The Grand Court of the Cayman Islands has granted the Receivers of Axiom Legal Financing Fund the same powers as liquidators and, separately, asked the High Court of Justice in England and Wales – where much of the Fund’s activity occurred – to recognize the receivership.

For more on this story go to:

http://www.offshorealert.com/axiom-legal-financing-fund-cayman-special-portfolio-companies.aspx

On February 12^th 2013 Axiom Legal Financing Fund was placed into receivership by Justice Angus Foster, sitting at the Grand Court of the Cayman Islands.

This followed uncertainty since the directors voted at a Extraordinary General Meeting held in London on Dec 11 2012 to put the Fund into receivership.

Investors had faced weeks of uncertainty after the £117m Cayman-domiciled fund was suspended in mid October due to a wave of redemption requests from investors following the publication of an article in Miami-based publication Offshore Alerts.

The article made a series of allegations about the chief executive of Tangerine Investment Management – the managers of the fund – and the way the fund had been managed. Following the suspension the CEO, Timothy Schools, resigned.

See iNews Cayman story published February 14^th 2013 “Cayman judge puts Axiom Legal Financial Fund into Receivership” at:

http://www.ieyenews.com/2013/02/cayman-judge-puts-axiom-legal-financial-fund-into-receivership/