This article considers the range of vehicles available in the Cayman Islands for alternative investment fund ("AIF") structures designed for financial institutions, pension funds, sovereign wealth funds, family offices and (U)HNWs (as opposed to retail investors), as well as the legal and regulatory considerations that may influence the structure of an AIF. A summary of the key similarities and differences between the regulation of closed-ended and open-ended AIFs in the Cayman Islands is also considered.

Cayman Islands AIF Vehicles

Landmark decision holds that the SFO does not have the power to procure documents from foreign companies outside the jurisdiction.

Der Bundesgerichtshof (BGH) hat mit Urteil vom 18. November 2020 (IV ZR 217/19) entschieden, dass Ansprüche gegen GmbH-Geschäftsführer auf Ersatz von Zahlungen, die nach Insolvenzreife vorgenommen wurden, vom Versicherungsschutz der D&O-Versicherung umfasst sind. Mehrere Oberlandesgerichte hatten dies zuletzt noch anders beurteilt. In der Praxis hatte dies zu einer erheblichen Unsicherheit geführt, nicht zuletzt mit Blick auf die infolge der COVID-19-Pandemie vorübergehend geänderten Insolvenzantragspflichten.

Hintergrund der Entscheidung

2020 was a crippling year for the aviation industry. With daily cash burn running into the tens of millions of dollars for many airlines, access to liquidity has been critical as treasury teams and fleet managers juggle expenses with decimated revenue. Many governments pledged state aid but what has been delivered to date has simply not been enough.

The ‘Golden Goose’

In the recent judgment of the ECSC in the matter of Sumner Group Mining Limited v Zica S.A (BVIHC (Com) 2020/0171, Walkers successfully represented the respondent in defending an application to set aside a statutory demand. Jack J provided helpful guidance on the legal principles in circumstances where it is alleged that a statutory demand had been served improperly for a collateral purpose.

The applicant sought to set aside a statutory demand on the basis of either:

Looking back at the last few months, the COVID-19 pandemic has hit many companies hard and amplified disruptive trends in various sectors. In addition to other measures to address COVID-19 impact on businesses, Germany has made significant progress toward international best practices for restructuring: StaRUG — known as the German scheme — came into effect on 1 January 2021, as one of the most modern restructuring laws in the world. But how will StaRUG help German companies survive the crisis and what if insolvency is unavoidable?

Through implementing the EU Restructuring Directive, German restructuring and insolvency law will be modernized, more effective, and enriched by new instruments.

Durch die Umsetzung der EU Restrukturierungs-Richtlinie soll das deutsche Sanierungs- und Insolvenzrecht modernisiert, effektiver gestaltet und um neue Instrumentarien bereichert werden.

The Grand Court of the Cayman Islands (the "Court") recently handed down a decision in the case of BDO Cayman Ltd. and BDO Trinity Ltd. v Ardent Harmony Fund Inc. (In Official Liquidation). This case provides helpful guidance on the exercise of the Court's discretion to grant leave to commence proceedings against a company in liquidation.

Background

Practical Effects Of Significant Reforms To Guernsey’s Insolvency Law With reference to practical examples from England & Wales, this briefing note seeks to highlight three areas of change that will be of particular interest to Insolvency Practitioners, directors involved with Guernsey companies and their professional advisors once the Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (the “Ordinance”) comes into force. Enhanced Investigatory Powers The Ordinance extends insolvency professionals’ powers in four important respects.