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Making it official: The Grand Court outlines the principles for converting a voluntary liquidation into an official liquidation
2023-03-09

In Re Touradji Private Equity Master Fund Ltd, the Grand Court of the Cayman Islands made a supervision order in respect of three funds in voluntary liquidation, following applications by certain aggrieved investors and the joint voluntary liquidators, and over the objections of the investment manager.

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Ogier, Private equity, Liquidation, Companies Act
Authors:
Gemma Lardner
Location:
Cayman Islands
Firm:
Ogier
View Original Article
Sanctioning ownership: the Grand Court of the Cayman Islands confirms the broad scope of its sanction jurisdiction
2023-01-05

Introduction

In the recent decision of Re Ascentra Holdings Inc.(in Official Liquidation), the Grand Court of the Cayman Islands has once again confirmed the significant scope of its sanction jurisdiction in the context of official liquidations under section 110(2) of the Companies Act.

Filed under:
Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Sanctions, Companies Act
Authors:
Gemma Lardner , Jeremy Snead , Corey Byrne
Location:
Cayman Islands
Firm:
Ogier
View Original Article
Dubai courts: A stark warning for directors of companies in liquidation
2021-10-18

On 10 October, the Dubai Court of First Instance issued a potentially ground-breaking judgment in respect of directors’ liability in the context of corporate insolvency.

In particular, in the matter of the liquidation of the public company Marka PJSC (“Marka”), the Court held the company’s board of directors and managers personally and jointly liable for the company’s outstanding debts, totalling close to AED 450 million.

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Litigation, Public company, Bankruptcy, Board of directors, Liquidation, Corporate liability, Directors' duties, Companies Act, Dubai International Financial Centre, Abu Dhabi Global Market
Location:
United Arab Emirates
View Original Article
Mistakes were made… What is a liquidator to do?
2022-06-27

A fundamental principle of insolvency law in the Cayman Islands is that upon the commencement of a liquidation of a company, a line is drawn in the sand and the assets of an insolvent company should be distributed on a pari passu basis (e.g. each unsecured creditor should share equally in the available assets of the company). While subject to some exceptions (like any good fundamental principle of law), the concept that all unsecured creditors should be on “equal footing” is the basis for a wide array of insolvency legislation and case law.

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Conyers, Companies Act
Authors:
Erik Bodden
Location:
Cayman Islands
Firm:
Conyers
View Original Article
The liability of directors and the crisis in the real estate sector
2008-05-30

As a consequence of the current situation of economic crisis and the sudden braking in construction, we observe that every day we are finding ourselves with fresh news of negotiations with financial institutions, and applications for declarations of bankruptcy from creditors.

Filed under:
Spain, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Legal personality, Credit (finance), Debtor, Liability (financial accounting), Liquidation, Companies Act
Location:
Spain
Firm:
Squire Patton Boggs
View Original Article
Lenders face more allegations about their actions on restructuring
2020-02-14

Representatives of a lender on a board will not automatically impose directors' duties on the lender, but they may apply where a director's specific instructions have led directly to a breach of fiduciary duty. The High Court recently explored this issue in an appeal in the case of Standish v Royal Bank of Scotland plc.(1)

Facts

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, RPC, Companies Act
Authors:
Joe Cresswell
Location:
United Kingdom
Firm:
RPC
View Original Article
The Cayman Court re-considers its jurisdiction to wind up exempted limited partnerships
2021-11-05

In the recent decision In the Matter of Padma Fund L.P. (unreported, 8 October 2021) (Padma), Justice Parker found that the Grand Court of the Cayman Islands (Court) has no jurisdiction to wind up a Cayman Islands exempted limited partnership (ELP) on the basis of a creditors' petition. Instead, the Court found that an unpaid creditor must present a petition against the general partner (GP) of the ELP.

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Ogier, Companies Act
Authors:
Paul Goss
Location:
Cayman Islands
Firm:
Ogier
View Original Article
Plans and schemes of arrangement in the British Virgin Islands
2011-02-01

Under the BVI Business Companies Act, 2004 (the “Act”) there are two types of court supervised arrangements.

Filed under:
British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Security (finance), Liquidator (law), Prima facie, Consolidation (business), Constitutional amendment, Companies Act
Location:
British Virgin Islands
Firm:
Ogier
View Original Article
Ashfords' Cross Border Insolvency Bulletin
2018-11-23

SINGAPORE INSOLVENCY, RESTRUCTURING AND DISSOLUTION BILL PASSED 

On 1 October 2018, The Insolvency, Restructuring and Dissolution Bill was passed in Singapore. 

This will consolidate personal and corporate insolvency laws into the Insolvency, Restructuring and Dissolution Act, with the Bankruptcy Act to be repealed and the relevant corporate insolvency provisions in the Companies Act being removed. 

Filed under:
Singapore, Company & Commercial, Insolvency & Restructuring, Ashfords LLP, Companies Act
Authors:
Alan Bennett , David Pomeroy
Location:
Singapore
Firm:
Ashfords LLP
View Original Article
Re: Attilan Group Ltd - A Cautious Beginning for Rescue Financing in Singapore
2017-12-04

On 8 November 2017, the High Court released its decision in Re Attilan Group Ltd [2017] SGHC 283 (the "Attilan" case). The decision is interesting as it marks the first time the High Court had the opportunity to hear arguments on section 211E of the Companies Act (the "Act") on super priority for rescue financing.

Filed under:
Singapore, USA, Insolvency & Restructuring, Litigation, White & Case LLP, Unsecured debt, Debt, Subsidiary, Debt restructuring, Companies Act, Singapore High Court
Authors:
Jonathan Olier
Location:
Singapore, USA
Firm:
White & Case LLP
View Original Article

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