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    Shareholder disputes in the Cayman Islands: Petitions to wind up a company on "just & equitable" grounds...
    2016-01-25

    Loss of substratum (or reason for existence)

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Loeb Smith Attorneys, Shareholder, Liquidation
    Location:
    Cayman Islands
    Firm:
    Loeb Smith Attorneys
    Abusive winding up petition struck out
    2018-07-16

    In Ctrip Investment Holding Ltd v eHi Car Services Limited the Cayman Islands Court delivered a warning to shareholders seeking to use the winding up jurisdiction to advance their own individual commercial interests.

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Maples Group, Liquidation
    Location:
    Cayman Islands
    Firm:
    Maples Group
    Heralding investor certainty
    2015-07-01

    A recent decision of the Grand Court, Primeo Fund (in official liquidation) v Herald Fund SPC (in official liquidation)1, is another win for investor certainty in the Cayman Islands.  In previous updates, we have written about Cayman Islands and BVI decisions which illustrate the various challenges associated with bringing clawback actions in the Cayman Islands against innocent arm's length mutual fund investors who have validly redeemed their shares.2  That message has been further reinforced, on different grounds, by Jones J in P

    Filed under:
    Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Maples Group, Liquidation, Articles of association
    Authors:
    James Eldridge , Caroline Moran
    Location:
    Cayman Islands, United Kingdom
    Firm:
    Maples Group
    Recent Judgment of the Cayman Islands Court of Appeal Concerning Validation Orders
    2018-05-31

    In the recent decision of Aurora Funds Management Limited et al -v- Torchlight GP Limited1 the Cayman Islands Court of Appeal dismissed an appeal brought in respect of an order made by McMillan J in the Grand Court validating certain payments made by Torchlight GP Limited (the "General Partner") in accordance with Section 99 of the Companies Law.

    Background

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Conyers, Liquidation
    Authors:
    Erik Bodden , Jordan McErlean
    Location:
    Cayman Islands
    Firm:
    Conyers
    Modified universalism: Full Federal Court protects the rights of a local creditor in a cross-border insolvency
    2014-05-27

    Akers as a joint representative of Saad Investments Company Limited (in Official Liquidation) v Deputy Commissioner of Taxation [2014] FCAFC 57

    The Full Federal Court has confirmed a “modified universalism” approach to cross-border insolvencies, and provided guidance on what is required for the “adequate protection” of rights of local creditors under the Model Law on Cross-Border Insolvency (‘Model Law’), as enacted in Australia by the Cross-Border Insolvency Act 2008 (Cth).

    Filed under:
    Australia, Cayman Islands, Insolvency & Restructuring, Litigation, Tax, Liquidation, Liquidator (law), Federal Court of Australia
    Location:
    Australia, Cayman Islands
    Herald Fund SPC: The NAVs That Bind
    2018-03-16

    In a decision that does much to reassert legal certainty for investors in Cayman Islands funds the Cayman Islands Court of Appeal ("CICA") has overruled a decision of the Grand Court concerning the circumstances in which an official liquidator of a solvent company could rectify the register of members, in In the matter of Herald Fund SPC (in official liquidation).

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Maples Group, Liquidation
    Authors:
    Nick Herrod
    Location:
    Cayman Islands
    Firm:
    Maples Group
    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), Title 11 of the US Code, Bear Stearns, United States bankruptcy court, US District Court for District of Delaware
    Location:
    Cayman Islands, USA
    Firm:
    Harneys
    Cayman Islands Voluntary Liquidations 2017
    2017-10-24

    In order to prevent the expense of annual 2018 government registration fees, an appointed liquidator will be required to hold the final general meeting for a company or file the final dissolution notice for an exempted limited partnership on or before 31 January 2018.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Maples Group, Audit, Liquidation, Cayman Islands Monetary Authority
    Authors:
    Marc Randall , Mervin Solas
    Location:
    Cayman Islands
    Firm:
    Maples Group
    New York district court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands
    2008-06-09

    In a recent decision,1 Judge Sweet of the United States District Court for the Southern District of New York affirmed a bankruptcy court decision and refused to recognize under chapter 15 of the Bankruptcy Code either as “foreign main proceedings” or as “foreign nonmain proceedings” the well-publicized liquidations brought in the Grand Court of the Cayman Islands by two Bear Stearns hedge funds (the “Funds”).

    Filed under:
    Cayman Islands, USA, Capital Markets, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Debtor, Asset management, Hedge funds, Legal burden of proof, Liquidation, Broker-dealer, Comity, Title 11 of the US Code, Bear Stearns, United States bankruptcy court
    Location:
    Cayman Islands, USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    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

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