- Privy Council case considering joint liquidators’ claims under Cayman law for unlawful preferences (Skandinaviska Enskilda Banken AB v Conway)
- What was the background?
- What did the court decide?
- What are the practical implications of this decision?
Restructuring & Insolvency analysis: In this case the Judicial Committee of the Privy Council considered Skandinaviska Enskilda Banken’s appeal of the Weavering ‘joint liquidators’ claims under Cayman Islands law for unlawful preferences. It provides a useful summary of English caselaw on fraud, directing mind (Fairfield Sentry distinguished), intention to prefer, Insolvency Act 1986, section 127 cases and the anti-deprivation rule. David Lord QC of Three Stone and Shaun Folpp, partner and head of litigation (Asia) of Mourant, who acted for the respondents, (instructed by Lipson Karas LLP), address the issues raised in the case and its practical implications including the position of custodians and the distinction between internal and external fraud.
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