The Cayman court has recently dismissed two unrelated applications to appoint JPLs pending the determination of a just and equitable winding up petition alleging a loss of trust and confidence in management. Liam Faulkner discusses these two cases and the hurdles that any applicant must jump on a PL application.
In a significant judgment delivered on 9 August 2021 in the long-running litigation between Primeo Fund (in Official Liquidation) and HSBC, the Privy Council granted the first limb of Primeo’s bifurcated appeal against the lower courts’ dismissal of its claims on the grounds of reflective loss. The decision further narrows the reflective loss principle in important respects following the UK Supreme Court decision in Sevilleja v Marex Financial Ltd last year.
The passing of the Private Funding of Legal Services Act, 2020 in the Cayman Islands paves the way for a new age of litigation funding and contingency fee arrangements in the jurisdiction.