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By Christine Gaylican, Opalesque Asia:
A special court solely dealing with financial-related cases will be established in the Cayman Islands on November 1, 2009 to hasten court proceedings involving finance and investment services providers domiciled in the Caribbean island.
Considered a first in offshore financial services, the court, which would be a special division of the Caymans Grand Court, will be opened to focus on cases involving investment funds, insurers, and other financial services providers based in the Cayman Islands.
Peter Cockhill, a partner based in Caymans at the law firm Ogier, told Opalesque in an e-mail today, that the new financial services court "is a welcome development that would further enhance the credibility of Cayman Island's legal system."
"Investors at Caymans seek sophistication and speed in the delivery of accounting, legal and fiduciary services, which are offered by the service providers located here. The same requirements apply to the hearing of legal disputes in Cayman. It is, quite complex, but it would surely make a difference," added Cockhill.
Ogier, a firm that is expert in international law and fiduciary services, has domiciled offices around the globe.
Caymans finance court: a first in the Caribbean
The financial services court is considered a first in a jurisdiction. Other jurisdictions, Bermuda and British Virgin Islands, have their own commercial courts but have no financial court, Cockhi...................... To view our full article Click here
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