal issues surrounding key matters in the current litigious environment and cover the following:  

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Shareholder, Fraud, Audit, Liquidation, Articles of association, Liquidator (law), Net asset value, Arbitrage, High Court of Justice (England & Wales)
    Location:
    Cayman Islands
    Firm:
    Ogier
    Tasarruf Meduati Ssigorta Fonu v Merrill Lynch (Cayman) Limited and others
    2009-09-30

    Cayman Islands Court of Appeal, Unreported judgment given 9 September 2009.

    As a matter of English and Cayman law, does the court have jurisdiction to appoint a receiver, at the behest of a judgement creditor, by way of equitable execution over a settlor’s power of revocation of a trust?

    Facts

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier, Bankruptcy, Debt, Common law, Capital punishment, Citizenship, Right to a fair trial, Merrill, European Convention on Human Rights, Court of Appeal of England & Wales
    Location:
    Cayman Islands
    Firm:
    Ogier
    Delaware Bankruptcy Court grants Chapter 15 protection over U.S. assets of Cayman Islands fund in liquidation
    2010-01-26

    In a recent decision, the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) granted protection over the U.S. assets of a Cayman Islands exempted company in liquidation. See Revised Order Recognizing Foreign Proceeding (the “Order”), In re Saad Investments Finance Company (No.5) Limited (“SIFCO5”), Case No. 09-13985 (KG) (Bankr. D. Del. Dec. 17, 2009) (Docket No. 47). The company, SIFCO5, is subject to official liquidation proceedings in the Cayman Islands, which the Bankruptcy Court found was eligible for relief under chapter 15 of the U.S.

    Filed under:
    Cayman Islands, USA, Delaware, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Schulte Roth & Zabel LLP, Debtor, Privately held company, Hedge funds, Limited partnership, Liquidation, Investment company, Liquidator (law), Barclays, Bear Stearns, US Code, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware, US District Court for the Southern District of New York
    Authors:
    Harry S. Davis , Karen S. Park , Brian D. Pfeiffer
    Location:
    Cayman Islands, USA
    Firm:
    Schulte Roth & Zabel LLP
    Cayman investment company obtains Chapter 15 protection in the United States
    2010-02-19

    The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.

    Recognition of the liquidation as foreign main proceedings provides for an automatic stay of proceedings with respect to any assets of SIFCO5 within the United States, amongst other things.

    Filed under:
    Cayman Islands, USA, Delaware, Insolvency & Restructuring, Litigation, Harneys, Interest, Limited liability partnership, Liquidation, Investment company, Liquidator (law), Bear Stearns, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware
    Location:
    Cayman Islands, USA
    Firm:
    Harneys
    COMI: new developments for offshore liquidators
    2010-05-14

    National interests play a distinct part in application of the UNCITRAL model law on cross-border insolvency.  

    The Model Law  

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier, Defamation, Liquidation, Liquidator (law), UNCITRAL, Bear Stearns, Uniform Act, United States bankruptcy court
    Location:
    Cayman Islands, USA
    Firm:
    Ogier
    Culross Global SPC Ltd v Strategic Turnaround Master Partnership Ltd
    2011-02-25

    Where an investor in a fund incorporated in the Cayman Islands gave notice of redemption to the fund, held that it became a prospective creditor as soon as the notice was given and a creditor upon expiry of the redemption notice period notwithstanding that the fund had subsequently resolved to suspend redemptions.: -- Culross Global SPC Ltd v Strategic Turnaround Master Partnership Ltd [2010] UKPC 33 (United Kingsom, Privy Council on appeal from the Cayman Islands, 13 December 2010)

    Filed under:
    Cayman Islands, Capital Markets, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, WongPartnership LLP, Investment funds
    Location:
    Cayman Islands
    Firm:
    WongPartnership LLP
    Court restricts ability of offshore funds to access chapter 15 of the Bankruptcy Code
    2007-10-25

    In Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd.,1 the United States Bankruptcy Court for the Southern District of New York refused to allow the foreign representatives of two Bear Stearns funds2 to institute ancillary proceedings under new chapter 15 of the United States Bankruptcy Code. There, Judge Lifland held that, even though the Funds were in liquidation proceedings in the Cayman Islands, those proceedings constituted neither “foreign main” nor “foreign non-main” proceedings for purposes of the U.S.

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Injunction, Asset management, Margin (finance), Subprime lending, Liquidation, Liquidator (law), Bear Stearns, Title 11 of the US Code, United States bankruptcy court
    Location:
    Cayman Islands, USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    US court declines to recognise Cayman provisional liquidation proceedings
    2007-10-31

    At a glance

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Debtor, Limited liability company, Hedge funds, Subprime lending, Legal burden of proof, Liquidation, Bear Stearns
    Location:
    Cayman Islands, USA
    Firm:
    Freshfields Bruckhaus Deringer

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