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ARTICLE · 17 NOVEMBER 2022

First Cayman Restructuring Officers Appointed

Walkers
Walkers
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Walkers

Walkers

Firm Details Global Managing Partner: Ingrid Pierce Office Managing Partner: Daniel Wood Number of...

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This is helpful judicial confirmation that the moratorium on unsecured creditor action automatically arises upon the filing of a petition seeking the appointment of restructuring officers.

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Matthew Goucke
Matthew Goucke
Fiona MacAdam
Fiona MacAdam
Siobhan Sheridan
Siobhan Sheridan
Vivian Kwan
Vivian Kwan
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Walkers successfully represented Oriente Group Limited (the "Company") in the very first petition in the Cayman Islands seeking the appointment of restructuring officers (the "RO Petition") pursuant to Section 91B of the Companies Act (2022 Revision) (as amended) (such restructuring officer regime having only recently been introduced into the Cayman Islands on 31 August 2022).

The Grand Court of the Cayman Islands (the "Grand Court") appointed Andrew Morrison, David Griffin (both of FTI Consulting (Cayman) Ltd.) and Kenneth Fung of FTI Consulting (Hong Kong) Limited as restructuring officers of the Company (the "Restructuring Officers") for the purposes of presenting a compromise or arrangement to creditors (or classes thereof) by way of Cayman Islands law, foreign law and/or by way of a consensual restructuring.

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