When a plaintiff obtains judgment against an insured but insolvent defendant in the Cayman Islands is the plaintiff entitled to the policy proceeds or do they have to be paid to the liquidator for the benefit of the defendant's creditors? The answer is yes when the claim involves a vehicle but is less clear in other cases. This article considers the arguments for and against a plaintiff being entitled to the policy proceeds in cases that do not involve a vehicle.
Background
The Grand Court of the Cayman Islands (the "Grand Court") recently considered the statutory moratorium against commencing proceedings against a Cayman Islands company which has been placed into liquidation. In the case of BDO Cayman Ltd. and BDO Trinity Ltd. v Ardent Harmony Fund Inc.
Background
The Cayman Government has restricted entry to the Island since mid-March and is currently operating a curfew system day and night for residents other than essential workers, with the exception of exercise or essential trips such as to the supermarket or for medical reasons.
The Royal Court in Jersey has a varied and challenging workload. The cases that have come before it this quarter certainly live up to that description. Here we discuss just a handful of cases that the Royal Court has determined, that, whilst in some respects are unremarkable, in other respects serve to illustrate the breadth of the experience that the Royal Court judiciary possesses.
Representation of Private Equity Fund Finance Limited [2018] JRC 194
RESTRUCTURING - COURT PROCEDURES
Formal, court-driven restructuring proceedings are available into Luxembourg law, but for practical reasons, these are rarely used in practice.
Reprieve from payment procedure (sursis de paiement)
Alan Roberts (the Liquidator) was the liquidator of both Kingston Management (Guernsey) Limited (KMGL) and Amazing Global Technologies Limited (AGTL). He was appointed on 27 May 2009 and 31 May 2010 respectively.
There has been a considerable amount of interest from clients recently on putting Jersey companies holding UK real property and other assets into English administration. Where a Jersey company and its creditors intend to rescue the company as a going concern, or English administration would achieve a better realisation for creditors than a désastre or a winding up, it may be advantageous to commence English administration.
[2007] NZCA 122
Decision of The Court Of Appeal of New Zealand on Sham and Alter Ego Trusts
Facts and Decision
Jersey is one of the primary jurisdictions for the structuring of investment funds. It is also a popular jurisdiction for the establishment of carried interest vehicles, given the regulatory clarity on treatment of employee incentive and carry schemes.
Ogier regularly assists fund managers where a non-Jersey domiciled individual holding shares or limited partnership interests in a Jersey vehicle dies without leaving a separate Jersey will, giving rise to cross-border probate issues. Often such shares or interests have significant value.
はじめに
ケイマン諸島と香港の裁判所は、この数ヶ月、ケイマン諸島の会社を再編することを目的とするクロスボーダーの申立てについて、関連する法域における裁判所がどのようにこれを処理するのか実用的な方向性を示しました。これは、国際礼譲および修正された普遍主義の原則に沿ったものです。
裁判所のスタート地点
手続が一つ以上のコモンローの法域で開始されたが、清算人の任命が未了の場合、裁判所が修正された普遍主義を適用するためのスタート地点は、倒産の主手続の役割を担うのはどの法域がより適当かということを考えることでしょう。最近の香港およびケイマン諸島の両地域の裁判例では、長年の先例に沿いながら、通常この法域とは会社の設立地であることを確認しました。なぜならば投資家やサービス・プロバイダーおよび債権者が通常関係しているからであり、とりわけ、会社の登録された営業所であったり、その取締役会の義務やその定款を規定する法律の地であるからです。