1. Related Fund Entity filings for private funds]
On 1 September 2021, the Cayman Islands Monetary Authority (CIMA) issued a Notice advising industry that a new Related Fund Entity (RFE) form for private funds was available for use via CIMA's Regulatory Enhanced Electronic Forms Submission (REEFS) portal.
What a creditor needs to know about liquidating GUIDE an insolvent Cayman company
Last reviewed: December 2020
Contents
Introduct ion When is a company insolvent? What is a statutory demand?
The Grand Court of the Cayman Islands (the "Court") recently handed down a decision in the case of BDO Cayman Ltd. and BDO Trinity Ltd. v Ardent Harmony Fund Inc. (In Official Liquidation). This case provides helpful guidance on the exercise of the Court's discretion to grant leave to commence proceedings against a company in liquidation.
Background
In Ctrip Investment Holding Ltd v eHi Car Services Limited the Cayman Islands Court delivered a warning to shareholders seeking to use the winding up jurisdiction to advance their own individual commercial interests.
Voluntary liquidation or Strike-off? - Alternatives to voluntarily achieving the conclusion of operations and dissolution of Cayman companies
Offshore security enforcement Offshore security enforcement /3 Contents 4 Introduction 5 British Virgin Islands (BVI) 8 Cayman Islands 11 Isle of Man 14 Guernsey 18 Jersey 21 Luxembourg 24 Malta 27 Mauritius 30 About us 31 Key contacts Offshore security enforcement 4\ Introduction This briefing document summarises the key issues in enforcing security in the countries listed and is a general guide. Taylor Wessing does not have offices in the jurisdictions contained in this guide, but has called on the support of the firms acknowledged at the back.
The UK Supreme Court handed down its decision in BTI v Sequana on 5 October 2022, unanimously dismissing the appeal from the 2019 Court of Appeal decision and confirming how directors duties ought to be applied when a company is in the zone of insolvency. Although decisions of the UK Supreme Court are not binding upon the jurisdictions in which Ogier practises law, it will nevertheless be highly persuasive and influence the approach taken in the offshore jurisdictions that Ogier advises upon.
Overview of this submission
Background
Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.
Decision
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.