Introduction

Introduction

The Grand Court has recently provided helpful clarification as to the appropriate test to be applied when a dispute arises over the identity of the insolvency practitioners proposed to be appointed by a creditor or the company. In Global Fidelity Bank Ltd (in Voluntary Liquidation)^[1] the Court confirmed the 3-stage test for determining independence and that in applying the test, significant weight should be afforded to the views of the creditors.

Background

Introduction
Petitioner
Insolvency
Just and equitable
Consequences of presentation of a petition
Grand Court's discretion

Introduction

Background

Introduction
General principles
Comment

Introduction

Introduction

Domestic procedures
Cross border
Creditors
Avoidance transactions
Contributions to liquidation estates and liability of officers

This article answers FAQs on restructuring and corporate recovery options available in the Cayman Islands.

This article answers FAQs on restructuring and corporate recovery options available in the Cayman Islands.

Domestic procedures

Introduction

It is trite law that where a petition debt is disputed in good faith and on substantial grounds, the ordinary practice of the Court is to dismiss or strike out the winding up petition. However, this principle is more easily applied in theory than in practice. As a result, the Grand Court of the Cayman Islands has observed recently that "It is remarkable how much case law has been generated in relation to a legal test which has essentially been settled for many years" (Re Sky Solar Holdings Ltd).

Following our previous alert here on Justice Middleton’s decision in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (Administrators Appointed),[1] the administra