The Plaintiffs were the Joint Official Liquidators (the “JOLs”) of a Cayman fund, Weavering Macro Fixed Income Fund (the “Company”). In the months prior to its liquidation, the Company made three redemption payments to the defendant, Skandinaviska Enskilda Banken AB (Publ) (“SEB”), a Swedish financial institution and investor in the Company. In these proceedings the JOLs sought a declaration that these three payments were invalid pursuant to Section 145(1) of the Companies Law (the “Law”) and an order that those monies be returned.
Magnus Peterson, the Company’s controlling mind in the payment of the relevant redemptions, made a decision to pay a number of investors, including SEB, in priority, on the basis that those investors were switching to another fund within the Weavering group.
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In the Matter of Weavering Macro Fixed Income Fund Limited (In Liquidation) -v- Skandinaviska Enskilda Banken AB (Publ) (Unreported, 4 December 2015)