News & Events

In line with ongoing commitments given by the Cayman Islands, regulations came into force in the Cayman Islands on 30 June 2021, expanding the categories of entities that are now in scope for the purposes of the Economic Substance regime to all types of partnerships (including general partnerships, exempted limited partnerships and foreign limited partnerships). 

In a recent judgment in the liquidation of Herald Fund SPC, an insolvent Madoff feeder fund, the Grand Court addressed the extent to which official liquidators are required to seek the approval or tacit support of the Liquidation Committee when defining the scope of their operational functions and, consequentially, incurring liquidation costs and expenses.

Successful litigants in foreign proceedings will often be required to take steps to enforce any judgment or order obtained outside of the jurisdiction in which it was made. The Grand Court of the Cayman Islands routinely recognises and enforces foreign judgments and arbitral awards from countries such as the United States, the United Kingdom, Singapore, Hong Kong and the PRC (amongst others) against individuals, entities and assets domiciled or situated in the Cayman Islands.