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ARTICLE · 23 JUNE 2023

Oakwise - Creditors' Considerations For Receivership Orders In SPC Structures

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In the Cayman Islands, a court-ordered appointment of a receiver over a portfolio of a segregated portfolio company (SPC) under the Companies Act (the Act)...

Cayman IslandsCorporate/Commercial Law
Sebastian Said
Sebastian Said
Daniel Coelho
Daniel Coelho
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In the Cayman Islands, a court-ordered appointment of a receiver over a portfolio of a segregated portfolio company (SPC) under the Companies Act (theAct) is a targeted and potentially powerful tool for creditors of that portfolio. The receiver brings the business of the portfolio to an orderly close and can have broad ranging powers to achieve this, including appropriating the powers of the directors of the SPC as they pertain to the portfolio.

The Grand Court's recent dismissal of a creditor's petition for a receivership order over the portfolio of the Oakwise Value Fund SPC (Oakwise) illustrates the challenges that creditors can face in seeking a receivership order. It provides a useful lesson on the approach petitioners should take in seeking a receivership order and is a reminder of the limits of the receivership jurisdiction.

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