This is one of a series of articles we at Morton Fraser are producing to guide our clients through the wholesale change proposed in Scots law in relation to security over goods, intellectual property and shares, on the one hand, and invoice finance or the purchase of receivables, on the other. For a general introduction to what the Bill covers, see here.

This Spring will see the introduction of a number of landmark developments in Jersey’s statutory insolvency regimes, which will further solidify Jersey’s reputation as a leading offshore location for businesses.

Following a consultation process by government, the Jersey legislature has now approved a number of important changes to the corporate insolvency regimes under the Companies (Jersey) Law 1991 (the “CJL”).

With the UK Government protections to prevent a flood of corporate insolvencies all now tailing off, will 2022 see the much talked about "tsunami" of insolvencies? Market views on that are mixed but it does seem certain that there will be at least a significant upturn in insolvencies compared to 2020 and 2021. With that in mind, it's worth considering the major differences between Scotland and England when it comes to corporate insolvencies.

1. There is no Official Receiver in Scotland

On 21 October 2021, the Cayman Islands' legislature gazetted the Companies (Amendment) Bill 2021 (Bill) which introduced a new corporate restructuring process in the Cayman Islands (Cayman). The Bill represents a welcome development to the restructuring regime in the Cayman Islands and once again fortifies the Cayman Islands' standing reputation as a leading offshore financial hub and a popular destination for foreign investment opportunities.

The legal market in Scotland has changed over the last year, although perhaps not to the extent that anyone would have predicted. Firms have, in general terms, coped well with remote working and are beginning to cope well with hybrid working too. Traditional streams of work have been maintained and while some practice areas, such as insolvency and restructuring, have been quieter than anticipated, that has not had a significant impact on the bottom line. So, what can we expect in 2022?

1. Insolvencies will rise – even if we don’t experience the “tsunami”

This briefing note explains the distinction between the concepts of dividends and distributions before setting out the main steps involved in paying out dividends and distributions under The Companies (Guernsey) Law, 2008 as amended (the “Companies Law”).

Climate change is centre stage and our use of land and its effect on the climate are intertwined.

Land is a precious resource. "Buy land, they're not making make it anymore" - in these seven words, Mark Twain captures the mood of a nation. Land is a safe economic resource, until it is not. I am not sure if Mark Twain would have taken the same view with regard to contaminated land and to paraphrase Mr Orwell, "all [contaminated land] is born equal, but some [is] more equal than others".

In September 2020, I wrote a piece on the above case in the Chancery Division of the High Court, which can be found here and here.

The Cayman Islands' legislature has gazetted the Companies (Amendment) Bill 2021 ("Bill") which introduces a new corporate restructuring process and creates a role for a dedicated restructuring officer in the Cayman Islands.

Appointing provisional liquidators is a powerful tool, but one which often has a serious impact on the commercial operations and business reputation of a company, and so is not a step to be taken lightly. This article examines recent judicial trends in the Cayman Islands regarding the appointment of provisional liquidators, and in particular, in relation to the balance of justice that needs to be weighed as between a petitioner and the company.