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Judge Kawaly has decided that Airstream Investments, Inc. (“company”) is an exempt company established under the laws of the Cayman Islands. Conyers, the successful claimant, iTiger Global Investment Management Limited (“petitionerMitchell Mansfield and Samuel Cole of Kroll (Cayman) Limited have been appointed joint official liquidators of the Company pursuant to the Winding Up Order.
Pursuant to the Investment Advisory Agreement and its Supplemental Agreement, Complainant has acquired Premier Life Settlement Fund SP (“fund”), a segregated portfolio of Aquam Funds SPC. It has been stated that this fee is payable especially By acting as the investment manager of the Fund (hereinafter referred to as “debt”). After a significant period of non-payment, the claimant asked Conyers for assistance in seeking a winding up order against the company.
Under section 92(d) of the Cayman Islands Companies Law (Revised 2023), if a company is unable to pay its debts, it may be wound up by a court. If a creditor owes a Cayman Islands company more than CI$100 and their attempts to recover the funds are unsuccessful, they may have a legal claim for payment of the outstanding debt. If a creditor does not receive payment within 21 days from service of the statutory claim, the company is deemed to be unable to pay its debts within the meaning of section 92(d) and the company is subject to a liquidation order. A claim may be filed.
Conyers completed its statutory claims on the Company on October 4, 2023. The Company did not respond to the statutory request within 21 days of service. As a result, a liquidation application was issued to the Company on November 2, 2023.
In circumstances where the facts of the case demonstrate sufficient urgency, it is possible for creditors to obtain relief against debtors like us in the Cayman Islands in an even shorter period of time.
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