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Liquidation of Limited Liability Companies (LLC) in UAE
2017-04-30

Introduction:

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Legal personality, Shareholder, Limited liability company, Liability (financial accounting), Liquidation, Articles of association, Liquidator (law)
Location:
United Arab Emirates
View Original Article
Liquidators attempt to claw back investors' recoveries from insolvent funds
2018-01-15

A recent decision of the Privy Council dismissing the claim of liquidators of an insolvent hedge fund to claw back redemption payments made to an investor leaves lingering uncertainties for investors generally.

Claw backs post 2008 crisis

Filed under:
Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Unjust enrichment, Liquidator (law)
Location:
Cayman Islands, United Kingdom
View Original Article
Insolvency in the Cayman Islands setting aside antecedent transactions
2017-07-25

In certain circumstances the official liquidator of a Cayman company may be able to take action to recover assets which have been transferred in the run up to the company's insolvency. It is important for those concerned with the affairs of a Cayman company in the twilight of insolvency to be aware of the statutory powers available to the official liquidator and the Grand Court in the Cayman Islands.

Voidable preferences

Filed under:
Cayman Islands, Insolvency & Restructuring, White Collar Crime, Loeb Smith Attorneys, Fraud, Debt, Liquidation, Liquidator (law)
Authors:
Gary Smith
Location:
Cayman Islands
Firm:
Loeb Smith Attorneys
View Original Article
Courts clarify liquidators’ powers to require the production of documents from third parties
2016-11-30

In three recent decisions the courts have examined the limits on a liquidator’s ability to obtain court orders compelling third parties to provide documents held by them, as well as deciding on the recoverability of costs incurred by third parties complying with production orders that are made against them.

Filed under:
Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Carey Olsen, Liquidator (law)
Authors:
Nick Bullmore , Sam Dawson , Jarrod Farley , Jan Golaszewski , Anthony McKenzie , Michael Makridakis
Location:
Cayman Islands, United Kingdom
Firm:
Carey Olsen
View Original Article
The Cayman Islands Court of Appeal affirms liquidators’ clawback powers
2016-11-23

When a fund fails, the disappointed investors’ sole hope of recompense often rests on the fund’s liquidators gathering in and distributing pari passu as many of the fund’s assets as possible. The judgment of the Cayman Islands Court of Appeal in Skandinaviska Enskilda Banken AB (Publ) v Simon Conway and David Walker (CICA 2 of 2016), delivered on 18 November 2016, clarifies aspects of the liquidators’ power to claw back certain types of redemption payments made shortly prior to liquidation.

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Carey Olsen, Liquidation, Liquidator (law), Court of Appeal of England & Wales
Authors:
Jan Golaszewski
Location:
Cayman Islands
Firm:
Carey Olsen
View Original Article
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
View Original Article
Insolvency in the Cayman Islands - setting aside antecedent transaction
2015-07-28

In certain circumstances the official liquidator of a Cayman company may be able to take action to recover assets which have been transferred in the run up to the company’s insolvency. It is important for those concerned with the affairs of a Cayman company in the twilight of insolvency to be aware of the statutory powers available to the official liquidator and the Grand Court in the Cayman Islands.

Voidable preferences

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Loeb Smith Attorneys, Liquidator (law)
Location:
Cayman Islands
Firm:
Loeb Smith Attorneys
View Original Article
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
View Original Article
Cayman investment company obtains Chapter 15 protection in the United States
2010-02-19

The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.

Recognition of the liquidation as foreign main proceedings provides for an automatic stay of proceedings with respect to any assets of SIFCO5 within the United States, amongst other things.

Filed under:
Cayman Islands, USA, Delaware, Insolvency & Restructuring, Litigation, Harneys, Interest, Limited liability partnership, Liquidation, Investment company, Liquidator (law), Title 11 of the US Code, Bear Stearns, United States bankruptcy court, US District Court for District of Delaware
Location:
Cayman Islands, USA
Firm:
Harneys
View Original Article
Cayman hedge funds liquidators' request for Chapter 15 protection denied by Bankruptcy Court
2007-09-19

Funds' assets in the U.S. has been denied by the United States Bankruptcy Court for the Southern District of New York. See 2007 Bankr. LEXIS 2949, *26 (Bankr. S.D.N.Y. Aug. 30 , 2007). The Funds were being liquidated in the Cayman Islands, but the bankruptcy court held that they were not eligible for Chapter 15 relief under the U.S. Bankruptcy Code (the "Code") because the liquidations were not pending in a country where the Funds had their "center of main interests" or an "establishment" for the conduct of business.

Filed under:
Cayman Islands, USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Injunction, Market liquidity, Swap (finance), Hedge funds, Liquidation, Broker-dealer, Liquidator (law), US Code, Westlaw, United States bankruptcy court, US District Court for SDNY
Location:
Cayman Islands, USA
Firm:
Schulte Roth & Zabel LLP
View Original Article

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