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ARTICLE · 04 DECEMBER 2014

Hanging By A Thread: The Re-Modelling Of Modified Universalism

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On 10 November 2014, the Privy Council handed down its decision in Singularis Holdings Limited v PricewaterhouseCoopers.

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Aristos Galatopoulos
Aristos Galatopoulos
Caroline Moran
Caroline Moran
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On 10 November 2014, the Privy Council handed down its decision in Singularis Holdings Limited v PricewaterhouseCoopers1, together with its decision in a related case, PricewaterhouseCoopers v Saad Investments Company Limited2, both on appeal from the Court of Appeal in Bermuda.  The decision provides guidance on the application of the principle of modified universalism.  

By way of background, Grant Thornton had been appointed as official liquidators to Singularis Holdings Limited ("Singularis") and Saad Investments Company Limited ("SICL" and together with Singularis, the "Companies") in the Cayman Islands, the Companies' jurisdiction of incorporation.  The liquidators obtained orders in the Cayman Islands pursuant to section 103(3) of the Companies Law (2013 Revision) against PricewaterhouseCoopers ("PwC"), the Companies' auditors registered in Bermuda, requiring PwC to deliver to the liquidators any "property or documents belonging to the Companies" in order

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