Harbinger of Change to the Loss of Substratum Test Applicable to Cayman Islands Companies
01 Dec 2015The recent Grand Court judgment in Re Harbinger Class PE Holdings (Cayman) Ltd clarifies two issues arising in petitions to wind up a company on the just and equitable ground on the basis it has lost its substratum. First, the applicable test for whether there has been a loss of substratum and secondly the appropriate approach to determining the principal or main object of a company with an unrestricted objects clause in its constitution.