Cayman Funds In Voluntary Liquidation
The Cayman Islands Monetary Authority (CIMA) has confirmed that three CIMA-registered
investment funds and a fourth fund, not regulated by CIMA, have been placed into
voluntary liquidation by the funds' shareholders.
The entities, which are all Cayman-domiciled, are Grand Island Commodity Trading
Fund I, Grand Island Commodity Trading Fund II, and Grand Island Income Fund,
which were registered by CIMA in 2006, and Grand Island Master Fund, which is
unregulated. The shareholders appointed David Walker and Nick Freeland of PricewaterhouseCoopers
as the Joint Voluntary Liquidators (JVLs) at an extraordinary general meeting
on 17th June. The action was taken, with CIMA's knowledge, following the discovery
of irregularities in the funds' trading activities. The liquidators have indicated that they will be applying to the Grand Court
of the Cayman Islands for the liquidation to be brought under the court's supervision.
Court-appointed supervision would give the JVLs' greater powers and the ability
to be recognized by, and gain assistance from, foreign courts, and would impose
a moratorium on claims by third parties. It is CIMA's expectation that the funds
will be placed under the supervision of the courts as soon as possible. CIMA is continuing its own investigation into the matter and will work with
the courts and/or the liquidators to bring about the proper winding up of the
funds. .
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