On 6 October 2023, Parker J handed down his reasons for dismissing an application to bring the voluntary liquidation of Port Link GP Ltd, General Partner (GP) of The Port Fund L.P. (TPF) under the supervision of the Grand Court pursuant to section 124 of the Companies Act. (Section 124)

Q4 2020 and Q1 2021 saw some significant developments in offshore restructuring, insolvency and corporate recovery, with the passage of new legislation and the handing down of judgments providing welcome clarification on laws relevant to practitioners in this area.

You can read the infographic version of our guide here.

Scheme of Arrangement (Section 86)

A Court approved compromise entered into between a company and its creditors or members or any classes of them. "Arrangement" is construed extremely broadly making a scheme a very flexible restructuring tool.

Introduction

In one of the world's largest ever restructurings, Ocean Rig UDW Inc (UDW), a leading international contractor of offshore deep-water drilling services, and three of its subsidiaries have been successful in their application for the sanction of four schemes of arrangement by the Grand Court of the Cayman Islands, and recognition and enforcement of the schemes under Chapter 15 in the United States of America.

This article was first published in Building Magazine, Issue 10, 10 March 2017.

Does an adjudication enforcement trump an insolvency moratorium? A recent case in the TCC has provided clear guidance on the issue.

After much delay, the Third Parties (Rights Against Insurers) Act 2010 (the 2010 Act) came into force on 1 August 2016. The 2010 Act aims to assist parties wishing to claim against insolvent companies and individuals who supply professional services by allowing them to claim directly against their insurers.