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Sanctioning ownership: the Grand Court of the Cayman Islands confirms the broad scope of its sanction jurisdiction

Introduction

In the recent decision of Re Ascentra Holdings Inc.(in Official Liquidation), the Grand Court of the Cayman Islands has once again confirmed the significant scope of its sanction jurisdiction in the context of official liquidations under section 110(2) of the Companies Act.

Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Sanctions, Companies Act
Grand Court makes first restoration order in respect of fraudulently dissolved Cayman company

Introduction
Facts
Background
Decision
Comment


Introduction

Cayman Islands, Insolvency & Restructuring, Ogier
Grand Court further develops insolvency test for Cayman Islands segregated portfolio companies

Introduction
Facts
Background
Decision
Comment


Introduction

Cayman Islands, Insolvency & Restructuring, Ogier
Characterisation of just and equitable winding-up petitions: dispute with company or between shareholders?

Introduction
Subject matter or participant?
Facts in Madera
Characterisation of petition
Comment


Introduction

Cayman Islands, Insolvency & Restructuring, Ogier
Cayman Islands welcomes reforms to restructuring regime

Introduction
Restructuring petitions
Schemes of arrangement
Comment


Introduction

Cayman Islands, Insolvency & Restructuring, Ogier
Grand Court further develops insolvency test for Cayman Islands segregated portfolio companies

Introduction

Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Insolvency, Receivership
Practical approach to substituted service: Grand Court allows substituted service of winding up petition on registered Cayman company

Introduction
Facts
Decision
Comment


Introduction

Cayman Islands, Insolvency & Restructuring, Ogier
Careful consideration of comity when winding up Cayman companies

Introduction
Background
Primacy of courts in place of incorporation
Decision
Comment


Introduction

Cayman Islands, Insolvency & Restructuring, Ogier
When can proceedings be issued against a Cayman Islands-incorporated company in liquidation?

Introduction
Background
Facts
Decision
Comment


Introduction

Cayman Islands, Insolvency & Restructuring, Ogier
Stopping the Phoenix From Rising: Australian Court Provides First Guidance on Creditor-Defeating Dispositions

In Short

The Situation: In February 2020, amendments to the Corporations Act 2001 (Cth) expanded the kinds of transactions that may be voidable if a company is being wound up to include asset disposals undertaken as part of illegal phoenixing schemes. Such disposals are termed as "creditor-defeating dispositions" in the legislation.

Australia, Insolvency & Restructuring, Litigation, Jones Day, Corporations Act 2001 (Australia), Victoria Supreme Court