In Peakwave Investment Management Limited v Energy
Evolution GP Limited, the Cayman Islands Court (the
“Court”) held that it retains jurisdiction to appoint
provisional liquidators (“PLs”) even where a winding up
petition has been stayed in favour of arbitration. Whether it would
exercise its discretion to make such an appointment depends on the
facts.
Background
The case arose from a joint venture dispute between Peakwave
Investment Management Limited (“Peakwave”) and Wealth
Train Global Limited (“Wealth”), primarily over the
control of the general partner (“GP”) of a joint
venture vehicle, Energy Evolution Fund LP, a Cayman Islands
exempted limited partnership (the “Fund”). Peakwave,
the minority shareholder in the GP, alleged that Mr Jiao, the
controller of Wealth (the majority shareholder in the GP), had
caused the diversion of approximately US$45 million in dividends
into companies associated with him – the argument being that
those dividends should have
