This series looks at the enforcement options available to creditors to recover sums due by a debtor in Scotland. In the previous edition we looked at Inhibition which is similar to a Charging Order in England. A reminder can be read here. In this edition, we now turn to look at how Earnings Arrestment operates in Scotland.

Seahawk China Dynamic Fund: winding up on just and equitable grounds

In a recent decision, the Grand Court of the Cayman Islands grappled with the question of whether the need for an investigation into the affairs of the company is a stand-alone ground for winding up. While the Court did not determine the question conclusively, it did provide an indication of how it may rule if the issue were to be placed squarely before the Court again.

In the Matter of Seahawk China Dynamic Fund

The approach of the Cayman Grand Court to the terms and timing of the discharge of provisional liquidators of In the Matter of Star International Drilling Ltd (unreported, FSD 88 of 2021 ASCJ) may provide a window into what is expected to be a similarly flexible approach to the appointment of restructuring officers.

Star International Drilling Ltd's application to discharge its joint provisional liquidators

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Facts
Decision
Comment

Introduction

Introduction
Background
Primacy of courts in place of incorporation
Decision
Comment

Introduction

If you have fraudulently obtained Covid-19 financial support, such as a Bounce Back Loan, you must be pretty worried by recent headlines that show company directors being disqualified, fined and jailed.

There is a sense of "judgment fatigue" when it comes to decisions about the validity of an administrator's appointment or the extension of the administrator's time in office. However, the decision of Deputy ICC Judge Curl QC, in the case of Re E Realisations 2020 Limited, is worth paying attention to.

It was the poet John Lydgate who first said that you can please some of the people all of the time; you can please all of the people some of the time, but you can't please all of the people all of the time.

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Background
Facts
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Introduction

The uncertainty that has descended on global economic markets brought about by the global covid-19 pandemic has been widespread and unprecedented. Anyone looking for clear wisdom on the likely trends in restructuring as we look now to the second half of 2022 and beyond may find the milky darkness of a Magic 8-ball a better barometer of future forecasting.

Here, we provide an overview of the offshore restructuring landscape in light of governmental fiscal stimulus measures introduced due to coronavirus either being reduced, withdrawn or, in some cases, never being put in place.