On December 12, 2008, the Cayman Islands Court of Appeal delivered a Judgment in a case titled In the Matter of Strategic Turnaround Master Partnership, Limited.  The court denied standing to a redeeming investor in Strategic Turnaround Master Partnership, Limited who sought to petition for a wind up of the fund based on the fund’s inability to pay its debts.  However, the court left open the possibility that the investor, Culross Global Ltd., might petition for the same relief under the “just and equitable” doctrine of Cayman Islands insolvency law.  We discuss the facts, legal analysis and implications of the case for hedge funds organized in the Cayman Islands.