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The information within these articles are opinions and/or pieces of thought leadership.
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16 Mar 2018
In a decision that does much to reassert legal certainty for investors in Cayman Islands funds the Cayman Islands Court of Appeal ("CICA") has overruled a decision of the Grand Court concerning the circumstances in which an official liquidator of a solvent company could rectify the register of members, in 'In the matter of Herald Fund SPC (in official liquidation)'.
The Grand Court had held that section 112(2) of the Companies Act empowered an official liquidator to go behind a contractually binding (but misstated) NAV and substitute a correct NAV in its place. The CICA disagreed and, while noting the potential for harsh and indeed arguably unfair outcomes for some investors where a binding (but misstated) NAV was upheld, preferred to uphold the principle of legal certainty for all investors, and followed the recent line of authority from the Privy Council decisions in Fairfield Sentry and Pearson v Primeo.
22 Dec 2017
In this article Caroline Moran and Nick Herrod, who acted for the successful scheme of companies, discuss the Ocean Rig restructuring of US$3.7 billion in New York law governed debt, the largest ever Cayman Islands restructuring.
This article first appeared in the December 2017 Corporate Rescue and Insolvency Journal.
21 Dec 2017
Consolidated and amended insolvency and restructuring rules and regulations come into force in the Cayman Islands on 1 February 2018 (the "Amended Rules"). The Amended Rules do not represent a comprehensive overhaul of the rules and regulations but they do make a number of significant changes to the procedural aspects of Cayman Islands domestic and cross-border insolvency and restructuring legislation. These changes largely reflect and codify existing practice.
19 Dec 2017
Robin McDonnell, Saranna Enraght-Moony and Karole Cuddihy provide an analysis of current economic conditions and insolvency case developments in the Ireland. Their contribution formed part of the fifth edition of The International Insolvency Review which covered 26 jurisdictions.
This article first appeared in The International Insolvency Review published by Law Business Research in October 2017.
19 Dec 2017
Arabella di Iorio and David Welford provide an analysis of current economic conditions and insolvency case developments in the British Virgin Islands. Their contribution formed part of the fifth edition of The International Insolvency Review which covered 26 jurisdictions.
This article first appeared in The Insolvency Review fifth Edition published by Law Business Review in October 2017.