The Grand Court of the Cayman Islands has stepped in to pause company actions linked to a contested board meeting of Cayman company Kiwi GP Cayco Ltd.
Justice David Doyle granted an injunction on 5 August, stopping the company and director Michael Pearson from taking further steps based on resolutions passed at the 24 July meeting.
Cayman-based Falcon Newco Limited, a shareholder, claims that meeting was invalid because it did not have the required number of directors present under the company’s rules adopted last November.
One of the resolutions in dispute gave the company authority to start legal proceedings in New Zealand and empowered Pearson to represent it, a short judgment explained.
Those proceedings were filed the next day, with a hearing in New Zealand set for 22 September.
The injunction means the company cannot advance the New Zealand case or act on the 24 July resolutions until the Cayman court decides whether the meeting was properly held.
Justice Doyle also ordered the case to be heard in private for now, with certain court documents sealed.
The judge said there is a serious question to be resolved and that pausing the disputed actions now is more likely to achieve a fair outcome.
The court has set 19 November for an expedited hearing to decide the core dispute, with documents due by 14 November.
