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Jersey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier, Trust law
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:
Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Ogier, Share (finance), Liquidation