An issue arising with increasing frequency in connection with Cayman Islands domiciled investment funds is the circumstances in which an investor in a solvent fund can bring an informal wind down initiated by management of the fund to an end and have the board replaced by a liquidator appointed by the Grand Court of the Cayman Islands ("the Court").
The Supreme Court of Bermuda recently ruled in favour of
investors in a hedge fund in BNY AIS Nominees Limited & Ors
v Stewardship Credit Arbitrage Fund, Ltd. (the
"Judgment") in circumstances in which the fund had
purported to pay redemption proceeds in kind.
The purpose of this briefing note is to consider Cayman
Islands law in relation to beneficiaries' rights to trust
documents and trustees' obligations of confidentiality, in
particular the Cayman Islands case of Re Ojjeh's
Trust, the Privy Council case of Schmidt v Rosewood
Trust Company Ltd, the recent English case of
Breakspear v Auckland and the Confidential
Relationships (Preservation) Law (as amended) as it applies to
A unit trust is a form of collective investment scheme, designed to create a pool of assets for investment purposes and usually (but not always) to provide some liquidity to investors by permitting them to redeem their units.
More than 1 billion people - representing about 15.7% of the world's population - regularly use the internet. This is an increase from 45 million in 1995 and 420 million in 2000. It is predicted that at least 2 billion users will be online by the year 2011.
More than 1 billion people - representing about 15.7% of the world's population - regularly use the internet. This is an increase from 45 million in 1995 and 420 million in 2000. It is predicated that at least 2 billion users will be online by the year 2011.