THE OFFSHORE CASE DIGEST OFFERS READERS A HIGH LEVEL SUMMARY OF THE MAJOR COMMERCIAL CASES DECIDED IN BERMUDA, THE BRITISH VIRGIN ISLANDS AND THE CAYMAN ISLANDS. Our goal is to provide a useful reference tool for clients and practitioners who are interested in the development of case law in each jurisdiction. Click here for more..

When a scheme of arrangement involving compromise or arrangement is proposed between a company and its creditors under Section 86 of the Companies Law, the Court will consider whether it is appropriate to convene one or more meetings of creditors (the “Court Meetings”) for the purpose of voting on the compromise (the “Class Issue”). The Court must ensure that the rights of creditors attending each Court Meeting are not so dissimilar as to make it impossible for them to consult together with a view to their common interest.

We are pleased to present this Cayman Asia M&A Market Report which recaps merger and acquisition activity involving Cayman public companies listed on the Stock Exchange of Hong Kong (“SEHK”) in the first half of 2017. Conyers is particularly active in this space, leading the Asian market in advising on Mergers & Acquisitions. The first six months of 2017 saw 68 equity acquisitions among SEHK listed companies, with an aggregate deal value of HK$45.72 billion (US$5.858 billion). Active industry sectors included Construction & Engineering, Consumer Services and Technology.

In June 2017, The Data Protection Law (the “DP Law”) was published in the Cayman Islands Official Gazette. The DP Law will be brought into force by Cabinet Order. Related regulations and guidance are being settled such that we do not expect the DP Law to be brought into force before 2018. The DP Law establishes a framework of rights and duties designed to safeguard individuals’ personal data, balanced against the need of public authorities, businesses and organisations to collect and use personal data for legitimate purposes.

In Qihoo 360 Technology Co. Ltd (“Qihoo”) (unreported 26 January 2017) the Honourable Justice Quin held that the Grand Court had power to order an interim payment to be made by the Company to dissenters in fair value proceedings under Section 238 of the Companies Law (2016 Revision). He further held that the appropriate amount of such interim payment was the Company’s fair value offer made under Section 238(8), being the amount which the Company considered to be the fair value of the dissenters’ shares.

Further to our previous alert, the Department for International Tax Cooperation (“DITC”) has issued an industry alert extending the reporting deadline date for US FATCA and CRS.

Having seen a surge in dissenting shareholder litigation over the past 18 months, the Grand Court of the Cayman Islands (the “Court”) continues to release considered judgments concerning the operation of the appraisal process set out in Section 238 of the Companies Law (2016 Revision) (the “Law”) that give clear directions as to how such actions should be presented and pursued in this jurisdiction.

Further to our previous alert, the Department for International Tax Cooperation (“DITC”) has issued an industry alert, revising notification dates for US FATCA and CRS and confirming that a new Automatic Exchange of Information Portal User Guide (the “AEOI Portal User Guide”) is available. Click here for more.

The LLP Law came into force on 5 June 2017 and allows for the registration of LLPs with immediate effect. The purpose of this Alert is to briefly outline the legal structure of an LLP to enable clients and others to assess whether the characteristics of such a vehicle may be of interest to their business. Click here for more.

The introduction of the Law, which will come into force on 1 August 2017, is part of Cayman’s ongoing commitment to increased transparency and its contribution to the global fight against corruption, money-laundering and terrorism. In essence, it provides for the establishment of a registration system to deal with the regulation and monitoring of NPOs operating in Cayman and to provide, where appropriate, for the investigation into the operations of funds flowing through those NPOs.