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    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, Deacons, Shareholder, Market liquidity, Liquidation, Balance sheet, Court of Appeal of England & Wales
    Location:
    Cayman Islands
    Firm:
    Deacons
    Cayman Islands insolvency law in 60 seconds
    2015-12-03

    Insolvency law in the Cayman Islands is principally regulated by the Companies Law (2013) and the Companies Winding Up Rules 2008, which are supplemented by a wide body of case law. The following guidance is a summary only.

    Insolvency

    Under Cayman law, a company may be wound up on the basis of insolvency if it cannot pay its debts as they fall due. A company is treated as unable to pay its debts if:

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Harneys, Liquidation
    Authors:
    David Butler , Colin Riegels , William Peake
    Location:
    Cayman Islands
    Firm:
    Harneys
    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
    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
    Zais Investment Grade Limited VII — CDO noteholders take advantage of Chapter 11
    2011-10-03

    The U.S. Bankruptcy Court for the District of New Jersey recently held that a Cayman Islands collateralized-debt obligation issuer (“CDO”) could be a debtor under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) and declined to dismiss an involuntary case commenced against the CDO by certain noteholders on the grounds that the notes held by such noteholders were “non-recourse” notes. Below is a discussion of the court’s decision and its potential implications. The decision is currently being appealed.

    Filed under:
    Cayman Islands, USA, New Jersey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Debt, Asset-backed security, Liquidation, Default (finance), Collateralized debt obligation, Mortgage-backed security, Pro rata, Title 11 of the US Code, United States bankruptcy court, US District Court for District of New Jersey
    Authors:
    Lawrence V. Gelber , Daniel V. Oshinsky , Craig Stein
    Location:
    Cayman Islands, USA
    Firm:
    Schulte Roth & Zabel LLP
    Transfers of shares of Cayman companies in liquidation
    2014-03-24

    Over the past two or three years, we have seen an increasing number of cases where a client holds and wishes to sell or transfer shares in a Cayman Islands company which is in liquidation, or is seeking to purchase shares in such a company from another party.  In those circumstances, the transfer of the shares would be void absent the validation of the Grand Court of the Cayman Islands, as a result of section 99 of the Companies Law (2013 Revision) ("Section 99").  Section 99 is in the following terms:

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Ogier, Share (finance), Liquidation
    Authors:
    James Bergstrom , Angus Davison , Nick Rogers , Giorgio Subiotto
    Location:
    Cayman Islands
    Firm:
    Ogier
    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
    Court restricts ability of offshore funds to access chapter 15 of the Bankruptcy Code
    2007-10-25

    In Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd.,1 the United States Bankruptcy Court for the Southern District of New York refused to allow the foreign representatives of two Bear Stearns funds2 to institute ancillary proceedings under new chapter 15 of the United States Bankruptcy Code. There, Judge Lifland held that, even though the Funds were in liquidation proceedings in the Cayman Islands, those proceedings constituted neither “foreign main” nor “foreign non-main” proceedings for purposes of the U.S.

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Injunction, Asset management, Margin (finance), Subprime lending, Liquidation, Liquidator (law), Bear Stearns, Title 11 of the US Code, United States bankruptcy court
    Location:
    Cayman Islands, USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    US court declines to recognise Cayman provisional liquidation proceedings
    2007-10-31

    At a glance

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Debtor, Limited liability company, Hedge funds, Subprime lending, Legal burden of proof, Liquidation, Bear Stearns
    Location:
    Cayman Islands, USA
    Firm:
    Freshfields Bruckhaus Deringer
    District court affirms decision to deny Cayman Islands hedge funds access to U.S. bankruptcy court under Chapter 15
    2008-06-05

    The United States District Court for the Southern District of New York recently affirmed a bankruptcy court’s denial of Chapter 15 protection for the U.S. assets of two Cayman Islands hedge funds (the “Funds”) (previously reported in SRZ’s Sept. 19, 2007, Alert, “Cayman Hedge Funds Liquidators’ Request for Chapter 15 Protection Denied by Bankruptcy Court”). See Civ. Case No. 07-8730 (S.D.N.Y. May 27, 2008) (the “Decision”).

    Filed under:
    Cayman Islands, USA, Capital Markets, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Schulte Roth & Zabel LLP, Debtor, Injunction, Asset management, Hedge funds, Amicus curiae, Foreclosure, Liquidation, Liquidator (law), US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    Cayman Islands, USA
    Firm:
    Schulte Roth & Zabel LLP

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