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.
Last week, the Cayman Islands Court of Appeal handed down its judgment in Weavering Macro Fixed Income Fund Limited (in Liquidation) (the "Fund") v Stefan Peterson and Hans Ekstrom (the "Directors"). The appeal from the first instance decision was allowed and the Grand Court's order of 26 August 2011 was set aside.
In appointing restructuring provisional liquidators ("RPLs") to the Cayman Islands incorporated company, CW Group Holdings Limited ("CW"), in the face of opposition from a creditor seeking a remedy that may have led to CW's liquidation, the Cayman Islands court has reinforced its reputation in (i) putting company rescue first and (ii) seeking to ensure that returns to creditors are maximised. A significant step has also been taken in applying a more commercial and pragmatic reality to the question of officeholder independence.
A recent decision1 from the Grand Court of the Cayman Islands demonstrates a flexible use of the scheme of arrangement process to achieve a commercial resolution of an application to remove the SPhinX Group's joint official liquidators ("JOLs").
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.
In a decision that does much to reassert legal certainty for investors in Cayman Islands funds the Cayman Islands Court of Appeal ("CICA") has overruled a decision of the Grand Court concerning the circumstances in which an official liquidator of a solvent company could rectify the register of members, in In the matter of Herald Fund SPC (in official liquidation).
Consolidated and amended insolvency and restructuring rules and regulations come into force in the Cayman Islands on 1 February 2018 (the "Amended Rules").
The Amended Rules do not represent a comprehensive overhaul of the rules and regulations but they do make a number of significant changes to the procedural aspects of Cayman Islands domestic and cross-border insolvency and restructuring legislation. These changes largely reflect and codify existing practice.
Companies Winding Up Rules