Cayman Court of Appeal clarifies the scope of the international co-operation provisions of the Companies Law

The Court of Appeal (Chadwick, Mottley and Campbell JJA) delivered its judgment in the case of Picard (Trustee for the liquidation of Bernard L Madoff Investment Securities LLC) v Primeo Fund (in official liquidation) on 16 April 2014. Mourant Ozannes acts for Primeo Fund (Primeo).

This judgment clarifies the extent of the court’s jurisdiction under sections 241 and 242 of the Companies Law to apply transaction avoidance provisions in aid of foreign insolvency proceedings.

The Court of Appeal held that sections 241 and 242 provide the court with jurisdiction to apply transaction avoidance provisions of Cayman Islands law, but not foreign law, in aid of foreign insolvency proceedings…

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