The UK Supreme Court handed down its decision in BTI v Sequana on 5 October 2022, unanimously dismissing the appeal from the 2019 Court of Appeal decision and confirming how directors duties ought to be applied when a company is in the zone of insolvency. Although decisions of the UK Supreme Court are not binding upon the jurisdictions in which Ogier practises law, it will nevertheless be highly persuasive and influence the approach taken in the offshore jurisdictions that Ogier advises upon.

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The approach of the Cayman Grand Court to the terms and timing of the discharge of provisional liquidators taken inIn the Matter of Star International Drilling Ltd may provide a window into what is expected to be a similarly flexible approach to the appointment of restructuring officers.(1)

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Subject matter or participant?
Facts in Madera
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Restructuring petitions
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When a private company wishes to cease its operation in Hong Kong, this is the most common question we are asked: should we deregister the entity or liquidate the entity?

Deregistration

The deregistration procedure is applicable to most companies (subject to certain exceptions) which have not been in operation during the preceding three months.

Reports last week of the significant increase in corporate insolvencies and voluntary liquidations in England and Wales for Q2 demonstrate the combined impact of government COVID-19 support being withdrawn, soaring energy and fuel costs, and weakening demand – and are being reflected in the nature of the instructions coming into our global jurisdictions from distressed companies across the globe.