Overview

Insolvency practitioners will be familiar with section 283A of the Insolvency Act 1986 (the "Act") and what is commonly termed the 'use it or lose it' provisions. But what exactly is meant by a trustee in bankruptcy being informed or becoming aware of a bankrupt's interest in a property for the purposes of section 283A(5) of the Act?

At first instance, a bankrupt's claim that she had informed her trustee or that her trustee had become aware of such an interest was dismissed. The bankrupt appealed.

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

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: