Overview

On 13 December 2010 the Privy Council delivered its judgment in Re Strategic Turnaround Master Partnership Ltd. The case concerned the ability of a fund to suspend the redemption of shares and the payment of redemption proceeds. Their Lordships reversed the controversial decision of the Cayman Islands Court of Appeal and in so doing brought the law of the Cayman Islands into line with other jurisdictions.

The central issue that was decided in this case was not one of overarching legal principle, but one that turned upon the construction of the company's articles.

The judgment provides helpful guidance on this complicated issue and will be of interest not only to practitioners, but also to investors and professional service providers.

Mourant Ozannes provides an in-depth analysis of the case and its implications.

To read more click 'view briefing'.