The Grand Court of the Cayman Islands (Court) has confirmed that the Court has the jurisdiction to grant declaratory relief within winding-up proceedings (In the Matter of Polarcus Limited (In Official Liquidation) (Unreported, Justice Kawaley, 23 June 2022 Cause No: FSD 31 of 2021 (IKJ)).

This is welcome clarity for insolvency practitioners and other stakeholders in winding-up proceedings where such declaratory relief may be required and the relief cannot for some reason be included in a standard sanction application.

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First-instance court
CICA
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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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Decision
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Introduction

Recientes resoluciones judiciales han puesto en el foco la problemática aprobación judicial de una liquidación societaria cuando existe una situación de bloqueo por parte de alguno de los socios que impide adoptar acuerdos. Analizamos, a continuación, lo que han dicho los tribunales sobre los acuerdos sociales negativos y su posible impugnabilidad.

(SJM nº 13 de Madrid de 23 de marzo de 2021 y SAP de La Coruña de 1 de abril de 2022)

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Primacy of courts in place of incorporation
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Decision
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CJEU pronounces on “mobile conflict” and the effects of Brexit in relation to insolvency proceedings

Judgment by the Court of Justice of the European Union on March 24, 2022

El TJUE se pronuncia sobre el “conflicto móvil” y los efectos del Brexit en materia de insolvencia

Sentencia del Tribunal de Justicia de la Unión Europea de 24 de marzo de 2022