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The Cayman Islands Court of Appeal Relieves the Tension between Arbitration Clauses and the Just and Equitable Winding Up Jurisdiction

In a comprehensive judgment published on 23 April 2020, the Cayman Islands Court of Appeal, comprising Moses JA, Martin JA and Rix JA, has provided welcome clarification of the interplay between a contractual agreement to arbitrate disputes arising between shareholders and the exclusive jurisdiction of the Court to determine whether a company should be wound up on the just and equitable ground.

Cayman Islands, Arbitration & ADR, Insolvency & Restructuring, Litigation, Ogier, Arbitration clause
Court of Appeal validates test under Section 99 of Companies Law

Legal issue of principle
Facts
First-instance decision
Court of Appeal decision
Decision's relevance

Cayman Islands, Insolvency & Restructuring, Ogier
Court of Appeal validates test under Section 99 of Companies Law

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).

Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier
Cayman Islands Court of Appeal validates test under section 99 of the Companies Law

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

Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier
Restructuring and Corporate Recovery Jurisdiction Guide: Cayman

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.

British Virgin Islands, Cayman Islands, Insolvency & Restructuring, Litigation, Ogier
Russian Insolvency Law recently amended to expand vicarious liability. A new rescue procedure may also soon appear.

New Federal Law No. 266-FZ dated 29 July 2017 (the Amendment Law) introduces notable changes to Russia’s insolvency rules. Importantly, the law does away with the original provisions on vicarious liability of controlling persons in RF Law No. 127-FZ on Insolvency of 26 October 2002 (the Insolvency Law). The Amendment Law expands this concept in a series of new clauses. The rules came into force 30 July 2017.

Russia, Insolvency & Restructuring, Dentons, Vicarious liability
Creditors will struggle in bankrupt individuals cases starting 1 October 2015

The new personal bankruptcy law enters into force on 1 October 2015

The new personal bankruptcy law enters into force on 1 October 2015. Individuals will now be allowed to go bankrupt while creditors are left to struggle. The rules have caused much apprehension and it remains to be seen how business will operate in the new environment.

Russia, Insolvency & Restructuring, Dentons, Bankruptcy