Law and Practice
1. State of the Restructuring Market
1.1 Market Trends and Changes
In 2022, there were about 32 winding-up petitions filed in the
Financial Services Division of the Grand Court of the Cayman
Islands. From publicly available records, there have been five
petitions for the appointment of a restructuring officer from the
adoption of the new regime on 31 August 2022 until October
2023.
Restructuring Officer Regime – One-Year
Update
Just over one year on from the introduction of the restructuring
officer regime, it is interesting to note the developments that
have taken place and how the court has dealt with certain aspects
of the new regime. There have been a handful of applications made
under the Companies Act (2023 Revision) (the “Companies
Act”) since the introduction of the new restructuring officer
regime. The initial case, In the Matter of Oriente Group Limited
(FSD 231 of 2022 (IKJ)) (Unreported, 8 December 2022) (Oriente),
was the
