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ARTICLE · 06 JANUARY 2021

Restructuring Review 2021

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The first part of this chapter looks at the key aspects of the successful Cayman Islands restructuring regime.

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Guy Manning
Guy Manning
Paul Kennedy
Paul Kennedy
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In summary

The first part of this chapter looks at the key aspects of the successful Cayman Islands restructuring regime. The second part reflects on the validation of transactions after a winding-up petition has been presented and the Cayman Islands Court of Appeal's recent guidance in that area.

Discussion points

  • Schemes of arrangement
  • Provisional liquidations
  • Statutory moratoriums
  • Creditors' meetings
  • Centre of main interests shifting
  • The rule in Gibbs
  • 'Friendly' creditors' petitions
  • Validation of post-petition transactions

Referenced in this article

  • Ocean Rig [ref]
  • Anthony Gibbs & Sons v La Societe Industrielle et Commerciale des Metaux (1890) 25 QBD 399

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