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Cayman Islands Jurisdiction

Walkers

Enforcement of foreign arbitral awards by the Grand Court of the Cayman Islands

Walkers on

The circumstances in which an unsuccessful party in arbitration may resist enforcement of an award in the Cayman Islands are limited in number and narrow in scope. The judiciary are alive to the risk that parties may run...more

Walkers

New trends in use of Jersey and Guernsey structures by US fund managers targeting European assets or capital

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Over the last few months, we have started to see new trends in inquiries and instructions regarding the use of Jersey and Guernsey structures by US managers targeting either European assets, or European capital....more

Conyers

ReConnect Recap: 10 Takeaways from Cayman’s First Reinsurance Conference

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The first dedicated reinsurance conference in the Cayman Islands was by every conceivable metric an incredible success. Hosted by CIRCA, close to 450 reinsurance professionals gathered at [Re]Connect to network and hear...more

Walkers

Cayman Court of Appeal confirms jurisdiction to grant injunctions in support of foreign-seated arbitration

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On 28 March 2024 the Cayman Islands Court of Appeal dismissed an appeal by Minsheng Vocational Education Company Limited against an injunction enjoining Minsheng from purporting to enforce certain share charges. This is...more

Walkers

Restructuring officers appointed over troubled segregated portfolios

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The Grand Court of the Cayman Islands recently confirmed expressly for the first time that it has jurisdiction to wind up a segregated portfolio company ("SPC") on the insolvency of one or more, but not all, of its segregated...more

Cadwalader, Wickersham & Taft LLP

Teaming Up for Term Loans February 2024 - Luxembourg and the Cayman Islands: A Comparative Analysis of Two Leading Fund Finance...

Luxembourg and the Cayman Islands are two of the world’s leading fund formation jurisdictions, and account for a large portion of the private equity funds domicile market. Most private equity fund structures are comprised of...more

Walkers

Removal of the Cayman Islands from the EU AML List and UK AML List

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Following the removal of the Cayman Islands from the Financial Action Task Force's list of "jurisdictions under increased monitoring" in October 2023, on 12 December 2023, the European Commission adopted the Commission...more

Walkers

Cayman Islands to be removed from EU AML list and UK list of high risk countries

Walkers on

Following the removal of the Cayman Islands from the FATF list of jurisdictions under increased monitoring, the Cayman Islands is to also be removed from the European Union list of jurisdictions with strategic deficiencies in...more

Walkers

Courting Clarity: Grand Court confirms jurisdiction to determine winding up petitions notwithstanding requirement to refer...

Walkers on

On 20 November 2023, the Grand Court of the Cayman Islands (the "Grand Court") issued its ruling on a preliminary issue in In the matter of Re BPGIC Holdings Limited; namely whether a winding up petition should be stayed or...more

Walkers

Non-Compliant Transfers of Cayman Islands Insurance Business: To Void, or Not to Void, That Is the Question

Walkers on

Since the introduction of the Insurance Act in 1979, the Cayman Islands has established itself as one of the largest, and most sophisticated, centres for international insurance business. As of the first quarter of 2023, the...more

Walkers

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring - Update

Walkers on

Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 27 October 2023, the FATF has announced that the Cayman Islands has been removed from the FATF's list of "jurisdictions under...more

Conyers

Five Reasons Reinsurance is Ramping Up in Cayman

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Whilst traditionally the Cayman Islands has deservedly been recognised as a leading captive jurisdiction, around 70% of all licences issued by the Cayman Islands Monetary Authority (“CIMA”) in recent years have been for...more

Walkers

Practical overview of offshore legal opinions in financing transactions

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It is standard practice for lenders in financing transactions to request legal opinions from counsel in each jurisdiction in which a transaction entity is established or under which law transaction documents are governed. Set...more

Walkers

Enforcement of arbitral awards: Bermuda, BVI, Cayman Islands, Guernsey, Irish and Jersey law

Walkers on

As the use of arbitration as a means of dispute resolution has grown in popularity, there has been a marked increase in the need for arbitral awards to be recognised and enforced in offshore jurisdictions. The...more

Conyers

Cayman Islands Restructuring: Cross-Class Cram Downs and Competing Valuations

Conyers on

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

Walkers

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring

Walkers on

Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 23 June 2023, the FATF has announced that it has made the initial determination that the Cayman Islands has substantively...more

Conyers

Sun Vessel Global Limited v HQ Aviation Limited and Great Lakes Insurance (UK) SE: Synopsis on Costs

Conyers on

Sun Vessel Global Limited (Appellant) v (1) HQ Aviation Limited, (2) Great Lakes Insurance (UK) SE (Respondents) Judgment given on 9 January 2023. Court’s Jurisdiction to reconsider matters before delivery of its perfected...more

Walkers

Taking a Closer Look at the Law Relating to the Appointment of Inspectors

Walkers on

Synopsis In the matter of Avivo Group (Cause No. FSD 145 of 2022 (RPJ)), Walkers, instructing Ms Clare Stanley KC of Wilberforce Chambers, acted as Cayman Islands counsel to Avivo Group (the ‘Company’) in respect of its...more

Walkers

Learning from Mistakes: Imposing Constructive Trusts over Mistaken Payments

Walkers on

Synopsis In the recent judgment of Re Premier Assurance Group SPC Ltd. (in Official Liquidation) (unreported, Smellie C.J., Cause No. FSD 264 of 2020 (ASCJ), 7 April 2022), the Grand Court of the Cayman Islands sanctioned a...more

Conyers

Cayman Islands Restructuring: Court-to-Court Communication and Co-operation in Cross-Border Matters

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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

Conyers

Directors’ Duties on the Precipice of Insolvency: Brief Overview of BTI 2014 LLC v Sequana SA

Conyers on

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

Walkers

Home Thoughts, From Abroad - Restructuring Recognition (and Recognition of Restructuring)

Walkers on

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 of assets in an insolvency will highlight...more

Conyers

Appeals from the Cayman Islands to the Judicial Committee of the Privy Council: a Summary of the Rules

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The Judicial Committee of the Privy Council (‘the JCPC’) is the final and highest Court of Appeal for the Cayman Islands, eleven other British Overseas Territories, three Crown Dependencies and nine commonwealth countries...more

Conyers

Hong Kong Court Renders Assistance to Cayman Islands Liquidators of a Solvent Investment Fund

Conyers on

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

Walkers

Judgment on Declaratory Relief in Cayman Islands Insolvent Liquidation Proceedings

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A recent decision of Kawaley J sitting in the Grand Court of the Cayman Islands (the “Grand Court”) has provided helpful clarification on what he described as a “legally significant” and “important jurisdictional point”. The...more

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