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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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On 21 April 2023, the English High Court handed down its written reasons for sanctioning the Adler Group restructuring plan proposed under the new Part 26A regime of the UK's Companies Act 2006, which raised questions regarding the jurisdiction of the Court, cross-class cramdowns, pari passu issues and competing valuations, Mondaq reported. Following the introduction of a new restructuring regime in the Cayman Islands this analysis delves into the ramifications of the recent Adler Group decision and its potential impact on further revisions to the Cayman Islands' Companies Act.
The Companies (Amendment) Act 2021 (the "Amendment") introduces, with effect from 31 August 2022, a welcome update to the Cayman Islands restructuring regime as is contained in Part V of the Cayman Islands Companies Act (2022 Revision) (the "Act"), Mondaq reported. The amendment introduces the concept of a Company Restructuring Officer (CRO), whose mandate is to oversee and implement a restructuring of the company's debts under the supervision of the Grand Court of the Cayman Islands.
Parliament has passed amendments to the Companies Act that reform Cayman’s restructuring regime for insolvent companies, the Cayman Compass reported. The changes introduce a formal restructuring procedure under the supervision of a restructuring officer outside the traditional winding-up process. Distressed companies can now apply to the Grand Court for a restructuring officer to be appointed when the company is unable to pay its debt and aims to present an alternative arrangement or compromise to its creditors.
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