Q4 2020 and Q1 2021 saw some significant developments in offshore restructuring, insolvency and corporate recovery, with the passage of new legislation and the handing down of judgments providing welcome clarification on laws relevant to practitioners in this area.

What are the principal insolvency procedures for companies in your jurisdiction?

Domestic Procedures

These case summaries first appeared in LexisNexis’ Insolvency Case Alerter. They represent some of the more interesting insolvency decisions to have been published recently.

This summary covers:

What were the major developments in the Cayman market in 2020?

At the end of last year judgment was handed down by Pat Treacy J in a matter notable for the unusual attitudes of a director towards the company’s director’s loan account. By the time the company entered into administration, the loan account was overdrawn to the tune of £1.35m, with the director having withdrawn funds to (amongst other things) finance the purchase and maintenance of a personal yacht.

The Grand Court of the Cayman Islands (the "Grand Court") recently considered the statutory moratorium against commencing proceedings against a Cayman Islands company which has been placed into liquidation. In the case of BDO Cayman Ltd. and BDO Trinity Ltd. v Ardent Harmony Fund Inc.

Introduction
Facts
Judgment
Decision
General principles
Comment

Introduction

Introduction

In light of a number of recent High Court decisions, Andy Creer considers the approach of the Court when considering an application for a speedy trial.

Introduction
Petitioner
Insolvency
Just and equitable
Consequences of presentation of a petition
Grand Court's discretion

Introduction