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. |
In early 2016, the Government commissioned an examination into laws protecting employees following the overnight closure of the historic Clerys department store in Dublin in June 2015, with the immediate loss of 460 jobs. We review the recently published report which sets out six key proposals for legislative reform.
In the current economic climate, many companies are facing the prospect of their business becoming insolvent.
From an employer’s, and indeed an insolvency practitioner’s perspective, the rights and obligations owing to employees of which they need to be aware depend on the nature of the insolvency and the terms of the contract of employment.