With the Cayman Islands being a preferred jurisdiction for the incorporation of investment vehicles, inevitably cases will arise where non-controlling shareholders complain that they are being unfairly prejudiced by conduct of those in control, and necessarily pursue those complaints by way of proceedings to wind up the subject company on the just and equitable ground.
In what was deemed an “unprecedented” application, the High Court recently refused to confirm the appointment of an interim examiner to a special purpose vehicle incorporated to develop commercial property. The Court determined that the company was not the “type of company for which examinership was designed”. The decision highlights some of the factors that the Court will consider when exercising its discretion to confirm the appointment of an examiner.
The statutory restructuring plan mechanism, introduced by the Corporate Insolvency and Governance Act 2020, introduced a flexible, court-sanctioned tool to rescue financially distressed businesses. The take-up in England and Wales has been widespread, with several well-known names having plans approved. However, despite being available since summer 2020, Scottish restructuring plans remain remarkably rare.
A statutory demand is a formal notice under the Corporations Act 2001 (Cth) (Act) requiring a company to pay a debt or provide security within a prescribed timeframe. Ignoring it can have serious consequences, including insolvency proceedings. In an era of digital communication, can a statutory demand be validly served by email?
What does the law say?
Connected party transactions - transactions entered into between a company and persons or entities with a close relationship to it (such as directors, shareholders or group companies) - attract heightened scrutiny under the Insolvency Act 1986 (the Act). This is because connected parties are not independent of the transferring company and are often in a position to influence its decision‑making, giving rise to an increased risk that assets are transferred on non‑arm’s‑length terms.
1. INTRODUCTION
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (the "AmendmentAct"), represents the most sweeping reform of India's insolvency regime since the enactment of the Insolvency and Bankruptcy Code, 2016 (the "Principal Code").