Live Breaking News & Updates on Ardent Harmony Fund Inc In Official Liquidation

Introduction
The Grand Court recently considered the statutory moratorium against commencing proceedings against a Cayman company which has been placed into liquidation. In
BDO Cayman Ltd v Ardent Harmony Fund Inc (in Official Liquidation),(1) the Grand Court held that a plaintiff which launches originating proceedings against a company in liquidation, seeking adverse orders against that company, patently requires leave of the court to bring the proceedings. The Grand Court also held that the plaintiffs in that case did not have a case worth entertaining in respect of either basis on which they had brought the applications in question.
Facts
Ardent Harmony Fund Inc (in Official Liquidation) is a Cayman fund which invested in receivables financing by way of contractually engaged credit advisers. One of those credit advisers defrauded Ardent of approximately 90% of its assets under management, resulting in Ardent being placed into official liquidation in 2016. ....

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