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Article: Winding Up Cayman Islands' Mutual Funds: Location Of Principal Liquidation And International Judicial Comity.(Law overview)
- Article from:
- Mondaq Business Briefing
- Article date:
- February 24, 2009
- Author:
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The Grand Court of the Cayman Islands has recently considered how to determine the location of the principal liquidation and associated issues of international cooperation in relation to the winding up of hedge funds registered in the Cayman Islands. The case, In the Matter of Lancelot Investors Fund Ltd (the "Company"), was heard in November 2008 with the final judgment being delivered on 23 December 2008. The ruling of Mr Justice Quin clarifies the common law position in the Cayman Islands and will be of interest to creditors and investors as well as funds and their advisers.
Background The Company was a regulated mutual fund pursuant to the Cayman Islands' ...