Corporate insolvency in BVI is governed by the Insolvency Act, 2003 (as amended) and the Insolvency Rules, 2005 (as amended). These laws are closely based on the English Insolvency Act 1986. There are a number of insolvency regimes available.
In Re Touradji Private Equity Master Fund Ltd, the Grand Court of the Cayman Islands made a supervision order in respect of three funds in voluntary liquidation, following applications by certain aggrieved investors and the joint voluntary liquidators, and over the objections of the investment manager.
Two broad themes are currently emerging in relation to European private equity real estate financing.
First, market commentary has noted that €150 billion of this finance is due to mature by 2025 – the "wall of credit".
In the recent Cayman Islands case of Re In the Matter of E-House (China) Enterprise Holdings Limited[1], dealing with creditors' schemes of arrangement, Justice Segal gave a helpful decision that provided judicial clarity on, among other matters, the potential impact of the recent sanctions regimes in the US, UK and Europe on the scheme, and the international effectiveness of the scheme.
In BVIHC(COM) 2022/0119, Russell Crumpler and Christopher Farmer as Joint Liquidators of Three Arrows Capital Ltd (in liquidation) -and- (1) Zhu Su (2) Kyle Davies
The BVI Court has endorsed what is believed to be its first extra-territorial order summoning directors of a BVI company (in liquidation) to appear for private examination by joint liquidators.
The effects of Brexit have had seismic consequences for all aspects of law, not just in the UK but in Europe more widely. This month we hear from four Loyens & Loeff team members specialising in insolvency and restructuring matters, who take a look at the corporate insolvency fallout for Luxembourg specifically. How have Schemes and restructuring plans been impacted by the UK’s exit from the EU, and what has it meant for enforceability of judgements?
In the current economic environment, directors will be fully focussed on avoiding any breach of their fiduciary duties, particularly if they are directors of companies experiencing or at risk of financial distress.
This client briefing provides a general overview of the duties of directors of Guernsey companies in these circumstances and is not comprehensive. We recommend that clients obtain specific legal advice in relation to any individual matter which may concern them.
Who are the Directors?
Introduction
Where a British Virgin Islands company is struck off the register, its directors and members cannot carry on the company's affairs, commence or defend legal proceedings in the name of the company, or deal with the assets of the company.
はじめに
最近、イギリス（United Kingdom、以下同じ）最高裁判所のある判決では、破産した会社または破産に近い会社の取締役が債権者の利益を考慮に入れる義務が明確になりました。BTI 2014 LLC v Sequana SA [2022] UKSC 25はイギリスの会社法に関連していますが、英連邦全体、特にオフショア法域での破産における取締役義務についての解釈などに、広範囲にわたる影響を及ぼします。
Sequana