The Court of Appeal has provided much needed clarification of the test for validating certain transactions by companies that are subject to a winding-up petition, pursuant to Section 99 of the Companies Law (2020 Revision).
The Cayman Islands Court of Appeal has provided much needed clarification of the test for validating certain transactions by companies that are subject to a winding up petition, pursuant to section 99 of the Companies Law (2020 Revision) (the "Companies Law").
The Legal Issue of Principle
Domestic Procedures
What are the principal insolvency procedures for companies in your jurisdiction? | Liquidation: voluntary and official. Cayman does not have an equivalent to the English concept of the company administration or to the Chapter 11 process in the United States. Schemes of Arrangement/“Soft Touch Liquidations” allow the company to enter into an agreement with its shareholders and/or creditors. |
Il Decreto Legge n. 83 del 27 giugno 2015, convertito dalla Legge n. 132 del 6 agosto 2015, pubblicata in Gazzetta Ufficiale il 20 agosto 2015 (la “Legge 132”) ha introdotto una serie di misure di sostegno per la crescita economica relative alle procedure pre-fallimentari, a quelle esecutive e a specifici benefici fiscali.
1. MODIFICHE ALLE PROCEDURE PRE-FALLIMENTARI
• Previsioni generali relative alla procedura di concordato preventivo
Law Decree no. 83 of 27 June 2015, recently converted into Law 132/2015, which was approved on 6 August 2015 and published on the Official Gazette on 20 August 2015 (the “Law 132”) introduced a number of measures aimed at enhancing the economic growth mainly related to pre-insolvency procedures, enforcement procedures and fiscal benefits.
Con l’art. 33 del D.L. 22 giugno 2012 n. 831 il legislatore ha ampliato il novero delle ipotesi in cui le perdite su crediti iscritte in bilancio sono deducibili ai fini delle imposte sui redditi ed esteso agli accordi di ristrutturazione dei debiti omologati e ai piani attestati di risanamento la disciplina dell’irrilevanza impositiva delle sopravvenienze attive realizzate dall’impresa debitrice in relazione alla riduzione dei debiti nell’ambito delle procedure concorsuali.