In brief
The New Criminal Code became the first piece of legislation passed into Law in 2023 and was promulgated on 2 January as Law No. 1 of 2023.
The UK Supreme Court handed down its decision in BTI v Sequana on 5 October 2022, unanimously dismissing the appeal from the 2019 Court of Appeal decision and confirming how directors duties ought to be applied when a company is in the zone of insolvency. Although decisions of the UK Supreme Court are not binding upon the jurisdictions in which Ogier practises law, it will nevertheless be highly persuasive and influence the approach taken in the offshore jurisdictions that Ogier advises upon.
Legal claims can only be brought within the applicable limitation period prescribed by the Limitation Act (1996 Revision). A defendant to any claim that is time-barred has a complete defence. Prior to the recent decision ofRitchie Capital Management LLC et al (Ritchie) v Lancelot Investors Fund Ltd (Lancelot) and General Electric Company (GE), it had been generally understood that the Cayman approach to claims against companies in liquidation would follow the English position on the issue of limitation.
In brief
The Chairman of the Supreme Court has just issued a decree on judicial guidelines for bankruptcy and court supervised restructuring (PKPU) processes ("Supreme Court Decree"), which sets out how Commercial Court judges are to manage bankruptcy and PKPU cases.
Recent developments
UNCITRAL recently published its Model Law on Recognition and Enforcement of Insolvency Related Judgments ("MLREIJ"), with a recommendation that nations adopt it into their legislation. MLREIJ is the first model law that specifically provides a framework for recognition and enforcement of insolvency related judgments for nations that adopt it. The adoption of this model law might make cross-border insolvencies more predictable, complete and efficient.