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ARTICLE · 04 NOVEMBER 2022

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Significant Judgment For Isle Of Man Fund Managers

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A rethink of exclusion clauses in fund agreements may be needed after the Isle of Man's appeal court delivered a significant judgment in September. The Court also examined duties owed...

United KingdomFinance and Banking
Katherine Garrood (Née Johnson)
Katherine Garrood (Née Johnson)
Garry Manley
Garry Manley
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A rethink of exclusion clauses in fund agreements may be needed after the Isle of Man's appeal court delivered a significant judgment in September. The Court also examined duties owed to funds, which will be of interest to governing bodies, managers, administrators and auditors of Isle of Man funds.

BACKGROUND

The Isle of Man's appeal court has delivered its judgment in CFSL Limited v UK Secured Finance Fund PLC (in Liquidation) and UKSFF Subsidiary Limited, an appeal brought by CFSL Limited (CFSL) against a finding earlier in the year that it had acted in breach of contract and failed to exercise reasonable skill and care in its management of UK Secured Finance Fund PLC (Fund) and its subsidiary UKSFF Subsidiary Limited (Subsidiary).

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