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FIA Leveraged Fund -v- Firefighters’ Retirement System, New Orleans Firefighters Pension & Relief Fund, Municipal Employees Retirement System of Louisiana, CICA Appeal No. 6 of 2012, Cause No. FSD 0013/2012, Chadwick J., President, 18 February 2013

February 2013 Insolvency Winding Up Liquidation

CAYMAN ISLANDS

COURT OF APPEAL

APPEAL OF AN ORDER FOR WINDING UP ON THE BASIS THAT THE COMPANY WAS UNABLE TO PAY ITS DEBTS - DEBT ALLEGED TO HAVE BEEN SATISFIED BY THE TRANSFER OF CERTAIN SHARES TO THE REDEEMING SHAREHOLDERS – IN-KIND DISTRIBUTION MUST BE FROM ASSETS OF THE FUND WHEN THE DEBT CRYSTALLISED - TRANSFER OF SHARES WITHOUT REAL UNDERLYING VALUE NOT SUFFICIENT TO DISCHARGE THE DEBTS IN ANY EVENT - APPEAL DISMISSED

The articles of association of FIA Leveraged Fund (the “Fund”) permitted the holder of any class of participating shares the right to be redeemed on delivery of a redemption request. The Fund was obliged to redeem at the value fixed on the redemption date. Payment could be made in cash or in-kind. In response to a redemption request, the Fund transferred to the redeeming investors certain shares in another entity which were not assets of the Fund on the redemption date. In fact, the Company whose shares were so transferred was not in existence at the relevant date.

 

To continue reading full articles in PDF format:
FIA Leveraged Fund -v- Firefighters’ Retirement System, New Orleans Firefighters Pension & Relief Fund, Municipal Employees Retirement System of Louisiana, CICA Appeal No. 6 of 2012, Cause No. FSD 0013/2012, Chadwick J., President, 18 February 2013

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

FIA Leveraged Fund -v- Firefighters’ Retirement System, New Orleans Firefighters Pension & Relief Fund, Municipal Employees Retirement System of Louisiana, CICA Appeal No. 6 of 2012, Cause No. FSD 0013/2012, Chadwick J., President, 18 February 2013

01 February 2013

CAYMAN ISLANDS

COURT OF APPEAL

APPEAL OF AN ORDER FOR WINDING UP ON THE BASIS THAT THE COMPANY WAS UNABLE TO PAY ITS DEBTS - DEBT ALLEGED TO HAVE BEEN SATISFIED BY THE TRANSFER OF CERTAIN SHARES TO THE REDEEMING SHAREHOLDERS – IN-KIND DISTRIBUTION MUST BE FROM ASSETS OF THE FUND WHEN THE DEBT CRYSTALLISED - TRANSFER OF SHARES WITHOUT REAL UNDERLYING VALUE NOT SUFFICIENT TO DISCHARGE THE DEBTS IN ANY EVENT - APPEAL DISMISSED

The articles of association of FIA Leveraged Fund (the “Fund”) permitted the holder of any class of participating shares the right to be redeemed on delivery of a redemption request. The Fund was obliged to redeem at the value fixed on the redemption date. Payment could be made in cash or in-kind. In response to a redemption request, the Fund transferred to the redeeming investors certain shares in another entity which were not assets of the Fund on the redemption date. In fact, the Company whose shares were so transferred was not in existence at the relevant date.

 

To continue reading full articles in PDF format:
FIA Leveraged Fund -v- Firefighters’ Retirement System, New Orleans Firefighters Pension & Relief Fund, Municipal Employees Retirement System of Louisiana, CICA Appeal No. 6 of 2012, Cause No. FSD 0013/2012, Chadwick J., President, 18 February 2013

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com