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Companies Act Insolvency

Conyers

Restructuring in the Cayman Islands: The New Regime

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On August 31, 2022, significant amendments to Part V of the Cayman Islands Companies Act (“Act”) took effect to revamp the Cayman Islands restructuring regime. These amendments introduced the new role of a court-appointed...more

Conyers

Cayman Islands Non-Petition Clauses: Precision Is Paramount

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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

Walkers

Cayman Islands Schemes of Arrangement now available for Exempted Limited Partnerships using the Restructuring Officer Regime

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A Cayman Islands scheme of arrangement is a court approved compromise or arrangement between a company and its creditors or shareholders (or classes thereof). A scheme of arrangement is frequently used to implement a...more

Conyers

Receivership Order for Cayman Islands Segregated Portfolio Fund Secured in 3 Months

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Feb 2024 On 12 January 2024, the Honourable Mr Justice Kawaley granted an order for the appointment of receivers pursuant to Section 224 of the Companies Act (2023 Revision) (the “Act”), over the Premier Life Settlement Fund...more

Conyers

Winding-Up Order Obtained Against Cayman Islands Fund Investment Manager Within 3 Months

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The Honourable Mr Justice Kawaley granted a winding up order against Airstream Investment Ltd (the “Company”), an exempted company incorporated under the laws of the Cayman Islands. Conyers acted for the successful...more

Conyers

Cayman Islands Litigation: Reflecting on the Year 2023

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As the Grand Court of the Cayman Islands reopens for 2024, we reflect on 2023 and some of the large-scale cross-border insolvency and restructuring proceedings, and complex commercial disputes dealt with in the jurisdiction...more

A&O Shearman

The Adler appeal: our key takeaways

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The Adler appeal: Our key takeaways from the landmark Court of Appeal judgment setting aside the Adler restructuring plan, and what it means for future restructuring plans - The Court of Appeal has handed down its...more

Conyers

Frozen Crypto Assets and a Dissolved Company: The EC Court of Appeal’s Application of Convoy Collateral

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In its seminal decision in Broad Idea International v Convoy Collateral [2021] UKPC 24 (“Convoy”), a case which had its genesis in the BVI Commercial Court, the Privy Council delivered a ground-breaking exposition of the law...more

Conyers

Cayman Court Exercises Inherent Jurisdiction to Restore a De-Registered Company

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In a recent judgment Re Cradle Holdings Inc. (FSD 318 of 2022, unreported, 4 September 2023), the Chief Justice of the Cayman Islands ruled on the novel issue as to whether and by what route a company which has been...more

Conyers

Trina Solar: A Warning Regarding Reliance on Merger Price and Deficient Disclosure in s238 Proceedings

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The successful appeal by dissenting shareholders in Trina Solar provides key insights into the importance of establishing a robust merger process, the company’s burden to make all relevant information available in appraisal...more

Conyers

Orienteering Change: Navigating Restructuring Under the New Cayman Islands Regime

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After a substantial industry consultation process, the Cayman Islands introduced the concept of Court-appointed restructuring officers into Part V of the Cayman Islands Companies Act (the “Companies Act”) with effect from 31...more

Conyers

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) (the “Shinsun Judgment”) in which the court determined the ultimate...more

Conyers

Overview of the New Cayman Islands Restructuring Officer Regime

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The Cayman Islands has always been known for a few things other than its white sandy beaches. It has awell-earned reputation as a global financial hub. Many global businesses restructure through the Cayman Islands due to its...more

Conyers

Schemes of Arrangement: Restructuring in the Cayman Islands

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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

Walkers

Learning from Mistakes: Imposing Constructive Trusts over Mistaken Payments

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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: Getting Oriented With the New Regime – Part II

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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

Walkers

Tales from the Oriente: the first appointment of restructuring officers in the Cayman Islands

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The Company is the parent company of a group (the "Group") which operates a leading financial technology platform providing alternative sources of credit to traditional retail banks for the unbanked and underbanked population...more

Pillsbury Winthrop Shaw Pittman LLP

Bankruptcy Court Denies Chapter 15 Recognition Request of Cayman Islands Joint Provisional Liquidators

Although bankruptcy courts frequently grant chapter 15 recognition to proceedings initiated by Cayman provisional liquidators, recognition is not automatic. Instead, in considering a petition for recognition of a Cayman...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

Dechert LLP

Sequana: “Momentous” Judgment by Supreme Court on the Creditor Duty

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The Supreme Court has ruled, for the first time, on the existence, specific content and engagement of the so-called “creditor duty” or the “rule in West Mercia”. In doing so, it unanimously dismissed BTI’s appeal. ...more

Conyers

New Cayman Islands Restructuring Regime: Modern Land and a Modernised Approach

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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

Conyers

Cayman Islands Restructuring: Recent Common Law Insights for Directors when Entering the Zone of Insolvency

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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

Conyers

Conyers Coverage July 2022 – Issue 7 – Cayman Islands

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We are pleased to bring you the summer 2022 edition of Conyers Coverage, the Cayman Islands insurance newsletter. The Cayman Islands insurance and reinsurance industry has had a strong start to the year and Conyers is...more

Conyers

Mistakes Were Made … What is a Liquidator to Do?

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A fundamental principle of insolvency law in the Cayman Islands is that upon the commencement of a liquidation of a company, a line is drawn in the sand and the assets of an insolvent company should be distributed on a pari...more

Hogan Lovells

Another first: out of the money creditors excluded from voting on Smile Telecoms’ restructuring plan

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Smile Telecoms, which last year implemented the first restructuring plan for a cross-border African business, has now achieved another first by using section 901C(4) of the Companies Act 2006 to exclude all bar one class from...more

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