Third party litigation funding: credit where it's due?

In the recent decision in Re Platinum Partners Value Arbitrage Fund L.P. (In Official Liquidation), the Grand Court of the Cayman Islands clarified the circumstances in which it would sanction the use of a third party litigation funding agreement in a liquidation context. This case is particularly interesting due to the Court’s’ treatment of secured creditor interests, where the proposed funder's fees were to be paid out of charged assets in priority to the rights of those secured creditors.