Walkers (Cayman) in the Privy Council

Matthew Goucke, partner in our Cayman Islands IDR Group, and Chris Keefe, associate, recently appeared as instructing attorneys in the highest appellate court of the Cayman Islands, the Judicial Committee of the Privy Council. The appeal concerned a point of law of general public importance, the result of which is eagerly awaited by lawyers and insolvency practitioners alike in the jurisdiction, given its significance to the investment funds industry.

The hearing related to the enforceability and priority to be afforded to investors' claims for unpaid redemption proceeds (of approximately $185 million) in the winding up of Herald Fund SPC, one of the largest so-called feeder funds into the Madoff Ponzi scheme. Matthew and Chris act for the Additional Liquidator of Herald and Lord Goldsmith QC PC and Francis Tregear QC were briefed as Leading Counsel for the hearing of the appeal.

It is anticipated the Privy Council may hand down its judgment towards the end of August 2017. Further guidance will be published at that time.

For those that are interested, the day and a half hearing can be viewed online at https://www.jcpc.uk/watch/jcpc-2016-0092/240517-am.html