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ARTICLE · 25 AUGUST 2023

Important Takeaways For Bondholders: Do They Have Rights As Contingent Creditors?

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The Cayman Islands Grand Court recently delivered its judgment in Re Shinsun Holdings (Group) Co., Ltd. FSD 192 of 2022 (DDJ) (21 April 2023) (unreported)...

GlobalLitigation, Mediation & Arbitration
Anna Lin
Anna Lin
Tonicia Williams
Tonicia Williams
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The Cayman Islands Grand Court recently delivered its judgment in Re Shinsun Holdings (Group) Co., Ltd. FSD 192 of 2022 (DDJ) (21 April 2023) (unreported) (the "Shinsun Judgment") in which the court determined the ultimate beneficial owner of bonds, held through Euroclear, did not have standing or authority to progress a winding up petition as a contingent creditor. In this article, we explore similar cases in other offshore and common law jurisdictions.

Shinsun Judgment and the Cayman Position

The court considered (a) whether the Petitioner has legal standing to progress a winding up petition (b) whether the petitioner is a contingent creditor; and (c) whether the Petitioner was authorised to progress a winding up petition.

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