Last year’s judgement of the Grand Court of the Cayman Islands in Weaveing Macro Fixed Income Fund Limited (In Liquidation) v Peterson and Ekstrom (“Weavering”) spawned numerous commentaries and advisories which had Fund directors scurrying for cover. However, looking back now, the case said more about common sense and commercial best practice than it did about new law.
The case was in fact unremarkable in terms of general legal significance in the Cayman Islands and, notwithstanding bearish sentiment of some detractors, the investment funds industry generally. Of much more interest was that the particular factual situation provided a perfect opportunity to illustrate how not to be a fund director. Rather than leaving us with a rigid set of guidelines and prescriptions for managing the often complex and opaque web of duties and obligations, which it would have been very easy to do, the judgment instead provides us with a clear common sense guide on what to avoid.
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