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Court supervision for failed funds

Caymen Net News- On Monday, 21 July, lawyers representing PricewaterhouseCoopers filed a formal petition in Grand Court to put the liquidation of several failed hedge funds under court supervision.

Chief Justice, Anthony Smellie, granted all of the petitions, which will now put the court in charge of overseeing the liquidation of the four collapsed funds. The lawyers said that it would be in the “public’s interests” to have the liquidation be under court supervision.

In June the Cayman Islands Monetary Authority (CIMA) confirmed that the “Grand Island” funds were put into voluntary liquidation by the funds’ shareholders. Three of the four funds involved were registered with CIMA in 2006 and one other was an unregulated fund, not registered with CIMA.

When lawyers representing PwC commented to Chief Justice Smellie about the media attention being given to the case he replied simply, “It’s not every day a local fund gets into trouble.”

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