The Judicial Committee of the Privy Council in CL Financial Ltd (in Liquidation)^[1] has provided helpful guidance on applications for approving liquidators’ remuneration.

This article first appeared in Volume 22, Issue 6 of International Corporate Rescue.

Synopsis

Aquapoint LP v Fan [2025] UKPC 56

Introduction

The structured finance market in the APAC region continues to grow in recent years, particular in the number of new issuances and the use of different financial products in complex structuring. Cayman special purpose vehicles (SPVs) are one of the most utilised offshore vehicles in the Asian structured finance industry, which is well supported by established legal and regulatory regimes.

在某些情况下，开曼公司的官方清算人可能能够采取行动追回公司破产前转移的资产。对于那些关注濒临破产的开曼公司事务的人来说，了解开曼群岛官方清算人和大法院所拥有的法定权力至关重要。

可撤销的优先权

《公司法（修订版）》（「该法」）规定，「在公司无法偿还第93 条所指的债务时，公司为了使该债权人优先于其他债权人而对任何债权人作出、招致、承担或遭受的任何财产转让或转移，或对财产的抵押，以及每项付款义务和司法程序，如果是在清算开始前六个月内作出、招致、承担或遭受的，经公司清算人申请，均可撤销。」

值得注意的是，如果在清算开始前六 (6) 个月内发生、产生、取得或遭受付款，则向开曼公司「关联方」支付的款项应被视为是为了给予债权人优先权而支付，因此，根据公司清算人的申请，该款项可予撤销。

如果债权人有能力控制开曼公司或在公司财务和经营决策方面施加重大影响，则该债权人应被视为「关联方」。

公司在什么情况下无法偿还债务？

若发生下列情况，开曼公司将被视为无力偿还债务：

(a) 未遵守法定要求；

在当前的经济条件下，在开曼群岛（“开曼”）或英属维尔京群岛（“BVI”）注册成立的离岸公司（包括作为投资基金开展业务的公司）的股东越来越多地被迫考虑，在董事对公司事务管理不善负有责任时，其对该等董事所享有的权利。尤其是，小股东特别希望了解是否有救济措施，使其能够克服“违法者控制”的局面。换言之，通常董事会的组成和管理是由大股东控制的。在本篇文章中，我们简要介绍了在开曼和BVI两个司法管辖区，董事所承担的职责以及股东可获得的救济措施。

董事职责的范围是什么？

开曼群岛

开曼公司董事的职责规定在普通法中，包括：(i)以公司的最佳利益善意行事的职责；(ii)为适当目的行使其权力的职责（而不得为未授权的目的行使其权力）；以及(iii)不得牟取秘密利润的职责。

英属维尔京群岛

On 23 October 2024, Deputy High Court Judge Le Pichon of the Court of First Instance in the High Court of the Hong Kong SAR granted recognition and assistance to Chan Ho Yin (also known as Michael Chan) (“Mr Chan“) of Kroll (HK) Ltd and Elaine Hanrahan (“Ms Hanrahan“), the joint official liquidators of Bull’s-Eye Limited (“Bull’s-Eye”) following a letter of request issued by the British Virgin Islands (“BVI”) Eastern Caribbean Supreme Court.

With the rising popularity of alternative dispute resolution globally (including in insolvency related cases), it is important to take stock of where the Cayman Islands currently stands (as a leading jurisdiction in cross-border insolvency and restructuring) on the use of mediation in this context.

1.All eyes on redemption right

Redemption rights have increasingly been under the spotlight in the past year, as more and more investors contemplate an exit from under-performing investments.

As the redemption of shares involves a return of capital, it is prohibited under Cayman Islands law except to the extent permitted by statute. Section 37 of the Cayman Islands’ Companies Act (the Act) provides: