Seahawk China Dynamic Fund: winding up on just and equitable
grounds
In a recent decision1, the Grand Court of the Cayman
Islands grappled with the question of whether the need for an
investigation into the affairs of the company is a stand-alone
ground for winding up. While the Court did not determine the
question conclusively, it did provide an indication of how it may
rule if the issue were to be placed squarely before the Court
again.
In the Matter of Seahawk China Dynamic Fund
Mr Lau Chun Sun (the Petitioner) invested in
Seahawk China Dynamic Fund (Seahawk China) which
was set up by Mr Hao Liang (Mr Laing) in 2017.
Seahawk China was solvent and had been successful in generating
substantial profits since its inception. Seahawk China was managed
pursuant to a management services agreement (IMA)
with an investment management company owned and controlled by the
Petitioner (the Manager). However, Mr Laing
directed the management of Seahawk China and
