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First Free-Standing Mareva Injunction Granted in Cayman

The Grand Court of the Cayman Islands has ordered a free standing Mareva injunction, an order never before granted in the Cayman Islands.

“This case follows a modernizing trend, which is to be greatly welcomed, and is a significant contribution to cross-border co-operation and protection,” said Ogier Cayman Partner and Head of Litigation, Chris Russell, who together with Rachael Reynolds, Managing Associate and Will Jones, Associate, acted for the successful applicant for the injunction.

Named after a 1975 case in the UK – Mareva Compania Naviera S.A. v International Bulk Carriers S.A – a Mareva injunction (variously known also as a freezing order, Mareva order or Mareva regime) is a court order which freezes assets so that a defendant to an action cannot dissipate their assets from beyond the jurisdiction of a court so as to frustrate a judgment.

About Alex Akesson

Alex has been specializing in hedge fund and alternative investment news since April 2006. Working mainly in research and manager interviews, she has published breaking news on the hedge fund industry on her blog, as well as several industry publications. Her access to hedge fund managers gives her insight into news stories as well, and the ability to track press releases and other breaking news in real time.
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One Response to First Free-Standing Mareva Injunction Granted in Cayman

  1. Paul says:

    These injunctions are effective as so far as the defendant c-operates, released details of his assets and their exact whereabouts. However, if the assets are located outside the jurisdiction the institutions harbouring such assets may not take heed of the injunction fearing a lose of interests from customers. this is specifically applicable if the injunction remains on the register over a longer period of time.

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