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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Cayman Islands Law Update: the Exempted Limited Partnership Bill and the Contracts (Rights of Third Parties) Bill
Following extensive consultation in both the public and private sectors, the Exempted Limited Partnership Bill 2014 was gazetted on 21 February 2014.
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.