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ARTICLE · 22 AUGUST 2014

More Schemes For SPhinX

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The SPhinX Group of Companies consists of 22 Cayman Islands investment funds that were placed into liquidation in the Cayman Islands in 2006 as a result of the collapse of Refco.

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Aristos Galatopoulos
Aristos Galatopoulos
Caroline Moran
Caroline Moran
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A recent decision1  from the Grand Court of the Cayman Islands demonstrates a flexible use of the scheme of arrangement process to achieve a commercial resolution of an application to remove the SPhinX Group's joint official liquidators ("JOLs"). 

The SPhinX Group of Companies consists of 22 Cayman Islands investment funds that were placed into liquidation in the Cayman Islands in 2006 as a result of the collapse of Refco.  The companies were solvent and the JOLs expected to have a large surplus available for distribution to investors.  However, the liquidation raised complex issues caused by the intermingling of assets between the different funds and there were significant difficulties in determining the priority of stakeholder claims in respect of different companies and share classes.  

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