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ARTICLE · 25 MARCH 2019

Insolvency 2019

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In 2017, a total of 17 restructuring petitions were filed in the Grand Court of the Cayman Islands.

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Mark Goodman
Mark Goodman
Guy Manning
Guy Manning
Guy Cowan
Guy Cowan
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1. MARKET TRENDS AND DEVELOPMENTS

1.1 The State of the Restructuring Market

In 2017, a total of 17 restructuring petitions were filed in the Grand Court of the Cayman Islands. Of these, nine related to share capital reductions and eight related to schemes of arrangement. This compares to a total of 24 restructuring petitions filed in 2016.

In addition, 40 insolvency petitions were also filed in 2017, of which 22 sought winding-up orders and the other 18 sought orders bringing voluntary liquidations under the supervision of the court. This compares to a total of 46 insolvency petitions filed in 2016.

Ten of the insolvency petitions filed in 2017 did not proceed, whilst winding-up/supervision orders were made on 30 of the 40 petitions filed.

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