2022 has been a challenging year. In addition to the continuing impact of COVID-19 and the recent relaxation measures in China, the war in Ukraine has also brought impacts on society, politics and businesses.

Mark Goodman and Katie Logan, Campbells

This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.

In summary

Two decisions handed down on the same day – one by the Eastern Caribbean Court of Appeal and the other by the Commercial Division of the High Court – illustrate the approach of British Virgin Islands Courts to applications to appoint liquidators in circumstances where the subject matter of a dispute as to the existence of a debt falls within the scope of an arbitration agreement.

Introduction

A summary winding up is the procedure used to wind up a solvent Jersey company under the Companies (Jersey) Law 1991 (the 1991 Law). 

This guide examines the procedure for carrying out a summary winding up. 

Steps

The steps necessary to carry out a summary winding up are as follows:

In times of financial uncertainties, and the subsequent distress that may follow, companies may have to look for ways to soften the financial burden they bear during this particular period.

The following options (a non-exhaustive list of "out of court" options) are usually put on the table:

The High Court has recently held that the appointment of administrators by a sole director of a company with unamended Model Articles was valid.  

Background 

The document allegedly appointing the administrators of the company was a standard set of board minutes, reportedly chaired by a man and recording that a quorum was present. In fact, there was no meeting, and the decision was taken alone by the sole female director. 

Christopher J Howard, Sullivan & Cromwell LLP

This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

Introduction

The High Court has held that where companies have adopted the model articles without amendment, any sole director acting has the power to pass resolutions acting alone.

The much-anticipated and welcome reforms to the Cayman Islands restructuring and insolvency legislation will come into force on 31 August 2022.

Conyers partner Jonathon Milne and associate Rowana-Kay Campbell in the Cayman Islands, and partner Anna Lin in Hong Kong, explain why the new Cayman restructuring regime is likely to be a welcome addition to the legislative landscape for prudent directors – particularly in light of current macro-economic conditions and the difficulties many companies are facing.

A much-anticipated corporate restructuring regime will be enacted in the Cayman Islands later this year through amendments to Part V of the Cayman Islands Companies Act.