Recognition of foreign Court-appointed receivers in the Cayman
Islands: In the Matter of Silk Road Funds Ltd.
The Grand Court of the Cayman Islands has released an important
judgment[1]
examining the circumstances in which receivers appointed by a
foreign court will be recognised in the Cayman Islands.
Receivers had been appointed by the Supreme Court of Bermuda in
respect of a "segregated account". Bermuda's
Segregated Accounts Companies Act 2000 allows companies to create
accounts whose assets and liabilities are legally separated from
those of other accounts and the company itself. The Act also
provides that a segregated account is not a legal person distinct
from the company itself.
