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ARTICLE · 11 DECEMBER 2020

Law And Practice Cayman Islands

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In 2019, a total of six restructuring petitions were filed in the Grand Court of the Cayman Islands. Of these, three related to share capital reductions and two related to schemes of arrangement.

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Guy Cowan
Guy Cowan
Guy Manning
Guy Manning
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1. Market Trends and Developments

1.1 The State of the Restructuring Market

In 2019, a total of six restructuring petitions were filed in the Grand Court of the Cayman Islands. Of these, three related to share capital reductions and two related to schemes of arrangement. In addition, one petition related to both a share capital reduction and a scheme of arrangement. This compares to a total of nine restructuring petitions filed in 2018 and 17 restructuring petitions filed in 2017, which demonstrates a significant slow-down in financial restructurings over that period.

In addition, 33 insolvency petitions were filed in 2019, of which 24 sought winding-up orders and the other nine sought orders bringing voluntary liquidations under the supervision of the court. This compares to a total of 56 insolvency petitions filed in 2018.

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