Cases & Deals

Liquidators of Cayman Islands fund secure $22.5 million of assets

Client(s) Gordon MacRae and Tammy Fu of Zolfo Cooper (Cayman) Limited as joint official liquidators of Hadar Fund Ltd.

Jones Day is advising the liquidators of Hadar Fund Ltd. in proceedings initiated following the discovery that substantial payments were made for the benefit of two of the beneficial owners of its investment manager in connection with one of the investments made by the Fund. Within six weeks of the appointment of voluntary liquidators, the Fund applied to be joined to extant proceedings between the beneficial owners, and obtained undertakings securing $22.5 million of assets.

Pavel Sukhoruchkin and others v. Marc Giebels van Bekestein and others, Claim Number: 2013 Folio 686 (Commercial Court / Chancery Division, High Court of England and Wales, Court of Appeal (Civil Division), Grand Court of the Cayman Islands, Financial Services Division)