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Industry Updates

Cayman Islands Investment Funds - Important Guidance for the Conduct of  "Soft" Wind-Downs

08 Nov 2010

The Grand Court of the Cayman Islands has recently delivered an important judgment concerning liquidations of open-ended corporate investment funds by existing management outside of the statutory liquidation regime.  The judgment provides guidance on the appropriateness of so-called "soft" wind-downs and when, alternatively, an independent liquidator should ordinarily be appointed to conduct the liquidation pursuant to the Companies Law (2010 Revision). 

The attached update provides a summary of the ruling and the issues for managers, directors and investors.

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