This memorandum provides a summary of the duties and liabilities of the general partner (the "GP") of an Exempted Limited Partnership (an "ELP") registered under the laws of the Cayman Islands. It is intended to offer general guidance to persons acting as GP of an ELP and should not be regarded as an exhaustive statement of the law. In particular, this memorandum is not a substitute for specific legal advice as to particular circumstances or transactions, which should be sought with regard to the relevant facts at the relevant time.
ELPs registered in the Cayman Islands and the duties and liabilities of the GP are governed by the Exempted Limited Partnership Law, 2014 (the "ELP Law"), the Partnership Law (2013 Revision) and the common law so far as it has not been amended by statutory provision. The Cayman Islands' courts regard as highly persuasive the decisions of the courts of England and other Commonwealth jurisdictions in relation to such matters.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.