30 January 2008

Glovers appear in the Privy Council again
Glovers appeared as Privy Council Agents in the Privy Council on the 30th January in appeal from the Court of Appeal of the Cayman Islands. The appeal concerned the liquidation of a Special Purpose Vehicle (‘SPV’) incorporated in the Cayman Islands to raise money for the Parmalat group, the troubled Italian milk conglomerate.
The insolvency of the Parmalat Group is one of the largest and best known in recent years and has attracted a great deal of media attention. This particular appeal concerned the right to petition the Cayman Court for the liquidation of the SPV and the identity of the appointed liquidators. The appeal touches upon legal issues such as the definition of ‘creditor’, bona fide debt and what is substantial standing for the right to petition.
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