436 results found

Where a company's liquidation is necessary, deciding who or where is best placed to administer an orderly wind down for the benefit of creditors can be difficult: the shortfall...

Collas Crill acted as Cayman Islands legal counsel to Holt Fund SPC in respect of its successful application for the appointment of restructuring officers.

Cross border insolvencies can pose significant challenges to practitioners aiming to conduct an orderly and cost efficient wind down or restructuring process.

The purpose of this article is to provide a brief guide as to the use of statutory demands (a ‘Demand' or collectively ‘Demands') in both the Cayman Islands and the British Virgin Islands (the ‘BVI').

After much anticipation, the Judicial Committee of the Privy Council ("JCPC") has handed down its judgment in Sian Participation Corp (In Liquidation) v Halimeda International Ltd [2024] UKPC 16 ("Sian") on appeal...

There has been increasing debate among Cayman Islands attorneys and insolvency practitioners about the Hong Kong High Court's ongoing preference for a company's Centre of Main Interest over its place of incorporation when assessing whether and to what extent it should recognise and assist foreign insolvency proceedings.

In Cayman Islands litigation the general rule is that costs "follow the event". In other words, the losing party is obligated to pay not only their own legal costs...

Reforms to Cayman Islands restructuring laws, which are expected to come into force in late 2021 or early 2022, have now been published by the Cayman Islands Government.

The insolvency law of the Cayman Islands, which is primarily embodied in the Companies Law and Companies Winding-Up Rules, was the subject of a major overhaul in 2009, bringing the insolvency regime up to date, introducing some new concepts, improving the options available to creditors and formalizing the system for cross-border co-operation in insolvency proceedings.

The Cayman Islands Court of Appeal handed down the much anticipated, albeit interim, decision in Irving H Picard and Bernard L Madoff Investment Securities LLC v Primeo Fund.

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

The Cayman Islands provides a statutory framework under Part XVII of the Companies Act for recognising foreign insolvency representatives and granting ancillary relief. When offshore entities become subject to external administration proceedings in other jurisdictions, officeholders must navigate specific jurisdictional requirements to establish authority and obtain court assistance in the Cayman Islands.

Partner Neil Lupton has worked with The In-House Lawyer Magazine to create a country-specific online Q&A that provides an overview of the legal framework and key issues surrounding restructuring...

Please provide an overview of the documentation (or framework of documentation) on which derivatives transactions are typically entered into in your jurisdiction.

The Court of Appeal in Re PetroSaudi International has settled a long-standing debate by confirming that Cayman Islands courts have jurisdiction to order just and equitable winding up where there is a need for investigation into a company's affairs. This landmark appellate decision establishes clear parameters for when the investigative ground can be invoked, requiring proper standing and evidence that unsecured creditors would benefit.

The Cayman Islands restructuring officer regime came into force in August 2022 by way of legislative amendments to Part V of the Cayman Islands Companies Act (as amended)...

The Cayman Islands Court of Appeal has delivered a landmark ruling clarifying the threshold requirements for creditor standing in winding-up petitions, fundamentally reshaping the landscape for contingent creditors seeking to invoke compulsory liquidation proceedings. In a comprehensive judgment arising from the PetroSaudi International case, the Court overruled previous authorities and established that mere allegations of wrongdoing—however substantial—cannot confer standing without an existing

The illegality defence (which aims to prevent a party benefiting from its illegal conduct via legal claims) has been the subject of considerable judicial analysis in commonwealth jurisdictions in recent years.