Harneys has represented a petitioner in securing a Grand Court order to wind up AIX Secure SPV Ltd under the Cayman Islands Companies Act.
The order was granted under sections 92(d) and 92(e) of the Companies Act (2025 Revision), placing the Cayman exempted company under the supervision of court-appointed liquidators.
AIX Secure SPV Ltd issued debt notes as part of the AIX Investment Group.
The court appointed Angela Barkhouse of Kroll (Grand Cayman) and Michael Byrne of Kroll (Dubai) as joint official liquidators, acting jointly and severally.
Ian Mann, managing partner of Harneys’ Dubai office, said in a press release on 30 October that the firm would work with Kroll as the liquidation proceeds.
“Control of the company now rests with independent officeholders under the supervision of the Grand Court, and we look forward to working closely with Kroll as the liquidation moves forward,” he said.
“We would encourage anyone who believes they are a creditor of AIX Secure SPV Ltd, including the AIX Bond investors, to come forward and register their details with the joint official liquidators’ office, so that they receive all formal communications and their claims can be properly considered.”
Following the order, proceedings against the company are stayed and control of its affairs has passed to the joint official liquidators.
Their initial responsibilities include securing the company’s assets, investigating its affairs and the wider AIX Group structure, and communicating with creditors.
Harneys said its legal team was led by Mann and included Dubai-based partner Sabrina Devenish and Cayman-based partner Ben Hobden.
Senior associates Luke Fraser and Kelsey Sabine, both based in Cayman, also worked on the matter.
