Category Archives: Client Advisories

Ascentra: helpful guidance on the Grand Court’s approach to proprietary injunctions

27 May 2024

On 23 May 2024, The Honourable Justice Parker, in Ascentra Holdings, Inc. (in Official Liquidation) v Ryunosuke Yoshida & Ors) (FSD 300 of 2023), granted an on-notice interim proprietary injunction in favour of the plaintiff company, Ascentra Holdings Inc.  (in Official Liquidation), acting by its Joint Official Liquidators, in respect of funds held in various bank accounts in Singapore, Taiwan and the United States.


Privy Council dismisses Primeo’s final appeal in US$2bn Madoff litigation

15 Nov 2023

In a long-awaited and wide-ranging judgment delivered on 15 November 2023, the Judicial Committee of the Privy Council has dismissed the appeal by Primeo Fund against the 2019 dismissal of its appeal to the Cayman Islands Court of Appeal of the dismissal of its claims against two HSBC Group companies by the Grand Court of the Cayman Islands in 2017.


Cayman Islands removed from FATF “grey list”

31 Oct 2023

On 27 October 2023, the Financial Action Task Force announced at its plenary in Paris that the Cayman Islands would be removed from its anti-money laundering “grey list” as the FATF has determined that the Cayman Islands AML regime now meets the international standard.


It’s not about the money, money, money

18 Oct 2023

A landmark decision of the Singapore Court of Appeal in Ascentra Holdings, Inc. and Others v SPGK Pte Ltd has overturned the first instance decision of the Singapore High Court and confirmed that solvent official liquidations can be recognised as foreign main proceedings under Singapore’s adaptation of the UNCITRAL Model Law on Cross-Border Insolvency. In so deciding, the Singapore Court has declined to follow a decision of the English High Court which had held that a company’s insolvency was a prerequisite for recognition under the UNCITRAL Model Law on Cross-Border Insolvency.


The Port Fund: supervision application dismissed in favour of continuing receivership

In a judgment delivered on 6 October 2023, the Grand Court of the Cayman Islands dismissed an application by the joint voluntary liquidators of Port Link GP Ltd pursuant to section 124(1) of the Companies Act (2023 Revision) for an order that the liquidation continue under the supervision of the Court, and determined that receivers previously appointed to have conduct of litigation to which Port Link is a party should remain in office in that capacity.