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Article: Cayman Islands' Mutual Funds: Power To Suspend Redemptions And Payment Of Redemption Moneys.
- Article from:
- Mondaq Business Briefing
- Article date:
- March 24, 2009
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Cayman Islands' Court of Appeal recently heard an appeal on the ability of a fund to suspend redemptions and the payment of redemption moneys. The case, in the matter of Strategic Turnaround Master Partnership Limited (the "Company"), was heard between 4 and 8 December 2008 with judgment being delivered on 12 December 2008. The leading judgment given by Mr Justice Vos provides helpful guidance and will be of interest to investors, investment managers, directors and their legal advisers.
Background By way of background, the Company was a regulated mutual fund pursuant to the Cayman Islands' Mutual Funds Law (MFL) and was registered as such with the Cayman ...