February 6, 2023

Cayman Islands: More clarity on redemption rights for distressed funds

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By Robert Searle DEACONS From Lexology When Cayman Islands funds undergo liquidity stress on their balance sheet due to holding illiquid assets or irregular large redemption requests, directors of Cayman Islands funds generally consider mechanics to provide for an orderly restructure to meet redemption requests which arise. Common arrangements are to implement a “redemption gate” […]

Cross-Border Comity at Cayman Islands Court of Appeal – the Picard V Primeo decision

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By Colin D McKie and Caroline Moran From Maples and Calder On 16 April 2014, the Court of Appeal handed down the much-anticipated decision in Irving H Picard and Bernard L Madoff Investment Securities LLC v Primeo Fund. In short, the Court of Appeal (reversing the judge at first instance) has found that there is […]

Cayman Court of Appeal clarifies the scope of the international cooperation provisions of the Companies Law

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From Mourant Ozannes The Court of Appeal (Chadwick, Mottley and Campbell JJA) delivered its judgment in the case of Picard (Trustee for the liquidation of Bernard L Madoff Investment Securities LLC) v Primeo Fund (in official liquidation) on 16 April 2014. Mourant Ozannes acts for Primeo Fund (Primeo). This judgment clarifies the extent of the […]