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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)

December 2015 LiquidationWinding UpInsolvency

CAYMAN ISLANDS

GRAND COURT

SECTION 145 COMPANIES LAW – PREFERENCE – SECTION 93 COMPANIES LAW – SOLVENCY

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.

 

To continue reading full articles in PDF format:
In the Matter of Weavering Macro Fixed Income Fund Limited (In Liquidation) -v- Skandinaviska Enskilda Banken AB (Publ) (Unreported, 4 December 2015)

 

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