A Court-approved reduction of capital is one of the corporate reorganisation tools that has been successfully deployed by listed companies domiciled in the Cayman Islands in order to manage debt and liquidity.
In the recent decision of FamilyMart China Holding Co v Ting Chuan (Cayman Islands) Holding Corporation [2023] UKPC 33 (FamilyMart),[1] the Judicial Committee of the Privy Council (the Board) found that, although an arbitral tribunal does not have the power to determine whether it is just and equitable to wind up a company nor to make a winding u
The Grand Court of the Cayman Islands has recently dismissed a petition for the appointment of restructuring officers pursuant to the restructuring regime introduced in the Cayman Islands in August 2022. The case provides helpful clarification of the nature of evidence that is required to be put before the Court to engage its jurisdiction to appoint restructuring officers and will allow companies to be better prepared when seeking to utilise the Cayman Islands restructuring regime with the benefit of the automatic moratorium.
在全球市場資金成本不斷增加的背景下，過去12個月許多開曼群島上市公司已成功採取協商一致的重組措施，以管理其債務水平、現金流和融資需求。
開曼群島《公司法》中的工具，提供了快速且具成本效益的公司重組方式；《2024年公司（修訂）法案》將提出修訂，增強開曼群島金融服務產品，令這些工具今年將進一步簡化。
有爭議的重組
2022年8月31日，開曼群島引入備受期待的重組制度改革（重組修正案），使債務人公司能夠以已經或可能無法償還債務並打算向債權人提出妥協或安排，向法院請求委任重組官。
儘管重組修正案為債權人和債務人公司帶來了許多好處，但推出之際恰逢2008年金融危機以來全球央行最大幅度加息。
英國的利率從2021年12月的0.1%升至2023年8月的5.25%，而美聯儲亦將利率從2022年3月的0-0.25%上調至2023年7月的5.25-5.5% (parliament. uk)。因此，債務重組通常所需的資金成本使許多陷入困境的全球企業無法承受外部融資。
Introduction
はじめに
最近、イギリス（United Kingdom、以下同じ）最高裁判所のある判決では、破産した会社または破産に近い会社の取締役が債権者の利益を考慮に入れる義務が明確になりました。BTI 2014 LLC v Sequana SA [2022] UKSC 25はイギリスの会社法に関連していますが、英連邦全体、特にオフショア法域での破産における取締役義務についての解釈などに、広範囲にわたる影響を及ぼします。
Sequana
簡介
在最近英国最高法院的一项判决中，资不抵债或接近资不抵债的公司的董事有责任考虑债权人的利益。虽然 BTI 2014 LLC v Sequana SA [2022] UKSC 25 涉及英国公司法，但它将对理解英联邦地区清盘情况下的董事职责产生深远影响，尤其是在离岸司法管辖区。
Sequana
普通法和 2006 年《公司法》均规定公司董事有义务以诚信行事，以促进公司的成功。传统观点认为，公司利益等同于公司股东的利益。近几十年来，法律开始承认，当公司濒临破产或资不抵债时，公司债权人的利益可能会受到公司管理层的影响。因此，法律开始要求董事在破产情况下履行对公司的信托义务时考虑债权人的利益。这条被称为 West Mercia 规则（源自 West Mercia Safetywear Ltd (in liq) v Dodd [1988] BCLC 250）的规则从未在案例中得到一致解释，而法院使用的语言经常混淆规则的性质及其产生的确切情况。
Introduction
In a recent decision, the United Kingdom Supreme Court clarified the duty of directors of insolvent or near insolvent companies to consider the interests of creditors. While BTI 2014 LLC v Sequana SA [2022] UKSC 25 relates to company law in the United Kingdom, it will have far reaching implications on the understanding of directors' duties relating to insolvency across the commonwealth and, in particular, offshore jurisdictions.
Sequana
Reports last week of the significant increase in corporate insolvencies and voluntary liquidations in England and Wales for Q2 demonstrate the combined impact of government COVID-19 support being withdrawn, soaring energy and fuel costs, and weakening demand – and are being reflected in the nature of the instructions coming into our global jurisdictions from distressed companies across the globe.