The Grand Court confirms that the "golden thread" of insolvency law is woven into the fabric of Section 131 of the Companies Law
In the Cayman Islands, it is frequently a feature of investment funds for the voting and participating shareholder rights to be held separately by the manager and the investor(s) respectively. The decision of the Grand Court of the Cayman Islands in Re Adamas Asia Strategic Opportunity Fund rightly held that in a solvent liquidation and in the context of an application under section 131(b) of the Companies Law (2018 Revision), the views of the economically enfranchised are paramount. In this case, the investor had the right to appoint its choice of liquidator(s).
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