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    'Insolvency deepening' activity - Risk for Cayman Islands Directors
    2024-09-02

    The recent English High Court decision of Wright v Chappell related to the collapse of British Home Stores provides a landmark ruling of which directors of Cayman Islands companies need to be aware. This is the first time damages have been awarded against directors for 'misfeasant trading'. Directors may be held liable for any 'insolvency deepening' activity in failing to file for insolvency when it would be in the creditors' interests to do so.

    Introduction

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Mourant, Insolvency
    Authors:
    Peter Hayden
    Location:
    Cayman Islands
    Firm:
    Mourant
    Houldsworth and Direct Lending: The saga continues
    2024-03-13

    Many will have waited for a bus only for two to come along at once. So it is in the Cayman Islands, with the ongoing saga as to whether a shareholder can make a claim for misrepresentation in a liquidation and, if so, where such a claim ranks in the order of priority. The rule in Houldsworth barring such claims has been in existence for over 140 years. However, two liquidations have, within weeks of each other, sought to overturn this longstanding rule.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Mourant
    Authors:
    Simon Dickson , Laura Stone , David Ramsaran
    Location:
    Cayman Islands
    Firm:
    Mourant
    2023’s most significant legal developments and what to look out for in 2024
    2024-02-27

    FEBRUARY 2024 mourant.com 2021934/89586498/1 UPDATE 2023’s most significant legal developments and what to look out for in 2024 Update prepared by Saniyé Tipirdamaz, Adrian Dobbyn, Eléonore Galleron, Mathieu Gangloff and Romain Bordage (Luxembourg) In 2023, in Luxembourg, we witnessed a number of significant legal developments in the areas of Banking & Finance, Restructuring & Insolvency, Corporate, Investment Funds and Tax. In 2024, new legislation which will impact upon businesses and their investment strategies are expected to be introduced.

    Filed under:
    European Union, Luxembourg, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Mourant, Foreign direct investment, Blockchain, Venture capital, Transfer pricing, State aid, Insolvency, European Commission, European Parliament
    Location:
    European Union, Luxembourg
    Firm:
    Mourant
    Holt Fund SPC: Restructuring Officers, SPCs and the dual approach to solvency
    2024-02-02

    In the Matter of Holt Fund SPC (Unreported, 26 January 2024) is the first occasion where an application has been made to appoint Restructuring Officers over portfolios of a segregated portfolio company. At first glance the judgment appears uncontroversial. However, it highlights a lacuna in the law which readers should be aware of.

    Background

    The Petitioner sought the appointment of Restructuring Officers (ROs) in respect of two segregated portfolios of the Holt Fund SPC.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Mourant, Insolvency, Receivership
    Authors:
    Simon Dickson , Nicholas Fox
    Location:
    Cayman Islands
    Firm:
    Mourant
    Does a creditor with an unliquidated debt have standing to apply for a creditors' winding up under the Companies (Jersey) Law 1991?
    2024-01-05

    Looking back at 2023, one of the more memorable judicial decisions emanating from Jersey was the decision of the Court of Appeal in HWA 555 Owners, LLC v Redox PLC S.A. and Thieltgen [2023] JCA 085. In this update we explore how this decision might impact upon the creditors’ winding-up regime provided for in the Companies (Jersey) Law 1991.

    HWA 555 Owners, LLC v Redox PLC S.A. and Thieltgen

    Introduction

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Mourant
    Authors:
    Katie Hooper , Kiara Brennan
    Location:
    Jersey
    Firm:
    Mourant
    Key trends shaping the landscape of private wealth disputes
    2023-11-30

    In this article we explore the key trends which are currently shaping the landscape of private wealth disputes, including mental capacity as a central theme in private wealth disputes, trust insolvency and disputes relating to trustee investments.

    Mental capacity

    Mental capacity is increasingly a central theme on the landscape of private wealth disputes. Why? The starting point is that there is, more so than at any point previously, a wider recognition of the seismic consequences of establishing mental incapacity on the part of the relevant decision maker.

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Non-profit Organizations, Private Client & Offshore Services, Mourant, Private equity
    Authors:
    Stephen Alexander
    Location:
    Jersey
    Firm:
    Mourant
    Aubit International: Guidance on the new restructuring officer regime in the Cayman Islands
    2023-11-23

    The Grand Court of the Cayman Islands has provided further guidance on the new restructuring officer (RO) regime under section 91B of the Companies Act (2023 Revision) (the Act), which came into force on 31 August 2022.

    In Re Aubit International (Unreported, 4 October 2023), the Grand Court dismissed a petition to appoint restructuring officers and found that it did not have jurisdiction to grant the relief requested on the basis that there was no credible evidence of a rational restructuring proposal with reasonable prospects of success.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Mourant
    Authors:
    Nicholas Fox , Lisa Yun
    Location:
    Cayman Islands
    Firm:
    Mourant
    Will a just and equitable winding up petition render an arbitration agreement inoperative?
    2023-10-09

    The Privy Council has considered the question of whether an agreement to settle disputes arising out of a shareholders' agreement by arbitration prevents a party to the agreement pursuing a petition to wind up the company on just and equitable grounds.

    Background

    Filed under:
    Cayman Islands, Arbitration & ADR, Insolvency & Restructuring, Litigation, Mourant
    Authors:
    Nicholas Fox , Simon Dickson , Charles Henderson
    Location:
    Cayman Islands
    Firm:
    Mourant
    Cayman Regulatory Update - Q3 2024
    2024-07-11

    FinReg Update [Jurisdiction] 2024 Regulatory Update Cayman – Q3 2024 Quick Fire Updates mourant.com 1. CRS reporting reminders The Department for International Tax Cooperation (DITC) issued an Updates Bulletin in June 2024 reminding Cayman Islands financial Institutions (FIs) of the following common reporting standard (CRS) annual reporting obligations: CRS Filing Declaration – required by all FIs with a CRS reporting obligation (deadline 31 July 2024) • FIs must make a CRS return to the DITC for each Reportable Account maintained during the reporting period.

    Filed under:
    Cayman Islands, Banking, Capital Markets, Company & Commercial, Insolvency & Restructuring, Tax, White Collar Crime, Mourant, Corporate governance, Climate change, Due diligence, Anti-money laundering
    Location:
    Cayman Islands
    Firm:
    Mourant
    Privy Council Resolves Question of Interplay between Liquidation Proceedings and Arbitration Agreements
    2024-07-12

    The Privy Council endorsed the Commercial Court's approach in the British Virgin Islands (BVI) in staying insolvency proceedings, even when faced with a pre-existing arbitration agreement, only when a debt is genuinely disputed on substantial grounds.

    Introduction

    Filed under:
    British Virgin Islands, Arbitration & ADR, Insolvency & Restructuring, Litigation, Mourant, Liquidation
    Authors:
    Eleanor Morgan , Shane Donovan , Sophie Christodoulou
    Location:
    British Virgin Islands
    Firm:
    Mourant

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