Earlier this week, the Singapore High Court handed down a decision concerning cryptocurrency valuation in the context of assessing damages for breach of contract and made some important observations in the process. The Court...more
7/18/2024
/ Asset Recovery ,
Breach of Contract ,
Cayman Islands ,
Cryptocurrency ,
Damages ,
Dispute Resolution ,
Fraud ,
Frozen Assets ,
Liquidation ,
Offshore Companies ,
Singapore ,
Valuation
In a very recent judgment in the wake of the Abraaj Group fallout, the Grand Court of the Cayman Islands refused to strike out a just and equitable winding up petition and, in the process, analysed the effect of a purported...more
Although there are occasions when formal insolvency proceedings are unavoidable, there are many cases where a consensual, out-of-court approach is more appropriate and desirable.
We are often engaged to assist creditors,...more
We have published a series of articles dealing with directors’ duties in the zone of insolvency. In previous briefings, we have written about the high-profile UK Supreme Court ruling in Sequana and the New Zealand Supreme...more
Following the English High Court’s written reasons for sanctioning the Adler Group restructuring plan on 21 April 2023, the English Court of Appeal has overturned the High Court’s decision and sent a strong message regarding...more
2/20/2024
/ Appeals ,
Cayman Islands ,
Commercial Litigation ,
Corporate Governance ,
Corporate Restructuring ,
Creditors ,
Debt ,
Debt Restructuring ,
Dispute Resolution ,
EU ,
Liquidity ,
Shareholders
On 29 November 2023, the English Court of Appeal delivered an important judgment in Churchill v Merthyr Tydfil County Borough Council et al [2023] EWCA Civ 1416 (“Churchill”) which aligns with a wider trend in embracing a...more
On 20 September 2023, the Privy Council delivered the much-anticipated judgment in FamilyMart China Holding Co Ltd v Ting Chuan (Cayman Islands) Holding Corporation [2023] UKPC 33, on appeal from the Cayman Islands Court of...more
As directors around the world grapple with difficult and uncertain times arising from various macro-economic factors, these decisions provide useful and timely guidance on the approach that directors should take to protect...more
In a series of recent judgements, the Cayman Islands Grand Court has celebrated the 25th anniversary of the introduction of the segregated portfolio company (“SPC”) regime in the Companies Act by confirming the strict...more
On 8 March 2023, the Grand Court of the Cayman Islands appointed Joint Provisional Liquidators (“JPLs”) over Atom Holdings (the “Company”), a Cayman incorporated holding company for the Atom Group, which operated a...more
The Singapore Court recently delivered its judgment in Hyflux Ltd (in compulsory liquidation) v Lum Ooi Lin [2023] SGHC 113 (“Hyflux”). Despite the litigation funding landscape being slightly different in Singapore, the...more
What is a scheme?
A compromise or arrangement between a company and any class or classes of its creditors (and/or shareholders). The process broadly mirrors an English scheme of arrangement thereby providing legal...more
A warm welcome to our latest edition of Conyers Coverage. It’s been a dizzying year to date for the Cayman Islands (re)insurance industry, so it’s time for some updates and insights.
