Cayman Islands: important new legislation (the Exempted Limited Partnership Law 2014)
The Exempted Limited Partnership Law 2014 was enacted on 2 July 2014. The changes in the new law are designed to confer greater contractual flexibility upon partners and to address uncertainties or deficiencies in the previous law that reduce the attractiveness of Cayman Islands exempted limited partnerships.
Investors in private equity funds structured as limited partnerships, wherever in the world those limited partnerships are domiciled, often share a common concern that the actions permitted by, or the rights granted under, the limited partnership agreement (LPA) governing the fund might jeopardise their right to enjoy limited liability in respect of their investment in the partnership. In particular, limited partners are keen to ensure that participation by such limited partner or their representative on an advisory board or other committee of the partnership will not give rise to liability concerns for such limited partner or representative.
In addition, limited partners are often keen to understand the extent to which they owe a duty (if at all) to their fellow limited partners, the general partner or the partnership as a whole…
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