Liquidators Granted Sanction to make Interim Distributions to Unsecured Creditors Despite Competing Proprietary Claim

In a significant ruling dated 1 October 2019 in the matter of Saad Investments Company Limited (in official liquidation) (FSD 15 of 2010 (ASCJ)) the Chief Justice of the Grand Court of the Cayman Islands, Hon. Anthony Smellie QC has provided important clarification on the legal test concerning the grant of sanction for a proposed interim payment of dividends in a liquidation estate which is subject to an overarching proprietary claim.

 

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