Weavering Preference Claims Upheld By Privy Council

On 29 July 2019, the Judicial Committee of the Privy Council handed down its judgment in Skandinaviska Enskilda Banken AB v Conway & Shakespeare (as joint official liquidators of Weavering Macro Fixed Income Fund Ltd) (Cayman Islands) [2019] UKPC 36. The Privy Council upheld the decisions of the Cayman Islands Grand Court and Court of Appeal in finding that certain redemption payments received by Skandinaviska Enskilda Banken AB (Publ) ("SEB") from Weavering Macro Fixed Income Fund Ltd (the "Company") shortly prior to the Company's liquidation constituted voidable preferences and requiring SEB to repay those amounts to the Company's joint official liquidators ("JOLs").

Background