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ARTICLE · 06 MAY 2025

Holt The Press! Developments In SPC Restructuring

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In late 2023, in the case of Holt Fund SPC, the Grand Court ordered the first appointment of Restructuring Officers over particular segregated portfolios of a segregated portfolio company (SPC).

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Jonathon Milne
Jonathon Milne
Jordan McErlean
Jordan McErlean
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Appointment of Restructuring Officers

In late 2023, in the case of Holt Fund SPC, the Grand Court ordered the first appointment of Restructuring Officers over particular segregated portfolios of a segregated portfolio company (SPC). As many readers will be aware, SPCs are different from typical Cayman Islands companies in that the assets and liabilities of each segregated portfolio (SP) are segregated from each other during the life of the SPC (and in liquidation), which is often referred to as the 'segregation principle'.

Typically, where a particular SP has insufficient assets to meet claims of creditors, a receiver may be appointed for the purpose of an orderly closing down of the business of that SP. However, until the Holt judgment, it was not clear that Restructuring Officers could be appointed in relation to a specific SP, given that it is not a separate legal entity.

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