Paul Kennedy - Partner, Campbells Grand Cayman - Litigation, Insolvency & Restructuring

Overview

Paul is a partner in our Litigation, Insolvency & Restructuring Group, based in the Cayman Islands office. His practice covers economic sanctions and other asset freezing measures, cross-border fraud and insolvency. Paul is also described by directories as the “go-to name for contentious insurance work” in the Cayman Islands and regularly advises professionals and their insurers on coverage and liability issues.

Paul is an experienced advocate and recently appeared as leading counsel in Re Obelisk and Re Performance Insurance, two of the most significant cases on segregated portfolio companies.

Expertise

Economic Sanctions
Fraud and Asset Recovery
Professional Negligence
Insurance and Reinsurance
Commercial Litigation
Insolvency and Restructuring
Injunctions and Interim Measures

Work Highlights

Re Vanguardia Group FSD 185-191 of 2019 (Richards J): Lead attorney to liquidators of the Biscayne group of companies; pursuing claims in relation to international Ponzi scheme; judgments and recoveries exceeding US$100m to date.
In the Matter of Performance Insurance Company SPC (in Official Liquidation) FSD 70 of 2021 (Parker J): Successfully challenged liquidators of captive insurance company on conflicts and fee allocation; acted as lead advocate at various hearings in Grand Court and currently before Court of Appeal.
Palladyne International Asset Management B.V. v Upper Brook and Ors, FSD 68 of 2016 (Segal J); CICA Appeal No. 5 of 2019; JCPC 2020/0029: Economic sanctions; authority issues; writ process; collateral and express undertakings; admission of overseas counsel; coordination with overseas proceedings; letters of request; privilege; leave to appeal as of right and special leave.
Pearson (Appellant) v Primeo Fund (Respondent), [2017] UKPC 19: (Lord Neuberger, Lord Mance, Lord Clarke, Lord Sumption, Lord Carnwath)
Claims by redeeming shareholders; priority.
Primeo Fund (In Official Liquidation) v EY, FSD 30 of 2010 (McMillan J): Delivery up of audit papers; improper use of liquidators’ powers; indemnity costs orders in liquidation proceedings.

Qualifications and Admissions

Trinity College Dublin, BA English and Classics, 2000 (William Roberts prize-winner)
Technological University Dublin, Postgraduate Diploma in Law, 2005
Solicitor, Ireland, 2008 (Non-Practising)
Solicitor, England and Wales, 2012 (Non-Practising)
Attorney, Cayman Islands, 2014
Accredited Mediator, London School of Mediation, 2019
Legal Practitioner, British Virgin Islands, 2021

Prior Career History

Dillon Eustace, Dublin
Appleby, Cayman Islands

Professional Associations

IBA, Member of Asset Recovery Committee, Litigation Committee and Insolvency Section
International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL)
Recovery and Insolvency Specialists Association (RISA) Cayman Islands
Cayman Islands Legal Practitioners Association
Fellow of the International Academy of Financial Crime Litigators

Recognition and Awards

Nominated as a Fellow of the International Academy of Financial Crime Litigators, a collaboration of leading public-and private-litigation professionals working with the Basel Institute on Governance to expand worldwide access to solutions in economic crime cases.
Shortlisted by RISA for “Attorney of the Year” four years running.
Listed by Who’s Who Legal as an “Asset Recovery Expert”.
Paul lived in Madrid for a number of years and is a fluent Spanish speaker.

Publications and News

Articles

Cayman Islands – ICLG Sanctions Guide 2024.
For the second consecutive year, Campbells authors the Cayman Islands jurisdictional chapter of the ICLG Sanctions Guide.
Cayman court sets test for winding-up branch of foreign bank.
Paul Kennedy and Natasha Partos discuss the criteria under which a foreign bank can be wound up in the Cayman Islands.
Campbells authors Cayman Islands chapter, Lexology GTDT - Dispute Resolution 2023.
The chapter highlights foreign judgments and proceedings, updates to the court system, limitation issues, arbitration and enforcements in the jurisdiction.
Segregation in the Liquidation of a Segregated Portfolio Company in the Cayman Islands: When Does It Matter?.
Paul Kennedy and Nienke Lillington discuss two areas in the liquidation of a SPC where liquidators will have to pay particular attention to the Segregation Principle under the Cayman Islands Companies Act.

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Client Advisories

Cayman Islands issues general sanctions licence for funds industry.
The issue which the General Licence addresses is where a Designated Person owns more than 50{92e447aa5ae4509d19f58c4a2ed7ec0dbb286610ae15b33d823e9409689b2d4a} of an investment fund which has hitherto meant that the fund is paralysed and all of its assets are frozen. This provides relief from aspects of the financial sanctions imposed in the Cayman Islands by the Russia (Sanctions) (Overseas Territories) Order 2020 (the “Order”).
Cayman Court intervenes to preserve segregation of captive insurance portfolios.
This advisory discusses the recent judgment handed down by Justice Parker, which is an important recognition of the preservation of the function and benefits of the segregated portfolio company.