The momentum is real and the pipeline...more
8/11/2023
/ Acquisitions ,
AML/CFT ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Conflicts of Interest ,
Corporate Governance ,
Insurance Industry ,
Investment ,
Mergers ,
New Rules ,
Regulatory Agenda ,
Reinsurance ,
Required Documentation ,
Shareholders
These continue to be challenging times and we recognize that the need for cross-border advice on insolvency and restructuring matters may be required at short notice. Conyers’ attorneys are insolvency and restructuring...more
On 21 April 2023, the English High Court handed down its written reasons for sanctioning the Adler Group restructuring plan proposed under the new Part 26A regime of the UK’s Companies Act 2006, which raised questions...more
8/4/2023
/ Cayman Islands ,
Corporate Restructuring ,
Cramdown ,
Creditors ,
Dissenters Rights ,
Insolvency ,
Jurisdiction ,
Pari Passu ,
Sanctions ,
Stakeholder Engagement ,
UK Companies Acts
As the Grand Court of the Cayman Islands reopens for 2023, it is a good time to reflect on what transpired in 2022. A review of the filings made in the Grand Court throughout 2022 shows a very significant number of cases...more
On 11 November 2022, Mr Justice Kawaley ordered the first appointment of restructuring officers in Re Oriente Group Limited (FSD 231 of 2022) under the new Cayman Islands restructuring regime, with reserved written reasons to...more
1/12/2023
/ Advertising ,
Business Litigation ,
Cayman Islands ,
Companies Act ,
Corporate Officers ,
Corporate Restructuring ,
Creditors ,
Debt ,
Debtors ,
Insolvency ,
Restructuring ,
Winding Up Petitions
On 11 November 2022, Mr Justice Kawaley ordered the first appointment of restructuring officers in Re Oriente Group Limited (FSD 231 of 2022) under the new Cayman Islands restructuring regime, with reserved written reasons to...more
A very warm welcome to our eighth edition of Conyers Coverage. As we start to wind down on 2022 #TeamConyers is already reflecting on what a hectic and exciting year it’s been for the Cayman Islands (re)insurance industry –...more
12/2/2022
/ AML/CFT ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Corporate Counsel ,
Corporate Governance ,
Economic Substance Doctrine ,
Environmental Social & Governance (ESG) ,
EU ,
Insolvency ,
Insurance Industry ,
Investment ,
Mediation ,
Regulatory Agenda ,
Segregated Portfolio Companies ,
Taxation
With a marked increase in large-scale cross-border insolvency and restructuring proceedings in the Cayman Islands and elsewhere, there is a greater focus on principles of comity and co-operation between courts and...more
11/8/2022
/ Australia ,
Cayman Islands ,
Companies Act ,
Cross-Border ,
Hong Kong ,
Insolvency ,
Jurisdiction ,
New Zealand ,
Remote Hearings ,
Restructuring ,
UNCITRAL
The United Kingdom Supreme Court (the “UKSC”) recently delivered its eagerly anticipated judgment in BTI 2014 LLC v Sequana SA and others [2022 UKSC 25] (“Sequana”). The reasoning in Sequana will be highly persuasive in the...more
11/4/2022
/ Appeals ,
Breach of Duty ,
Cayman Islands ,
Directors ,
Fiduciary Duty ,
Good Faith ,
Insolvency ,
Jurisdiction ,
Shareholders ,
UK ,
UK Companies Acts ,
UK Supreme Court
In the recent judgment of Gol Linhas Aereas SA (formerly VRG Linhas Aereas SA) (Respondent) v MatlinPatterson Global Opportunities Partners (Cayman) II LP and others (Appellants) [2022] UKPC 21, the Privy Council upheld the...more
Cayman Islands companies have dominated the restructuring news cycle of late for a variety of reasons, including recent judicial commentary as to the effect of obtaining recognition under Chapter 15 of the U.S. Bankruptcy...more
8/29/2022
/ Bankruptcy Code ,
Bankruptcy Court ,
Cayman Islands ,
Chapter 15 ,
COMI ,
Companies Act ,
Corporate Restructuring ,
Creditors ,
Debtors ,
Hong Kong ,
Insolvency ,
United States
On 24 June 2022, the Honourable Mr Justice Harris (of the High Court of Hong Kong Special Administrative Region) granted assistance to Cayman Islands appointed Joint Provisional Liquidators (the “JPLs”) of Seahawk China...more
7/29/2022
/ Business Assets ,
Business Litigation ,
Cayman Islands ,
Cross-Border ,
Hong Kong ,
Insolvency ,
Investment Funds ,
Jurisdiction ,
Liquidation ,
Shareholder Resolution ,
Shareholders
Conyers partner Jonathon Milne and associate Rowana-Kay Campbell in the Cayman Islands, and partner Anna Lin in Hong Kong, explain why the new Cayman restructuring regime is likely to be a welcome addition to the legislative...more
7/29/2022
/ Amended Legislation ,
Board of Directors ,
Business Litigation ,
Cayman Islands ,
Companies Act ,
Corporate Restructuring ,
Creditors ,
Debtors ,
Fiduciary Duty ,
Insolvency ,
Provisional Measures ,
Shareholders ,
UK