The recent decision of Mr Justice Nigel Clifford in Re Harbinger Class PE Holdings (Cayman) Ltd has revisited a line of local authority developed over the past 6 years. Although the case was found to be distinguishable on its facts, Clifford J's analysis has recast the spotlight on an issue that has enlivened debate amongst practitioners in the jurisdiction, leading to calls for clarification on the appropriate test to be applied in the context of just and equitable winding up petitions presented on the basis of a claimed loss of substratum.

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