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New York Bankruptcy Court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands

  • Paul, Weiss, Rifkind, Wharton & Garrison LLP
  • -
  • Cayman Islands, USA
  • -
  • September 5 2007

In a decision rendered late last week, Judge Lifland of the Southern District of New York Bankruptcy Court refused to recognize under chapter 15 of the Bankruptcy Code, either as “foreign main proceedings” or as “foreign nonmain proceedings,” the well-publicized liquidations brought in the Cayman Islands by two Bear Stearns hedge funds that were victims of volatility in the sub-prime lending market

U.S. bankruptcy court denies failed hedge funds’ request for chapter 15 recognition

  • Jones Day
  • -
  • Cayman Islands, USA
  • -
  • October 1 2007

Two hedge funds affiliated with Bear Stearns & Co., Inc., the fifth-largest investment firm in the U.S., recently failed in a bid to obtain recognition under chapter 15 of the Bankruptcy Code of winding-up proceedings commenced in the Cayman Islands at the end of July for two of the firm’s hedge funds that were casualties of the sub-prime mortgage meltdown

Analysis: Madoff funds fallout

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands, Cayman Islands, USA
  • -
  • March 17 2009

The Madoff scandal appears to be on a scale rarely seen in modern times

District court affirms decision to deny Cayman Islands hedge funds access to U.S. bankruptcy court under Chapter 15

  • Schulte Roth & Zabel LLP
  • -
  • Cayman Islands, USA
  • -
  • June 5 2008

The United States District Court for the Southern District of New York recently affirmed a bankruptcy court’s denial of Chapter 15 protection for the U.S. assets of two Cayman Islands hedge funds

New York district court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands

  • Paul, Weiss, Rifkind, Wharton & Garrison LLP
  • -
  • Cayman Islands, USA
  • -
  • June 9 2008

In a recent decision, Judge Sweet of the United States District Court for the Southern District of New York affirmed a bankruptcy court decision and refused to recognize under chapter 15 of the Bankruptcy Code either as “foreign main proceedings” or as “foreign nonmain proceedings” the well-publicized liquidations brought in the Grand Court of the Cayman Islands by two Bear Stearns hedge funds (the “Funds”

SEC oversight cooperation arrangements with foreign regulators

  • Orrick Herrington & Sutcliffe LLP
  • -
  • Cayman Islands, European Union, USA
  • -
  • March 26 2012

On March 23, the SEC issued two memoranda of understanding ("MOUs"), agreed to with each of the Cayman Islands Monetary Authority ("CIMA") and the European Securities Markets Authority ("ESMA") as part of its long-term strategy to improve the oversight of regulated cross-border entities

Increasingly global reach of the SEC

  • Ropes & Gray LLP
  • -
  • Cayman Islands, European Union, USA
  • -
  • July 11 2012

The SEC announced on March 23 that it had entered into supervisory cooperation arrangements with the Cayman Islands Monetary Authority (“CIMA”) and the European Securities and Markets Authority (“ESMA”

Cayman Islands to enter into a model 1 IGA

  • Katten Muchin Rosenman LLP
  • -
  • Cayman Islands, USA
  • -
  • March 22 2013

The Cayman Islands announced on March 15 that it intends to enter into a Model 1 Intergovernmental Agreement (IGA) with the Internal Revenue Service

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