Chambers Insolvency 2019 Second Edition Guide: Cayman Islands

The Cayman and Hong Kong courts have delivered parallel rulings in Re Ourgame International Holdings Limited that fundamentally reshape how liquidators must approach applications for powers and cross-border recognition. These decisions establish that courts will scrutinize each requested power individually, requiring specific justification and evidence rather than granting blanket authority. What does this mean for practitioners seeking to make Cayman liquidations effective across multiple jurisdictions?

Recent Cayman Islands court decisions have reshaped the landscape for fund liquidations, clarifying competing routes to winding up, the independence test for appointed liquidators, and the jurisdictional implications of filing proofs of debt. These rulings establish important boundaries around officeholder powers while balancing efficiency against proper judicial oversight.

A High Court ruling examines the cross-border application of section 423 of the Insolvency Act 1986 in enforcing English arbitration awards, while establishing critical boundaries for the Marex tort in asset recovery disputes. The decision addresses whether offshore restructurings undertaken before arbitral awards can be challenged under English law when assets are allegedly moved to frustrate enforcement.

The Cayman Islands Court of Appeal has delivered a landmark ruling clarifying the threshold requirements for creditor standing in winding-up petitions, fundamentally reshaping the landscape for contingent creditors seeking to invoke compulsory liquidation proceedings. In a comprehensive judgment arising from the PetroSaudi International case, the Court overruled previous authorities and established that mere allegations of wrongdoing—however substantial—cannot confer standing without an existing

Recent cases from common law jurisdictions have grappled with a recurring challenge: when a creditor seeks to wind up a company based on a debt governed by foreign law, and the debtor disputes that debt, how deeply should courts examine contested foreign law issues? Judicial responses have varied significantly, from treating any substantial disagreement between foreign law experts as grounds for dismissal to conducting more detailed inquiries into the merits of the dispute.

In February this year, we considered the Grand Court’s decision in Peakwave Investment Management Ltd v Energy Evolution GP Ltd (Energy Evolution 1)...

The Cayman Islands Grand Court has clarified when supervision orders can be granted for companies in voluntary liquidation, even when existing shareholder petitions remain unresolved.

Case Closed is a publication of Maples Group's Dispute Resolution and Insolvency team. It provides a review of recent significant judicial decisions affecting Cayman Islands law ...

In its recent judgment Re New Ruipeng Pet Group Inc [2026] CIGC (FSD) 21, the Grand Court has provided helpful and welcome guidance on the factors...

As fund finance has evolved beyond classic subscription lines into asset-backed facilities, NAV lines and warehouses, and the rise of private credit has seen practitioners expand into back-leverage, pass-through notes...

The Q1 Regulatory Update provides an overview of the main legal developments in the Cayman Islands and the British Virgin Islands from 1 January 2026 to 31 March 2026.

Our team provide some key takeaways from the Growth Frontiers Global conference and the global aviation industry as a whole.

The Cayman Islands has approved targeted amendments to the Mutual Funds Act, Private Funds Act and the Virtual Asset (Service Providers) Act to create a clear...

The Grand Court of the Cayman Islands recently delivered an important judgment on the principles governing judicial recusal, granting an application...

The Business Companies Act (as revised) (the BCA) of the British Virgin Islands (the BVI) provides a comprehensive regime to facilitate cross-border secured lending transactions...

The British Virgin Islands ("BVI") is one of the leading offshore investment funds jurisdictions, attracting investment managers and investors worldwide. BVI investment fund structures are well known...

By a decision dated 27 January 2026 in Unicorn Biotech Ventures One Ltd (in its capacity as general partner of Rigmora Biotech Investor One LP) & Anor. v ATP III GP, Ltd (No. 3) [2026] CIGC (FSD) 5...

The Cayman Islands Monetary Authority (CIMA) has launched the new Prudential Information Survey, which must be completed and submitted by all entities registered with CIMA as Registered Persons...

In a groundbreaking decision, the Grand Court has confirmed in Unicorn Biotech Ventures One Ltd (in its capacity as general partner of Rigmora Biotech Investor One LP) & Anor. V ATP III GP, Ltd [2026] CIGC (FSD) 1...

The Cayman Islands has implemented the Organisation for Economic Co-operation and Development's ("OECD") Crypto-Asset Reporting Framework ("CARF") and made complementary changes to the Common Reporting Standard ("CRS")...