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Security enforcement & asset tracing

We are frequently engaged to deal with enforcement of creditors' rights in respect of secured and unsecured debt.

Security enforcement often involves taking steps to enforce share mortgages, or floating/fixed charges and charges over land.  The rules and procedures for enforcement in the Cayman Islands and the British Virgin Islands can differ significantly from those in other jurisdictions, particularly the USA. 

We also have significant experience in actions taken to preserve property and restrain unlawful dealings in assets: for example by obtaining (or defending) freezing and disclosure injunctions.  We often work with investigators and forensic accountants to identify assets subject to litigation and to adopt strategies to have them retained pending the outcome of a case. 

Examples of our recent cases include:

  • Acting for numerous Saad affiliated corporate defendants in the high profile $9.2 billion fraud action between Saudi based AHAB Company and Maan Al Sanea in which the Cayman Islands Courts have to date considered important issues on the scope of freezing injunctions and questions of appropriate forum. 
  • Representing Deloitte & Touche in its ongoing efforts to recover Cayman Islands assets in relation to the Bre-X gold fraud, and in particular the maintenance of a Cayman Islands freezing injunction pending conclusion of substantive proceedings in Canada. 
  • Acting for the secured creditor of the Westin Casuarina Resort and Spa in the Cayman Islands to enforce its security and appoint Receivers in respect of the Hotel's property and business. 

Contacts

BVI

Maples and Calder British Virgin Islands
Arabella di Iorio
work +1 284 852 3016

Cayman Islands

Maples and Calder Cayman Islands
Aristos Galatopoulos
work +1 345 814 5241

Dublin

Maples and Calder Dublin
Dudley Solan
work +353 1 619 2022

Hong Kong

Maples and Calder Hong Kong
John Trehey
work +852 2971 3014

Clients choose us and come back to us because of our team based, commercial approach to solving their problems.

Aristos Galatopoulos, Partner, Cayman