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ARTICLE · 02 OCTOBER 2023

Orienteering Change: Navigating Restructuring Under The New Cayman Islands Regime

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After a substantial industry consultation process, the Cayman Islands introduced the concept of Court-appointed restructuring officers into Part V of the Cayman Islands Companies Act...

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Jordan McErlean
Jordan McErlean
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A version of this was first published in INSOL I-Read Student Newsletter, Issue 9, September 2023, and is republished with kind permission of INSOL International.

After a substantial industry consultation process, the Cayman Islands introduced the concept of Court-appointed restructuring officers into Part V of the Cayman Islands Companies Act (the "Companies Act") with effect from 31 August 2022.

The reforms sought to improve on the existing system for restructuring companies in financial difficulty and make the process more user-friendly by allowing a company to petition for the appointment of restructuring officers. This allows companies to take advantage of an automatic moratorium from the date of filing the petition which is similar to the US Chapter 11 stay or the English administration moratorium.

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