Much Ado About Nothing: In the matter of China Agrotech Holdings Limited
09 October 2017
In a recent decision, the Grand Court of the Cayman Islands granted recognition to liquidators appointed by the Hong Kong court over a Cayman Islands Company. Whilst some have heralded this decision as signalling a resurgence of the concept of modified universalism after Rubin and Singularis, on closer inspection, there is considerable doubt as to whether it has this effect. Instead and in accordance with Rubin and Singularis, what this judgment shows is that the Court will only use its common law power to assist a foreign liquidator when it is satisfied that there is a pre existing right to do so.