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    Statutory demands in the Cayman Islands
    2020-02-24

    A statutory demand is a formal demand for payment of a debt made by a creditor to a debtor. It may be used as the basis for an application for a petition to wind up a Cayman company.

    Service and content of Statutory Demand

    The Companies Winding up Rules 2008 (as amended) provide guidance as to the form and content of a statutory demand as well as the mode of service within the Cayman Islands.

    A statutory demand should be in the format of CWR Form 1 and must be signed by:

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Loeb Smith Attorneys, Debtor, Liquidation
    Location:
    Cayman Islands
    Firm:
    Loeb Smith Attorneys
    More clarity on redemption rights for distressed funds
    2016-08-11

    When Cayman Islands funds undergo liquidity stress on their balance sheet due to holding illiquid assets or irregular large redemption requests, directors of Cayman Islands funds generally consider mechanics to provide for an orderly restructure to meet redemption requests which arise. Common arrangements are to implement a “redemption gate” which limits redemptions to a certain percentage of shares in the fund or a stronger response such as a suspension of all redemptions.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Shareholder, Market liquidity, Liquidation, Balance sheet, Court of Appeal of England & Wales
    Location:
    Cayman Islands
    Weavering in the Cayman Islands
    2019-09-30

    The Privy Council's recent judgment in Weavering[1]upheld the decisions of the Cayman Islands Grand Court and Court of Appeal that payments made to redeemed investors immediately prior to the fund's liquidation were preference payments under section 145(1) of the Companies Law (2018 Revision) (Law), and must be repaid.

    Filed under:
    Cayman Islands, Asset Finance, Banking, Insolvency & Restructuring, Litigation, Liquidation, Investment funds
    Authors:
    Farrah Sbaiti
    Location:
    Cayman Islands
    Voluntary Winding-up of a Cayman Islands Company
    2016-05-29

    A Cayman Islands company can be dissolved by the appointment of a liquidator or it can be dissolved without such appointment if the company is struck off the register as a result of an application to the Registrar of Companies for the purpose.

    Voluntary liquidation

    In circumstances where the company has been active and has substantial assets and liabilities, it is normal and recommended for the company to be liquidated.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Loeb Smith Attorneys, Shareholder, Liability (financial accounting), Liquidation, Articles of association, Liquidator (law)
    Authors:
    Gary Smith , Yun Sheng
    Location:
    Cayman Islands
    Firm:
    Loeb Smith Attorneys
    Cayman Islands Voluntary Liquidations 2018
    2018-10-30

    In order to prevent the expense of annual 2019 government registration fees, an appointed liquidator will be required to hold the final general meeting for a company or file the final dissolution notice for an exempted limited partnership on or before 31 January 2019.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Maples Group, Liquidation, Cayman Islands Monetary Authority
    Authors:
    Marc Randall , Mervin Solas
    Location:
    Cayman Islands
    Firm:
    Maples Group
    Shareholder disputes in the Cayman Islands: Petitions to wind up a company on "just & equitable" grounds...
    2016-01-25

    Loss of substratum (or reason for existence)

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Loeb Smith Attorneys, Shareholder, Liquidation
    Location:
    Cayman Islands
    Firm:
    Loeb Smith Attorneys
    Abusive winding up petition struck out
    2018-07-16

    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.

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Maples Group, Liquidation
    Location:
    Cayman Islands
    Firm:
    Maples Group
    Heralding investor certainty
    2015-07-01

    A recent decision of the Grand Court, Primeo Fund (in official liquidation) v Herald Fund SPC (in official liquidation)1, is another win for investor certainty in the Cayman Islands.  In previous updates, we have written about Cayman Islands and BVI decisions which illustrate the various challenges associated with bringing clawback actions in the Cayman Islands against innocent arm's length mutual fund investors who have validly redeemed their shares.2  That message has been further reinforced, on different grounds, by Jones J in P

    Filed under:
    Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Maples Group, Liquidation, Articles of association
    Authors:
    James Eldridge , Caroline Moran
    Location:
    Cayman Islands, United Kingdom
    Firm:
    Maples Group
    Recent Judgment of the Cayman Islands Court of Appeal Concerning Validation Orders
    2018-05-31

    In the recent decision of Aurora Funds Management Limited et al -v- Torchlight GP Limited1 the Cayman Islands Court of Appeal dismissed an appeal brought in respect of an order made by McMillan J in the Grand Court validating certain payments made by Torchlight GP Limited (the "General Partner") in accordance with Section 99 of the Companies Law.

    Background

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Conyers, Liquidation
    Authors:
    Erik Bodden , Jordan McErlean
    Location:
    Cayman Islands
    Firm:
    Conyers
    Modified universalism: Full Federal Court protects the rights of a local creditor in a cross-border insolvency
    2014-05-27

    Akers as a joint representative of Saad Investments Company Limited (in Official Liquidation) v Deputy Commissioner of Taxation [2014] FCAFC 57

    The Full Federal Court has confirmed a “modified universalism” approach to cross-border insolvencies, and provided guidance on what is required for the “adequate protection” of rights of local creditors under the Model Law on Cross-Border Insolvency (‘Model Law’), as enacted in Australia by the Cross-Border Insolvency Act 2008 (Cth).

    Filed under:
    Australia, Cayman Islands, Insolvency & Restructuring, Litigation, Tax, Liquidation, Liquidator (law), Federal Court of Australia
    Location:
    Australia, Cayman Islands

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