The recent Grand Court decision of Ltd. (Unreported, 19 June 2024, Kawaley J) has reiterated and further clarified the principles to be applied to the remuneration of court-appointed receivers. Given the limited Cayman case law on the topic, the decision provides useful guidance and certainty to Receivers, and to those advising them.
What is a court-appointed 'Receiver', and what is 'remuneration'?
Despite three recent landmark UK restructuring plan decisions, uncertainty remains around the value, if any, a plan company should offer dissenting creditors as the “deliverability price” of a plan.
Actions brought against the BHS directors by the group’s liquidators have resulted in the largest reported award for wrongful trading since the provision’s introduction, but the judgment highlights some unsettled areas of the law relating to directors’ duties.
The key distinction between a fixed and a floating charge is well established as a matter of English law.
The Privy Council endorsed the Commercial Court's approach in the British Virgin Islands (BVI) in staying insolvency proceedings, even when faced with a pre-existing arbitration agreement, only when a debt is genuinely disputed on substantial grounds.
Introduction
FinReg Update [Jurisdiction] 2024 Regulatory Update Cayman – Q3 2024 Quick Fire Updates mourant.com 1. CRS reporting reminders The Department for International Tax Cooperation (DITC) issued an Updates Bulletin in June 2024 reminding Cayman Islands financial Institutions (FIs) of the following common reporting standard (CRS) annual reporting obligations: CRS Filing Declaration – required by all FIs with a CRS reporting obligation (deadline 31 July 2024) • FIs must make a CRS return to the DITC for each Reportable Account maintained during the reporting period.
Following the recent conflicting decisions in HQP Corporation (in official liquidation)1(HQP) and Direct Lending Income Feeder Fund, Ltd (in official liquidation)2 (DLI), Simon Dickson and Laura Stone of Mourant Ozannes (Cayman) LLP consider whether shareholder misrepresentation claims can be admitted in a Cayman Islands liquidation.
Hector Robinson KC
Partner | Cayman Islands
Justine Lau
Partner | Hong Kong
Nicholas Fox
Partner | Cayman Islands
Peter Hayden
Partner | Cayman Islands
Simon Dickson
Partner | Cayman Islands
Guide
This guide examines what a creditor needs to know about liquidating an insolvent Cayman company under the Cayman Companies Act (2020 Revision) and the Companies Winding Up Rules, 2018.
The Grand Court has allowed the appointment of a Provisional Liquidator under section 104(3) of the Companies Act (2023 Revision) (the Act) for the purpose of facilitating a restructuring, rather than using the tailor-made Restructuring Officer provisions under section 91(B) of the Act.
Background
The Grand Court confirms that the Court has the jurisdiction to appoint an alternative voluntary liquidator in place of a Liquidating Agent under a limited partnership agreement.
Background