The following briefing provides a round-up of the Cayman legal and regulatory developments during the third quarter of 2022 that may be of interest to funds clients. We are pleased to note that there is nothing critical or requiring immediate action at this time.

Summary of recent legal and regulatory developments

Con la asunción de estas dos autopistas, la empresa pública SEITTSA, dependiente del Ministerio de Fomento, ya gestiona la explotación y el mantenimiento de todas las que han entrado en fase de liquidación concursal, faltando únicamente por asumir la AP-41, “Madrid-Toledo”, que aún no ha llegado a dicha fase.

Revierten así al Estado, las dos últimas autopistas de peaje en fase de liquidación, después de que el Juzgado de lo Mercantil nº 6 de Madrid, aprobase el plan de liquidación de las sociedades concesionarias.

The Cartagena-Vera and Alicante Ring-road sections of the AP-7 motorway are therefore handed back to the state, after Commercial Court 6 of Madrid approved the concessionaire's liquidation plan.

The AP-36 toll road is therefore handed back to the state, after Commercial Court 2 of Madrid approved the concessionaire's liquidation plan.

Over the past two or three years, we have seen an increasing number of cases where a client holds and wishes to sell or transfer shares in a Cayman Islands company which is in liquidation, or is seeking to purchase shares in such a company from another party.  In those circumstances, the transfer of the shares would be void absent the validation of the Grand Court of the Cayman Islands, as a result of section 99 of the Companies Law (2013 Revision) ("Section 99").  Section 99 is in the following terms: