The Cayman Islands' legislature has recently gazetted the Companies (Amendment) Bill, 2021 (the Amendment Bill), proposing the introduction of a new corporate restructuring process and the concept of a dedicated 'restructuring officer' into the Cayman Islands Companies Act (2021 Revision). Under the Amendment Bill, the filing of a petition for the appointment of a restructuring officer would trigger an automatic global moratorium on claims against the company, giving it the opportunity to seek to implement a restructuring.
The decision raises new questions about whether cross-border insolvency recognition and assistance between mainland China and Hong Kong will be a two-way street.
Between the lines... For Private Circulation-Educational & Information purpose only Vaish Associates Advocates… Distinct. By Experience. I. Supreme Court: Once the resolution plan is approved by the Committee of Creditors and submitted to the Adjudicating Authority, a successful resolution applicant cannot withdraw or modify the resolution plan The Hon’ble Supreme Court (“SC”) has held in its judgment dated September 13, 2021, in the matter of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited and Another (Civil Appeal No.
This week’s TGIF considers a recent decision of the Federal Court of Australia in Re Aviation 3030 Pty Ltd (in liq) [2021] FCA 1244 on section 477(2B) of the Corporations Act 2001 (Cth) (Corporations Act) and approval of a liquidator’s proposal to enter into a settlement agreement with obligations that extend beyond three months.
Key Takeaways
This week, the Ninth Circuit explains the ins-and-outs of property abandonment under the Bankruptcy Code, and explores the government’s privilege to withhold the identity of informants in discovery.
On 20 October 2021, the Supreme Court of Appeal (“the SCA”) handed down a judgement in the matter of JP Markets v FSCA (Case no 460/2021) [2021] ZASCA 148 (20 October 2021) in terms of which the SCA set aside the decision of the High Court to place JP Markets (Pty) Ltd (“JP Markets”) into liquidation, finding that it was not just and equitable.
In this week’s update: Funds in a holding company’s bank account belonged to a subsidiary and could be used to pay the costs of a subsidiary’s acquisition, the FCA publishes a series of Q&A on the cessation of LIBOR and the Government publishes a roadmap towards greening finance and sustainable investing.
22 October 2021 sees the return of winding-up petitions without heavy restrictions. It marks the first day in 18 months that a creditor could present a winding-up petition without having to consider the financial implications of Covid-19 on the company.
Contents Living in a COVID-19 World Most of us have stopped asking, “When will it be over?” and have started wondering how we can live with COVID-19 – and how it will change our behaviour from now on. In the context of restructuring, as we saw during the recent Canadian federal election, bankruptcy and insolvency have become topics of increased interest in political and wider circles. This might mean we can expect a greater focus on regulatory reform in this area.
Watson Farley & Williams has developed the Global Aviation Restructuring Index (“GARI“), an online tool providing a comparative index of 50 restructuring processes in 25+ key aviation jurisdictions. GARI also assigns ‘debtor and creditor friendliness’ scores to each restructuring procedure, allowing for easy comparison across different procedures in the same or multiple jurisdictions. Please to access GARI.