Do you have any Cayman Islands entities that you are considering terminating prior to year-end?

In this briefing, Ogier Global's Corinne Cellier, associate director and head of our solvent liquidations team, reminds us of the options and timing for the termination of Cayman Islands entities. Our aim is to make the process as straightforward and clear as possible for our clients, navigating the applicable deadlines and regulatory considerations.

A main goal in bankruptcy is to get in and out as quickly as possible to minimize costs. It is often the case that even though a substantial portion of a debtor’s assets have been liquidated in bankruptcy, some valuable assets will remain that can provide additional sources of recovery to creditors. These assets may include smaller pieces of real estate, accounts receivable, joint venture ownership interests, and claims and causes of action, among others.

The Cayman Islands team obtained what may be the first instance of a permanent stay of an official liquidation of a Cayman Islands company.

Few would disagree that when a company is placed in official liquidation, that is the penultimate step before the company's death. Official liquidators will realise the company's assets and distribute them to stakeholders, before the company's eventual, but inevitable dissolution.

But does official liquidation have to be the end of the company? Can anything be done to halt the march towards dissolution?

Inter-Pacific Petroleum Pte Ltd (in liquidation) v Goh Jin Hian [2024] SGHC 178

In what could be seen as a wake-up call, the High Court of Singapore clarified the scope of director’s duties in Singapore, emphasizing the minimum standard of care required.

Background

In this article, James Hyne and Nicola Jackson, Partners in Charles Russell Speechlys’ Corporate Restructuring and Insolvency team, based in the

We recently blogged (here) about the Privy Council decision of Sian Participation Corporation (In Liquidation) v Halimeda InternationalLtd [2024] UKPC 16 (

Introduction

In certain circumstances, the liquidator of a British Virgin Islands (“BVI”) company may be able to set aside certain transactions which took place in the lead up to the company’s liquidation. It is important for those concerned with the affairs of a BVI company that they are aware of the statutory powers available to the liquidator.

Executive Summary:

Dissolution is the process of de-registering a company from the company registry at the Department of Business Development (“DBD”). When considering the life cycle of a business operation, the voluntary dissolution by the shareholders appears to be the usual way to end the company’s operations. There are several circumstances that will lead companies to the dissolution and subsequently, the liquidation process. Under Sections 1236 and 1237 of the CCC, a limited company may be dissolved by the following causes:

Business rescue regime in South African law, was established in the Companies Act of 2008 to prevent the liquidation of financially distressed companies and to facilitate their restructuring and revival. Business rescue is not just a legal process, but a lifeline for struggling businesses. The primary goal of business rescue is to maximize the chances of a company's successful recovery while also considering and minimizing any potential harm to stakeholders, who are not just participants, but key contributors to the process.