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    What do(n’t) we know about restructuring plans after Adler?
    2024-02-13

    When Part 26A of the Companies Act was introduced in 2020, the Government deliberately modelled the legislation on Part 26, with the view that the new regime (and the advisers and judges seeking to navigate it) would benefit from piggy-backing on over a century’s worth of case law relating to schemes of arrangement.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Slaughter and May, Companies Act
    Authors:
    Ian Johnson , Tom Vickers , Tim Newey , Megan Sparber , Sarah Paterson , Edward Couzens
    Location:
    United Kingdom
    Firm:
    Slaughter and May
    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, Cayman Islands Court of Appeal
    Authors:
    Gemma Bellfield (nee Lardner) , Corey Byrne
    Location:
    Cayman Islands
    Firm:
    Ogier
    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 Bellfield (nee Lardner) , Jeremy Snead , Corey Byrne
    Location:
    Cayman Islands
    Firm:
    Ogier
    Tales from the Oriente: the first appointment of restructuring officers in the Cayman Islands
    2022-12-15

    Walkers acted as Cayman Islands counsel to Oriente Group Limited (the "Company”) in respect of its successful petition for the appointment of Mr Kenneth Fung of FTI Consulting (Hong Kong) Limited, Mr Andrew Morrison and Mr David Griffin of FTI Consulting (Cayman) Ltd as joint restructuring officers (the "Joint Restructuring Officers") pursuant to Section 91B of the Cayman Islands Companies Act (as amended), being the first petition under the new restructuring officer regime, which came into force on 31 August 2022.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Walkers, Coronavirus, Companies Act
    Authors:
    Matthew Goucke , Fiona MacAdam , Siobhan Sheridan , Vivian Kwan , Luke Petith , Adam Hinks
    Location:
    United Kingdom
    Firm:
    Walkers
    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 , Spencer Vickers
    Location:
    Cayman Islands
    Firm:
    Conyers
    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:
    Christopher Levers , Harry Clark
    Location:
    Cayman Islands
    Firm:
    Ogier
    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, Bird & Bird LLP, Public company, Bankruptcy, Board of directors, Liquidation, Corporate liability, Directors' duties, Dubai International Financial Centre, Abu Dhabi Global Market, Companies Act
    Authors:
    Lucas Pitts , Yannick Hefti , Kimia Kalantarian , Rana Sebaly
    Location:
    United Arab Emirates
    Firm:
    Bird & Bird LLP
    Skye Assets Fund SPC - Pressing The Pause Button On A Voluntary Liquidation
    2021-10-12

    Where a shareholder has redeemed his shareholding following a failed investment without objection some months prior to the initiation of a voluntary liquidation, the Court will not permit him to use the statutory deferral provisions relating to voluntary liquidations for an abusive or improper purpose. This includes using such proceedings as leverage to exert undue pressure in proposed claims against the company or directors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Walkers, Shareholder, Board of directors, Liquidation, Investment funds, Liquidator (law), Companies Act, Companies Act 2006 (UK)
    Authors:
    Daniel Hayward-Hughes , Tim Buckley , Matthew Cowman , Andy Randall , John Rogers , Daniel Wood
    Location:
    United Kingdom
    Firm:
    Walkers
    Your business might not be rescued in South Africa
    2021-09-15

    Can a foreign business go into business rescue in South Africa?

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, Fasken, Coronavirus, Companies Act
    Authors:
    Haroon Y Laher , Refentse Chuene
    Location:
    South Africa
    Firm:
    Fasken
    Financial Distress - In the context of South Africa in 2021
    2021-07-22

    South Africa’s new corporate restructuring regime – known to many as business rescue – came into operation in May 2011. In it, the provision in chapter 6 of the Companies Act, 2008 provide a business in financial distress with an opportunity to preserve its goodwill. Under the formal chapter 6 business rescue process, breathing space through a moratorium is provided to enable the business to address any temporary liquidity issues, repayment obligations and capital raising.

    Filed under:
    South Africa, Insolvency & Restructuring, Fasken, Companies Act
    Authors:
    Haroon Y Laher
    Location:
    South Africa
    Firm:
    Fasken

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