Cayman Islands Court of Appeal finds jurisdiction to grant freestanding Mareva relief against a non-party
In VTB Capital v Universal Telecom Management and another (Judgment 4/06/13), the Court of Appeal held that the Cayman Islands Court has jurisdiction to grant a Mareva injunction against a non‐party resident in the jurisdiction in support of proceedings against a third party in another jurisdiction. In so doing they disagreed with the first instance Judge Cresswell J, who had held that no such jurisdiction existed.
The Court of Appeal held that the judge’s analysis of the two Court of Appeal cases upon which he had relied, Algosaibi v Saad (15/02/2011) and Deloitte v Felderhof (12/07/2011), was wrong. The court went on to consider whether there were any other reasons why the judge’s conclusion could have been right, and found none…
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The Trusts (Special Provisions) Amendment Act 2014 provides certainty regarding how far settlors can go without calling the validity of the trust structure into question.
This memorandum has been prepared for the assistance of those who are considering registration of a foreign limited partnership in the Cayman Islands.