Facts
Background
Decision
Comment

To what extent do courts assist overseas appointees (through recognition) and in what circumstances?
Are there any limitations typically imposed in respect of recognition of an overseas appointee?

Introduction
Restructuring petition
Creditor rights
Other amendments
Comment

Introduction

What are the principal insolvency procedures for companies in the British Virgin Islands?
Are any of the procedures available on a provisional basis?
What requirements should be satisfied for the procedures to be pursued?

In the recent decision In the Matter of Padma Fund L.P. (unreported, 8 October 2021) (Padma), Justice Parker found that the Grand Court of the Cayman Islands (Court) has no jurisdiction to wind up a Cayman Islands exempted limited partnership (ELP) on the basis of a creditors' petition. Instead, the Court found that an unpaid creditor must present a petition against the general partner (GP) of the ELP.

The Cayman Islands Government has published the Companies (Amendment) Bill, 2021 (Bill) which will introduce welcome amendments to the Companies Act (2021 Revision) (Act), to facilitate the efficient restructuring of distressed companies for the benefit of their stakeholders.

Corporate restructuring transactions are often motivated by tax planning, though there are usually other legitimate corporate needs to be achieved. The Corporations Tax Code of Japan contains provisions granting the government power to deny the effects of corporate restructuring for tax purposes—e.g., Article 132 (for family company group transactions) and Article 132-2 (for intra-group mergers and other reorganizations). In recent years, Japanese courts have been trying to clarify the standard for denying the tax effect of certain restructuring transactions.

Introduction
?Transactions that are automatically void
Transactions that are potentially voidable
Liability to contribute

Introduction

When a plaintiff obtains judgment against an insured but insolvent defendant in the Cayman Islands is the plaintiff entitled to the policy proceeds or do they have to be paid to the liquidator for the benefit of the defendant's creditors? The answer is yes when the claim involves a vehicle but is less clear in other cases. This article considers the arguments for and against a plaintiff being entitled to the policy proceeds in cases that do not involve a vehicle.

Background

PH Insight for News and Analysis of the Latest Developments from the Courts of England and Wales for August 2021

In this edition. . .