What are the principal insolvency procedures for companies in your jurisdiction?
Domestic Procedures
Externally-administered companies will have 24 months to comply with financial reporting and AGM obligations, if ASIC's proposal goes ahead.
ASIC relief defers obligations to lodge financial reports and hold annual general meetings for companies in external administration by 6 months. Companies in liquidation (other than AFS licensees) do not have to comply with financial reporting or AGM obligations at all.
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
Petitioner
Insolvency
Just and equitable
Consequences of presentation of a petition
Grand Court's discretion
The Guernsey Royal Court recently handed down judgment which brought to an end an important chapter in a long-running dispute regarding control of the exploration and exploitation of the oil and gas reserves of Georgia. The case involved a rare blessing application under section 426 of the Companies Law in an insolvency context, enabling the liquidator to get their decision blessed by the Royal Court.
