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New York District Court Refuses to Recognize Hedge Funds’ Winding Up Proceedings in the Cayman Islands
June 9, 2008 Full PDF
In a recent decision, Judge Sweet of the United States District Court for the Southern District of New York affirmed a bankruptcy court decision and refused to recognize under chapter 15 of the Bankruptcy Code either as "foreign main proceedings" or as "foreign nonmain proceedings" the well-publicized liquidations brought in the Grand Court of the Cayman Islands by two Bear Stearns hedge funds (the "Funds"). Judge Sweet's ruling appears to close the door in the Southern District of New York - at least in the absence of a reversal on appeal by the Second Circuit Court of Appeals - on distressed hedge funds choosing offshore proceedings as the principal vehicle for their liquidation and then seeking ancillary relief under chapter 15 from a US bankruptcy court.