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    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
    Cayman hedge funds liquidators' request for Chapter 15 protection denied by Bankruptcy Court
    2007-09-19

    Funds' assets in the U.S. has been denied by the United States Bankruptcy Court for the Southern District of New York. See 2007 Bankr. LEXIS 2949, *26 (Bankr. S.D.N.Y. Aug. 30 , 2007). The Funds were being liquidated in the Cayman Islands, but the bankruptcy court held that they were not eligible for Chapter 15 relief under the U.S. Bankruptcy Code (the "Code") because the liquidations were not pending in a country where the Funds had their "center of main interests" or an "establishment" for the conduct of business.

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Injunction, Market liquidity, Swap (finance), Hedge funds, Liquidation, Broker-dealer, Liquidator (law), US Code, Westlaw, United States bankruptcy court, US District Court for SDNY
    Location:
    Cayman Islands, USA
    Firm:
    Schulte Roth & Zabel LLP
    Voluntary Liquidation: The Right Way to Investigate an Alleged Wrong
    2017-09-20

    In a decision that will reassure investors in Cayman Islands investment funds and other vehicles, the Grand Court has shown its willingness to facilitate the investigation of legitimate concerns raised during a voluntary liquidation.1

    The decision is the first written ruling on the Court's power to defer the dissolution of a Cayman Islands company in voluntary liquidation under section 151(3) of the Companies Law and also considers the Court's power to bring a voluntary liquidation under the Court's supervision in the context of an investigation into possible wrongdoing.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Maples Group, Liquidation
    Authors:
    James Eldridge , Luke Stockdale
    Location:
    Cayman Islands
    Firm:
    Maples Group
    New York Bankruptcy Court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands
    2007-09-05

    In a decision rendered late last week, Judge Lifland of the Southern District of New York Bankruptcy Court 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 Cayman Islands by two Bear Stearns hedge funds that were victims of volatility in the sub-prime lending market.

    Filed under:
    Cayman Islands, USA, Capital Markets, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Hedge funds, Subprime lending, Liquidation, Distressed securities, Title 11 of the US Code, Bear Stearns, United States bankruptcy court
    Location:
    Cayman Islands, USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Pearson v. Primeo Fund (Cayman Islands) [2017] UKPC 19
    2017-07-25

    The Privy Council sitting as the final court of appeal for the Cayman Islands recently considered a case concerning prioritisation in a Liquidation between feeder hedge funds where the investment medium was redeemable shares.

    Background

    The appellant in this case was the Liquidator of Herald Fund SPC ("Herald"). Herald is a Cayman Islands registered hedge fund that invested heavily into Bernard L Madoff Investment Securities LLC, the historic Ponzi scheme run by Bernard Madoff that collapsed spectacularly in 2008.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ashfords LLP, Hedge funds, Liquidation
    Authors:
    Alan Bennett
    Location:
    Cayman Islands
    Firm:
    Ashfords LLP
    Insolvency in the Cayman Islands setting aside antecedent transactions
    2017-07-25

    In certain circumstances the official liquidator of a Cayman company may be able to take action to recover assets which have been transferred in the run up to the company's insolvency. It is important for those concerned with the affairs of a Cayman company in the twilight of insolvency to be aware of the statutory powers available to the official liquidator and the Grand Court in the Cayman Islands.

    Voidable preferences

    Filed under:
    Cayman Islands, Insolvency & Restructuring, White Collar Crime, Loeb Smith Attorneys, Fraud, Debt, Liquidation, Liquidator (law)
    Authors:
    Gary Smith
    Location:
    Cayman Islands
    Firm:
    Loeb Smith Attorneys

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