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News - Expertise: Insolvency & Corporate Restructuring

Read our latest articles,  thought leadership, press releases, updates and announcements. 

The information within these articles are opinions and/or pieces of thought leadership.

They do not purport to be comprehensive or to render legal advice.

30 Nov 2017

Building on what is now a consistent theme in Cayman Islands law; the Privy Council's decision in DD Growth has further reinforced the serious challenges faced by liquidators of investment funds looking to clawback redemption payments from third party redeemers.

Importantly, the Privy Council has held that redemption payments made by an investment fund in breach of the applicable statutory provisions are not automatically void or repayable.

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21 Nov 2017

The complex and fiercely contested Ocean Rig cross-border restructuring, effected through Cayman Islands schemes of arrangement, is one of the largest to take place outside of the United States. This cutting edge and successful restructuring of US$3.7 billion of New York law governed indebtedness involved the first ever Cayman Islands schemes of arrangement of foreign incorporated companies and the first use of a Cayman Islands STAR trust in a restructuring.

Maples and Calder along with Daniel Bayfield QC of South Square chambers (who advised the scheme companies) analyse how the Ocean Rig restructuring opens the door for the Cayman Islands as a centre within which to conduct modern, complex cross-border restructurings and in what circumstances a Cayman Islands scheme may be the right restructuring tool to reach for.

This article first appeared in the November 2017 issue of the South Square digest.

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18 Oct 2017

Maples and Calder advised Ocean Rig UDW and three of its subsidiaries in relation to the complex, cutting edge and successful restructuring of US$3.7 billion of financial indebtedness. Among other innovations, the restructuring involved the first ever Cayman Islands schemes of arrangement of foreign incorporated companies and the first use of a Cayman Islands STAR trust in a restructuring.

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9 Oct 2017

Maples and Calder is pleased to announce the recruitment of Adrian Francis, formerly a barrister at Three Stone in London. Adrian joins as a partner in the firm's BVI Litigation and Insolvency practice.

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20 Sep 2017

In a decision that will reassure investors in Cayman Islands investment funds and other vehicles, the Grand Court has shown its willingness to facilitate the investigation of legitimate concerns raised during a voluntary liquidation.

The decision is the first written ruling on the Court's power to defer the dissolution of a Cayman Islands company in voluntary liquidation under section 151(3) of the Companies Law and also considers the Court's power to bring a voluntary liquidation under the Court's supervision in the context of an investigation into possible wrongdoing.

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