During the lifetime of a company some of the most difficult problems that a director faces are encountered if the company is in financial difficulty: not yet unable to pay its bills and insolvent but with a possibility that it may get to that position. At that stage the decisions made by a director may affect not only the survival and future of the company but also the director's own position.

Summary and comment

The Bankruptcy (Netting, Contractual Subordination and Non-petition Provisions) (Jersey) Law 2005 (the Netting Law) is a short law, expressed in seven articles, which gives statutory confirmation that netting, contractual subordination and non-petition provisions in agreements are enforceable in accordance with their terms before and after bankruptcy.

Introduction

This Guide explains the procedure for administration order proceedings in respect of Guernsey companies.

Administration orders

The purpose of administration orders

This Guide sets out the background of the 'solvency test' and its relevance and applicability in Guernsey. The Solvency Test Background When the solvency test was introduced in July 2008 as part of the Companies (Guernsey) Law, 2008 (the Law), it represented a fundamental change to Guernsey's company law in relation to the maintenance of capital and solvency.

mourant.com 2021934/84097043/2 GUIDE Insolvency procedures for Guernsey companies Last reviewed: February 2023 Contents Introduction 2 Modern corporate insolvency proceedings 2 Administration 2 Liquidation 3 Voluntary liquidation 3 Compulsory liquidation 4 Scheme of arrangement 5 Statutory process 5 Three-stage mechanism 5 Approval and challenges 5 Receivership 5 The traditional procedures 6 Désastre 6 Saisie 6 Out-of-court restructurings and consensual workouts 7 Conclusion 7 Contacts 7 2 mourant.com 2021934/84097043/2 Introduction Guernsey law provides a number of ways to ensure an orderl

The Society of Trust and Estate Practitioners (STEP) held its annual International Wealth Structuring Forum in the Cayman Islands on 19 and 20 January 2023 at the Ritz-Carlton, Grand Cayman. The forum was an opportunity for leading trust and wealth management professionals to gather and discuss the latest local and international developments impacting the industry. Hector Robinson KC and James Anson-Holland of Mourant attended the forum and have summarised the top three takeaways from the panel discussions.

The mercurial modern assets

Introduction The BVI Business Companies Act (as amended) (the Companies Act) provides two ways to dissolve a solvent company incorporated in the BVI (the Company), namely: 1) to complete a voluntary liquidation process, with dissolution occurring immediately thereafter; or 2) to allow the Company to be administratively struck off the Register of Companies (the Register) by the BVI Registrar of Corporate Affairs (the Registrar) and simultaneously dissolved on the date the Registrar publishes a notice of the striking off in the Government of the Virgin Islands Official Gazette (the Gazette).

近年来，越来越多的企业面临债务困境，由于该等企业较多成立时间久、体量巨大，且存在经营多元化、债权债务形式多样化的情形，企业资金链的断裂易引发债务风险，实践中迫切需要进行债务重组，使债权人得到受偿，让企业重获新生。从目前情况来看，信托工具越来越多地被应用于债务重组中，包括在破产重整前的债务重组阶段，也包括在破产重整阶段。根据中国信托业协会于2022年12月12日发布的《2022年3季度中国信托业发展评析》，截至2022年3季度末，我国信托资产规模余额约为21.07万亿元。另根据建信信托有限责任公司（“建信信托”）发布的《建信信托2021年年度报告》，截至2021年12月31日，建信信托破产重整服务信托规模超2,300亿元[1]；根据中信信托有限责任公司（“中信信托”）发布的《中信信托二〇二一年年度报告》，截至2021年12月31日，中信信托特殊资产服务信托业务受托规模近160亿元[2]。

mourant.com 2021934/73089611/3 GUIDE Protected Cell Companies Last reviewed: January 2023 Contents Introduction 2 What is a PCC and what is it used for? 2 Advantages and disadvantages of a PCC 2 Formation of a PCC 2 What are cellular assets? 3 What are core assets?

Broadly, the end of life options for a solvent Cayman Islands company are either a voluntary liquidation or a strike-off. The appropriateness of either method will depend on the business history of the company and its current financial position. The company should ideally have no assets or liabilities before the commencement of either option.

Preliminary steps

Before commencing the dissolution process, it may be necessary to take some preliminary steps, such as ensuring that: