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Cayman Islands – Contingent Creditors, Standing And The Winding Up Jurisdiction: Analysing Re Petrosaudi International.
['Rohin Pujari']
Conventus Law
[3] Bridge Global alleged that it had contingent claims exceeding US$1.8 billion against PSI arising from the well-publicised 1MDB fraud and therefore had standing to petition as a contingent creditor.
[15]Those decisions were relied upon by Doyle J in concluding that Bridge Global had standing to seek PSI’s winding up as a contingent creditor.
[22]However, the Court emphasised that the investigative jurisdiction cannot be used to circumvent the threshold requirement that a petitioner establish standing as a creditor, contingent creditor or prospective creditor.
[15] At [140]-[141], considering Re Atom Holdings [2023] (2) CILR 106 and Aubit International (FSD 217 of 2023, unreported, 17 October 2023).
[17] At [140]-[141], considering Re Atom Holdings [2023] (2) CILR 106 and Aubit International (FSD 217 of 2023, unreported, 17 October 2023).