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ARTICLE · 25 APRIL 2022

Cayman Islands Restructuring: Comity And Reciprocity

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In the recent judgment In the Matter of GTI Holdings Limited delivered on 15 March 2022,1 the Cayman Islands Grand Court reiterated the importance of principles of comity in cross-border insolvency matters and the central function of the place of incorporation.

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Norman Hau
Norman Hau
Manwa Yip
Manwa Yip
Jonathon Milne
Jonathon Milne
Sean-Anna Thompson
Sean-Anna Thompson
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In the recent judgment In the Matter of GTI Holdings Limited delivered on 15 March 2022,1 the Cayman Islands Grand Court reiterated the importance of principles of comity in cross-border insolvency matters and the central function of the place of incorporation.

A copy of the full judgment is available here.

Background

Winding-up proceedings were filed against GTI Holdings Limited (the "Company") in both Hong Kong and the Cayman Islands. In May 2020, Conyers were instructed by the Cayman Islands Joint Provisional Liquidators (the "JPLs") of the Company, who were appointed on a "light touch" basis for restructuring purposes. Importantly, the JPLs also obtained recognition of their appointment in Hong Kong.

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