Statutory interest ruling

In its decision dated 27 August 2018, the Grand Court of the Cayman Islands (Grand Court) held that both Ordinary Creditors and Redemption Creditors (as defined in the FAQ section here) are entitled to statutory interest on their claims pursuant to section 149 of the Companies Law (2018 Revision), A copy of the judgment can be downloaded here. Although the decision was made in the context of Herald Fund SPC (in official liquidation), the Grand Court’s decision also binds the Fund. The Liquidators are considering the implications of the Grand Court’s ruling in respect of future distributions and will provide further updates in due course.