When redemptions in the shares of hedge funds are suspended, including in situations where the determination of net asset value is suspended, trading in those fund shares nonetheless commonly occurs in a secondary market, with investors typically seeking to exit a fund position to cap their losses, and more speculative investors seeking to purchase positions in the hope of a better return if the fund emerges from its financial difficulties.  However, in the Cayman Islands, if the fund’s difficulties give rise to a voluntary liquidation, any transfer of shares made after the commencement of the liquidation will be void unless sanctioned by the liquidators.  Sellers, buyers and liquidators need to know how transfers of hedge fund shares made after the commencement of a voluntary liquidation may be preserved.  In a guest article, Christopher Russell and Jeremy Snead, partner and associate, respectively, at Appleby (Cayman), highlight the pitfalls associated with such transactions and solutions for preserving these arrangements.